Global Stock Market Rout, France's Anaemic Growth, Hungary's Euro Bid

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

On today's podcast:

(1) A global slide in semiconductor stocks deepened, sending South Korea’s chip-heavy equity benchmark down 7% as concerns about AI overheating and Chinese competition intensified.

(2) Globally, comparisons between the subprime episode of 2008 and today’s AI investment boom are being drawn because of the yawning imbalances that underpin both.

(3) Big US bank stocks are teetering in correction territory as the group kicks off earnings Tuesday, heightening the focus on executives’ outlook for the American consumer with long-term borrowing costs the highest in decades.

(4) The International Monetary Fund said global growth should pick up next year with a boost from AI investment, but warned the world economy is nearing the limits of its resilience as the energy squeeze persists and financial risks build.

(5) French high school students are set to hit the streets on Tuesday, extending their movement into a third week with no clear response from policymakers to their demands in sight.

(6) A barrage of drone and missile attacks on Saudi Arabia has intensified pressure on Washington to step up efforts to help its close ally battle Iran-backed Houthi militants in neighboring Yemen.

(7) UK Prime Minister Andy Burnham said Iran’s Islamic Revolutionary Guard Corps was “almost certainly” responsible for an alleged terror plot at a British airbase used by the US.

(8) Prime Minister Peter Magyar galvanized Hungary with his vision of a national makeover following the Viktor Orban era. Now comes the tough task of delivering the economic centerpiece of that plan: a credible road map for euro adoption.

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