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[music] Bloomberg Audio Studios, podcasts, radio, news. This is the Bloomberg Daybreak Europe podcast. Good morning. [music] It's Thursday, the 13th of August. I'm Steven Carroll in London. Coming up today, European officials warn Russia may step up hybrid attacks as Germany strengthens its intelligence powers. US long-term debt costs climb to levels not seen since the global financial crisis. Plus, cashri and stock shy, we look at efforts to persuade Europe's cautious savers to embrace investing and help finance growth across the continent.

Let's start with a roundup of our top stories. Intelligence officials are warning of a potential escalation in Russia's shadow war against NATO countries in Europe. It's been seen as another step in Moscow's campaign to intimidate countries that are supporting Ukraine. Bloomberg Zwen Pots has more. Russian intelligence and security services are said to be considering operations including infrastructure sabotage or false flag attacks on countries in central and eastern Europe.

That's the warning from a European intelligence official who spoken to Bloomberg. But officials say there are no signs Moscow is preparing a conventional attack or invasion. They say Russia could instead be trying to seow fear by making Europe believe an escalation is coming. In London, I'm Euan Pots, Bloomberg radio. The threat of hybrid attacks comes as Germany warns of a Russia linked influence campaign ahead of regional elections in the country next month.

Chancellor Friedick Mercer's cabinet has also approved sweeping new powers, allowing German intelligence agencies to more actively disrupt foreign threats. The Chancellor's Chief of Staff, Nina Warkin, says Germany is constantly being targeted by hybrid attacks. the democrat.

Our country and our democracy are threatened to an extent we could not have imagined until recently. Germany is now constantly the target of hybrid attacks by foreign powers. And this is a real and very acute danger. It is a threat to our free society, our understanding of values, our security, and thus precisely what constitutes the foundation of our country. So far, it must be objectively noted we have relied too much on our partners to ensure our security in many security relevant areas.

Nina Warkham was speaking as Germany's domestic security agency said the Russell linked campaign is using AI generated content and dummy social media accounts to deepen social division and undermine trust and democracy. Interior Minister Alexander Dober says the security threat requires a new era for German intelligence services. Indeed, a new era is beginning for the intelligence services. Ladies and gentlemen, we are facing a new threat.

We are confronted with a serious threat situation on a daily basis. We are daily targets of hybrid warfare. We are daily targets of espionage, sabotage, cyber attacks, and covert actions by foreign powers aiming to destabilize Germany, to harm our country, and to bring about political and social changes within our nation. That's Alexander Doin speaking through a translator. Under draft legislation seen by Bloomberg, Germany's intelligence agencies would be given new powers, including the ability to hack IT infrastructure during a cyber attack and access telecommunications and digital services systems.

US government borrowing costs at auction have climbed to their highest level since the global financial crisis as investors demand better returns for buying its debt. Sale of benchmark 10-year treasuries yesterday produced the highest yield since 2007, though demand held up reasonably well. Attention now turns to today's 30-year Treasury auction, which is expected to carry the highest financing rate in 25 years. Persistent inflation and swelling budget deficits are adding to the pressure alongside rising oil prices and competition from corporate debt sales.

Japan's government is backing the prospect of another Bank of Japan interest rate hike in the coming months. Bloomberg understands the next move is likely in September or October as officials seek to counter persistent weakness in the yen. The currency's decline is adding to inflation and squeezing households while the impact of the recent joint US Japan intervention is already fading. Another increase would mark the BOJ's fastest pace of tightening in a 12-month period since 1989.

US President Donald Trump is reverting to economic sanctions on Iran. The approach, dubbed maximum pressure, comes as analysts question whether the measures will spark meaningful political change. Bloomberg's Tyler Kendall says we're a long way from a resolution. It's very evident that both sides are trying to dig into their positions when it comes to the straight of Hermuz. But there's very little sign that Iran is going to give up the leverage it has when it comes to the waterway.

Not just in terms of its grip on shipping in Hermuz, but also importantly, we should point out the other disruptions to global shipping. As earlier today, Yemen's government confirmed that at least six people died in a Houthi attack in the Red Sea, marking the first such fatalities of a Houthi attack since this specific conflict has started. Our White House correspondent Tyler Kandall speaking there. President Trump's administration is relying on a steady increase in sanctions and a naval blockade to stifle oil exports. asked for comment on the new approach.

A White House official said the strategy had left Iran completely broke and that Trump has many levers that he can pull in the coming months. Europe's fifth heat wave of the summer is set to peak today as temperatures continue to break records. Both London and Paris are expected to see temperatures of 37° C with the UK on track for its hottest ever summer. Prime Minister Andy Bernham has asked the public to help where they can.

We would ask people to check out the advice on the NHS app particularly about the importance of staying hydrated and the advice would be to check in on elderly friends and relatives uh who may need support at this particular moment in time. And Bernham's government is now openly talking of planning for annual summer pressures as the heat strains emergency services. London's ambulance crews have been fielding more calls than at the height of the CO 19 pandemic and private chat groups in China are reportedly selling gossip on which officials might be sacked next.

The story in a statebacked magazine comes as President Xi Jinping continues a sweeping anti-corruption crackdown. Bloomberg's Rebecca Chung Wilkins says it points to a demand generated in part by the political systems own secrecy. upwards of 900,000 cadres that were probed last year, nearly 200 of them right by C in central government with more senior officials. Plus, of course, when officials are probed, there is also typically an investigation that's linked to a variety of companies that may be also linked to that official as well.

Chung Wilkins notes the crackdown comes as China heads towards its 5-year leadership congress with President Xi looking to secure a precedentdefying fourth term. Bloomberg News couldn't access the chat groups or independently verify the reports. Those are your top stories in the program. On the markets this morning, Euro stocks 50 futures up by 4/10en of 1%. The MSE oil country world index up by 210 of 1%. We do have global stocks close to record highs.

The MSE Irish Pacific index is up by 1.1%. The Cosby and Soul 4.2% higher now. Oil prices a little lower. Brent crude down by a tenth of 1% at $88.89. And the 10-year Treasury yield is down by two basis points at 4.68%. In a moment, we'll bring you more on those warnings of new threats from Russia. Plus, how can European savers be encouraged to invest in stocks and bonds instead? But another story that we've been reading this morning on China's micro dramas going global.

Christopher Beam has been writing about this. If you're not familiar with the fo