The story of how one Chinese owner of a toy factory responded to Trump's tariff whiplash illustrates how China remains central to global supply chains. Read more here: https://bloom.bg/4noOayw

📷: Qilai Shen/Bloomberg

The dollar dipped amid an increase of bets on US interest-rate cuts on growing expectations the next Federal Reserve chairman is likely to ease monetary policy earlier than currently anticipated. Read more here: https://bloom.bg/4nqfYma

President Donald Trump said he has identified a buyer for the US operations of the TikTok social media app, but he won’t provide details for two weeks. Read more here: https://bloom.bg/3TOIwYI

India’s political leadership didn’t permit strikes on Pakistani military bases at the start of hostilities between the two countries in May, allowing Islamabad to shoot down its fighter jets, according to a military official. Read more here: https://bloom.bg/3ZVBdlH

📷: Narinder Nanu/AFP via Getty Images

A 30-year old Chinese fund manager is trouncing peers this year with a portfolio stocked with Gen Z-favored names like Pop Mart, betting that new-age shopping trends can help his fund overcome the country’s economic sluggishness. Read more here: https://bloom.bg/4esLZWw

Australia creates more unicorns per dollar invested than any other nation but its startups lag far behind the US and China in funding raised. Read more here: http://bloom.bg/46hxEtS

The Iran-Israel war highlighted a critical flaw in shipping's satellite-based systems that makes the industry hauling 80% of global trade vulnerable to mass-jamming. Read The Big Take: https://bloom.bg/4lw0ISI

📷: Clare Louise Jackson/Shutterstock

Over the past couple of years, European and American luxury brands have faced falling sales in China—one of their key growth markets for decades—as mainland consumers grapple with an economy devastated by a collapse in real estate prices.

In that same period, upstart domestic jewelry brand Laopu Gold has prospered with a growing range of gold rings, necklaces, bracelets and more aimed at the aspirations of a bruised middle class. Read more here: https://bloom.bg/4keHQ9J

📷: Lam Yik/Bloomberg

Elon Musk once again threatened to ramp up his political spending, this time targeting nearly every sitting Republican in Congress who has signaled support for President Donald Trump’s multi-trillion dollar tax bill. Read more here: https://bloom.bg/46jz1YX

Singapore is doubling down on disease testing as the rest of the world pulls back. Read here: https://bloom.bg/3TiL5SM

Microsoft's top sales executive is planning to take a two-month sabbatical as the company plans a wave of layoffs targeting his organization. Read here: https://bloom.bg/4nHz6My

📷: David Paul Morris/Bloomberg

Thailand’s Constitutional Court temporarily suspends Prime Minister Paetongtarn Shinawatra from office until it rules on a petition seeking her ouster for alleged ethical violations — the biggest blow yet to her less-than one-year-old government. Read more here: https://bloom.bg/3I1amhZ

📷: Valeria Mongelli/Bloomberg

Qantas expects that a “significant” amount of customer data was stolen by a cyberattack targeting one of its contact centers. Read here: https://bloom.bg/4ez35lB

Binance, the world's largest digital-assets exchange, will keep hundreds of its remote workers in Singapore despite a crackdown on unlicensed crypto outfits in the city-state. Read more here: https://bloom.bg/3TgBZG9

Nomura fired one of its elite bond traders after accusing him of spoofing, leaving him working alone in a smoky cafe in Tokyo.

So he decided to use what he calls “toilet graffiti” to tell the world his side of the story https://bloom.bg/4nuHFde

📷: Takaaki Iwabu/Bloomberg

The third season of Netflix’s blockbuster series Squid Game racked up record viewership in its first three days, reinforcing the Korean survival drama’s status as a global cultural phenomenon.

See the numbers here: https://bloom.bg/4ly5YoS

📷: Roger Kisby/Getty Images for Netflix

🎙 President Trump's ongoing trade war has created significant turmoil for American businesses with ties to China.

On today’s Big Take Asia Podcast: How one toymaker is fighting back: https://link.podtrac.com/jxfy2rhy

BREAKING: Siemens says the US has lifted export restrictions on chip design software for China. Read more here: https://bloom.bg/4koHCx9

Human waste, empty oxygen cylinders and kitchen leftovers.

Here's how drones are helping clean the world's highest garbage dump — where Sherpas used to carry kilos of trash down Everest by foot: https://bloom.bg/4lepg34

Bill Ackman is trying to make tennis history.

The 59-year-old billionaire investor said he could become the oldest player to receive official ATP ranking points with a win at the Hall of Fame Open next week in Newport, Rhode Island. Read more here: https://bloom.bg/4eQLZQt

📷: Michael Nagle/Bloomberg