Your morning briefing. All the news you need to start your day.

On today's podcast:

(1) President Donald Trump announced he was extending a ceasefire with Iran indefinitely a day before it was set to expire, even as plans for a fresh round of talks between the two countries fell apart.

(2) The world’s top oil traders warned that the ongoing closure of the Strait of Hormuz is increasing the risk of a global recession as fuel demand takes a hit.

(3) Forty-eight hours of brutal public inquiry into Keir Starmer’s judgement have left the prime minister looking increasingly like a leader on his way out.

(4) The biggest question facing Kevin Warsh was answered before he even reached the committee room Tuesday when President Donald Trump doubled down on a criminal probe that is effectively blocking his own nominee from taking over at the Federal Reserve.

(5) A small group of unauthorized users have accessed Anthropic PBC’s new Mythos AI model, a technology that the company says is so powerful it can enable dangerous cyberattacks, according to a person familiar with the matter and documentation viewed by Bloomberg News.

(6) The Gates Foundation said it is awaiting findings from a review of its past interactions with Jeffrey Epstein amid public scrutiny of co-founder Bill Gates’ ties to the disgraced financier.

(7) Audi has lost its way, and nowhere is the problem bigger than in China. Audi’s decline is emblematic of the existential crisis foreign brands face in the world’s largest car market, where consumers are shifting to local manufacturers led by BYD and Geely Automobile.

Podcast Conversation: Ferrari Sets Price for First Electric Car at Around €550,000

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Indefinite Truce Extension, Europe’s Energy Pain, Audi Loses China Edge

Bloomberg Daybreak: Europe Edition