Russian navy trained to target sites inside Europe

Good morning. We begin with an unique story: Russia has educated its navy to focus on websites deep inside Europe with nuclear-capable missiles in a possible battle with Nato, in response to secret information seen by the Monetary Occasions.

Maps of targets as far-flung because the west coast of France and Barrow-in-Furness within the UK are detailed in a presentation for officers that predates the full-scale invasion of Ukraine.

The FT has beforehand reported from the identical cache of 29 secret Russian navy information that Moscow had rehearsed utilizing tactical nuclear weapons within the early phases of a battle with a serious world energy.

The most recent revelations present how Russia envisioned a battle with the west reaching effectively past its rapid Nato frontier, planning for a sequence of overwhelming strikes throughout western Europe. The paperwork had been proven to the FT by western sources. Max Seddon and Chris Prepare dinner have more on the secret files.

Right here’s what else I’m holding tabs on right now:

• Financial knowledge: IEA’s oil market report and the ZEW survey on the German financial system for the month are launched. The UK has month-to-month labour market figures whereas the US publishes July producer worth index inflation fee knowledge.

• Outcomes: CSL, HelloFresh, Henkel, House Depot, Simply Group, Porsche and
  Solar Life Monetary report.

• Made by Google: The corporate is anticipated to launch its newest units, together with the Pixel 9 smartphone. A teaser video launched in June mentioned “AI . . . meet IX”.

Robert Armstrong of Unhedged and different FT consultants from London to Tokyo will break down the current buying and selling turmoil in a subscriber-only webinar tomorrow. Don’t miss it.

5 extra high tales

1. The US yesterday warned that Iran or its proxies might launch an assault on Israel this week in retaliation for the assassinations of Hamas and Hizbollah leaders. The White Home mentioned it was getting ready for “what could possibly be a big set of assaults” in its most particular public evaluation of the timing of a potential assault from Tehran.

• Go deeper: Since Hamas’s political chief was assassinated in Iran, the Islamic republic has stored the area on edge, giving few clues on how it will retaliate.

2. German direct funding into China has risen sharply this yr, in an indication that corporations in Europe’s largest financial system are ignoring pleas from their authorities to diversify into much less geopolitically dangerous markets. Figures from the Bundesbank present that direct investments in China stood at €2.48bn within the first three months of 2024, rising to €4.8bn within the second quarter. Man Chazan experiences what’s driving the uptick in investment.

3. Donald Trump advised Elon Musk that inside “enemies” had been “extra harmful” than international adversaries comparable to Russia and China in a rambling, two-hour dialog on X that was delayed by glitches. Yesterday’s dialogue, billed by the Republican presidential candidate because the “biggest interview ever”, was heard at instances by greater than 1mn individuals, in response to X. Right here’s extra on how the conversation unfolded.

4. UK chancellor Rachel Reeves is contemplating looking for personal finance to pay for a £9bn freeway and tunnel throughout the Thames in an effort to maintain the prices off the federal government’s books. Buyers within the Decrease Thames Crossing would obtain returns from the toll highway in alternate for bankrolling the challenge, in response to two individuals near the Treasury discussions. Read the full report.

5. Unique: Blackstone has offered 3,000 properties to the Universities Superannuation Scheme, the UK’s largest personal pension fund, for £405mn within the largest reasonably priced housing deal of its type. The deal is the primary sale by the buyout group from its UK residential portfolio, which incorporates roughly 20,000 properties. Right here’s what the deal means for the housing sector.

The Huge Learn

Blessed with copious vitality from its in depth community of hydropower, Sweden’s far north has skilled a inexperienced rush. 1000’s of individuals have flocked to this usually snow-covered area that straddles the Arctic Circle to work for corporations utilizing the excess energy. The truth has been removed from simple. With inexperienced business initiatives struggling to scale up, can Sweden live up to the hype?

We’re additionally studying . . . 

• Company bonds: Buyers are piling again into bonds as recession replaces inflation as markets’ most important worry, and glued earnings proves its price as a hedge in opposition to the recent stock market chaos.

• Rise of branded video games: Corporations shifting into platforms comparable to Roblox uncover that balancing model constructing with leisure for a neighborhood that’s clever to advert trickery remains a tough task.

• AI-generated CVs: Extra job hunters are utilizing ChatGPT and Gemini to shine job functions, flooding recruiters with low-quality applications in an already squeezed labour market.

• South African politics: Pretoria’s unity authorities is holding collectively six weeks after it was shaped, boosting business confidence.

Chart of the day

There all the time appears to be a motive BT’s traders are stored on maintain. Strategic mis-steps, operational challenges, a hypercompetitive sector and a loud shareholder roster have stored a lid on the inventory. However Bharti’s acquisition of a stake alongside different telco traders is a vote of confidence within the firm’s technique.

Take a break from the information

Synthetic intelligence, more and more utilized in style relating to search, ecommerce and customer support, is making inroads into advertising. Extra lately, AI influencers have turn into a flashpoint for conversations about inclusion and illustration in style media. The usage of AI nonetheless raises questions round who’s profiting and what real representation looks like.

Further contributions from Benjamin Wilhelm and Harvey Nriapia