Victoria Craig

economics editor.

Thanks so much for breaking this down.

Pleasure.

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Good morning from the Financial Times.

Today is Monday, June 8th, and this is your FT News Briefing.

Israel and Iran trade fire in fresh escalation of the Middle East war, and China's president heads to North Korea today as Pyongyang ramps up its nuclear rhetoric.

Plus, the head of the OECD is warning countries about implementing their own taxes on big multinationals.

I'm Victoria Craig, and here's the news you need to start your day.

In the early hours of this morning, Israel said that its air force struck military targets in western and central Iran.

The attack came hours after Iran launched multiple rounds of ballistic missiles at Israel.

The exchange of fire is the most serious test so far of a fragile truce that went into effect between the two adversaries in April.

The escalation began after Israel carried out a strike in Beirut on Sunday that it said targeted Iranian-aligned militant group Hezbollah.