FIVE MINUTE DAILY

The Pentagon is weighing a possible reduction of U.S. forces in Europe, just as Ukraine demonstrates a growing ability to strike deep inside Russia and China conducts its largest-ever blockade rehearsal around Taiwan. As allies race to adjust defense plans and military spending, the question running through capitals from Brussels to Taipei is the same: how much of the old security architecture can still be taken for granted?

Forward this to a friend who wants the world in five minutes.

Start trading real-world events. With Kalshi, you can trade on things you already follow: inflation, elections, sports, and more. It’s simple: buy “Yes” or “No” shares on what you think will happen, and earn returns if you’re right.

To get you started, we’re giving you a free $10. Use it to explore the platform, test your instincts, and see how prediction markets work in real time.

Join thousands already trading the news and putting their knowledge to work.

Claim your $10 and start trading now.

Put $10 to Work

_{Trade responsibly.}

Defence Secretary Pete Hegseth announced a formal review of US troop deployments in Europe, sharply criticising NATO allies for failing to meet defence spending commitments. Any reductions would be "conditions-based," he said, but the announcement immediately triggered emergency consultations among European defence ministers.

NATO Secretary General Rutte called the review "normal housekeeping," while Supreme Allied Commander Cavoli confirmed he is already preparing contingency plans for reduced US contributions. European capitals largely rejected the reassurance, with several moving to accelerate their own defence spending pledges.

Ukraine launched its largest Moscow drone attack in years, striking an oil refinery for the second time this week and forcing four airports to suspend flights, with Aeroflot cancelling more than 170 routes. President Zelensky called the operation "a fully justified response to Russian strikes on our cities."

Russia claimed to intercept 555 drones across multiple regions overnight, yet refinery damage was confirmed and Sheremetyevo Airport remained affected for hours. Kyiv's escalating campaign reflects a deliberate strategy of reaching targets deep inside Russia with growing frequency and scale.

China conducted its largest-ever military exercises near Taiwan this week, including air, naval, and missile components rehearsing a simulated blockade — the most extensive drills in Taiwan Strait history. Taiwan's top diplomat in Washington responded by urgently calling on the US to expedite a long-delayed backlog of approved weapons sales.

The Trump administration had initially frozen those Biden-era arms transfers; that freeze is now reportedly under review for expedited processing. Analysts warn Taiwan's window for self-defence reinforcement is narrowing faster than US weapons pipelines can fill it.

Gunfire was reported near Niger's main airport in Niamey on Wednesday, disrupting flights and raising alarm about internal security in the country. Niger's military government had not issued a public statement by time of publication.

Defense Minister Shinjiro Koizumi told the BBC that Japan must revisit the pacifist posture it's held since 1945, calling a ramp-up in military capability "critical" to deterring war in the Indo-Pacific. The comments land as Tokyo eyes Chinese activity around Taiwan and North Korean missile tests with mounting urgency.

Fernando Benzo, secretary general of the Spanish Federation of Publishers, told Variety that Spanish literature is the country's "petrol" and "safe IP" for international screen adaptations. With "Money Heist" still paying dividends, studios are circling Spanish backlists for the next streaming hit.

President Trump rescinded his endorsement of Oklahoma House candidate Jackson Lahmeyer, who dropped out of the race amid a texting scandal, and swung behind his Republican runoff rival. Lahmeyer had been one of Trump's most vocal evangelical surrogates.

A proposed wealth tax on California billionaires has officially gathered enough signatures to land on the November ballot, unless Governor Gavin Newsom strikes a deal with backers to pull it. Opponents warn of capital flight; supporters point to a state budget gap that keeps widening.

The US government ordered Anthropic to disable access for foreign nationals, triggering a debate in India about the pace of domestic AI development, with critics calling local efforts "too slow, way too small." Washington's tightening grip on AI technology exports is emerging as a major point of friction with allied nations.

RAISE MONEY WISELY

If you have a kid between 6 and 12, you can start teaching them smart money habits right now with Cash App. Kids between 6 and 12 can now have a Cash balance, order a Cash App Card, and start saving, but they don’t get access to the app.* There are no subscription fees, and you control it all through your app and account.

Manage money together

Create Your Cash App Account Today

*Cash App is a financial services platform, not a bank. Banking services provided by Cash App's bank partner(s). Prepaid debit cards issued by Sutton Bank, Member FDIC. Cash App Visa Debit Flex Cards issued by Sutton Bank, Member FDIC, and The Bancorp Bank, N.A., pursuant to a license from Visa U.S.A. Inc. See terms and conditions for the Sutton prepaid card, Sutton debit flex card, and Bancorp debit flex card. Savings provided by Cash App, a Block Inc. brand. Parents and legal guardians can open a managed account for kids 6-12. To view the eligibility requirements for sponsoring a teen or child, please visit the Sponsored Accounts section of the Cash App Terms of Service. *Cash App will pass through a portion of the interest paid on your savings balance held in an account for the benefit of Cash App customers at Wells Fargo Bank, N.A., Member FDIC. To earn interest on your Cash App savings balance, you need to have sponsor approval. Exceptions may apply. Savings yield rate is subject to change.

_{Please support our sponsors!}

Kevin Warsh held rates steady at his first FOMC meeting as Fed Chair, but nine of 19 policymakers now project at least one rate hike in 2026, and the Fed raised its headline inflation forecast to 3.6%. Warsh abstained from submitting his own rate forecast, eliminating the "dot plot" guidance that markets have relied on since 2012.

The National Stock Exchange of India filed papers to go public, kicking off what's shaping up as a banner year for mega-listings in Mumbai. The NSE is the country's largest exchange and one of the busiest in the world by trading volume

Gold climbed more than 1% as falling oil prices dampened inflation expectations, while US stock futures rose Wednesday morning as the Iran deal eased the geopolitical risk premium built into markets. Traders are now pricing an 85% probability of a US rate hike by December 2026.

Researchers found that individual neurons in the frontotemporal cortex act as specialised linguistic building blocks — noun cells, phrase-ending cells, and cells that track sentence structure. Brains maintain a mental record of up to five preceding words to shape each new one, mirroring how large language models process text.

A new genetic testing technique pioneered in Cambridge has been approved for wider NHS rollout, promising faster results that match patients to targeted cancer therapies sooner. Doctors say it could meaningfully expand access for tumor types that currently slip through genomic screening.

Scientists identified Yersinia pestis in Siberian hunter-gatherer skeletons dating back roughly 5,000 years — the oldest known cases of plague by a wide margin. The findings undercut the theory that early strains were a mild ancestor of the Black Death.

Las Vegas Aces beat the Phoenix Mercury 86–76 on Tuesday, with A'ja Wilson posting 33 points and 11 rebounds to clinch a spot in the WNBA Commissioner's Cup final. Las Vegas faces the New York Liberty at Barclays Center on June 30 with a share of a $500,000 prize pool at stake.

Trae Young will decline his $49M option for the 2026–27 season and become an unrestricted free agent, sources told ESPN. Washington remains the front-runner to re-sign him, but multiple teams are expected to pursue the former All-Star.

Knicks owner James Dolan said he won't push his championship roster into the punitive NBA second apron, signalling a constrained offseason despite New York's first title in 53 years. New York is projected to have roughly $13 million in spending room below the threshold, leaving several rotation players' futures uncertain.

WORTH OWNING NOW

Some stocks make their biggest moves before most investors notice.

That’s why Zacks created 5 Stocks Set to Double, a free report featuring 5 stocks selected by Zacks experts for their realistic +100% upside potential.

Each pick also has a strong Zacks Rank, signaling rising earnings estimates and possible near term momentum.

Past editions have included gains of +143.08%, +175.3%, and even +340.3%.¹ Of course, results are never guaranteed.

Don’t wait until these stocks are already on everyone’s radar.

Get the 5 Stocks Before the Crowd Does.

*This free resource is being sent by Zacks. We identify investment resources you may choose to use in making your own decisions. Use of this resource is subject to the Zacks Terms of Service.
*Past performance is no guarantee of future results. Investing involves risk. This material does not constitute investment, legal, accounting, or tax advice. Zacks Investment Research is not a licensed dealer, broker, or investment adviser.

_{Please support our sponsors!}

Daveigh Chase, who voiced Lilo in Lilo & Stitch and played the haunting villain Samara in The Ring, died Wednesday at age 35 from sepsis following a bout of meningitis at a Los Angeles hospital. Chase also appeared in Donnie Darko and HBO's Big Love.

Toy Story 5 is tracking for a record $145–175 million domestic opening weekend, which would break the 2026 box office record currently held by the Super Mario Galaxy Movie at $131.7 million. Tom Hanks, Tim Allen, and Joan Cusack reprise their roles, with Taylor Swift contributing an original song.

Joel and Ethan Coen will be honored at the 18th Lumière Festival in Lyon, France, recognizing the filmmakers behind acclaimed works including Fargo, No Country for Old Men, and The Big Lebowski. The tribute places the brothers among a distinguished group of past recipients celebrated for their lasting influence on world cinema.

What it is: As tech giants race to build the AI infrastructure powering everything from chatbots to autonomous systems, residents living near data centers are reporting a constant low-frequency vibration they say is wrecking their sleep, their health, and their property values. The cloud, it turns out, has a sound.

The detail: Data centers run on banks of servers cooled by industrial-scale fans and chillers that operate 24 hours a day. Neighbors describe a low hum that gets into walls and skulls, with some reporting headaches, tinnitus, and chronic insomnia after facilities opened nearby. Local governments have been slow to respond — in part because noise ordinances were written for traffic and construction, not for an always-on industrial hum measured in hertz rather than decibels.

Why it matters: The buildout is happening at a pace local zoning was never designed for, and the AI capex cycle from Microsoft, Amazon, Google and Meta shows no sign of slowing. Communities are starting to organize, file lawsuits, and demand setbacks, sound walls and noise studies before new permits get approved. The fight echoes earlier battles over wind turbines and highway noise — except this time the infrastructure is invisible from the road.

What to watch: Expect a wave of local ordinances specifically targeting data-center noise, and the first serious court tests of whether low-frequency sound qualifies as a nuisance under existing law. Also watch the hyperscalers' response: liquid cooling and quieter chip architectures could reduce the problem at the source, but only if the economics of the AI arms race allow for the redesign.

Archaeologists found a smaller, older Stonehenge prototype three miles from the original, suggesting ancient Britons apparently needed a rough draft before committing to the stone circle format.

A tourist from India died after the horse pulling his Central Park carriage bolted the moment the driver stepped out to snap a photo — a tragedy that won't help the case for keeping carriages.

Sony is billing its new Mark Zuckerberg film as a "companion piece" to The Social Network, because "sequel" has apparently become a word Hollywood studios can no longer say out loud.

Thanks for reading Five Minute Daily. We hope today's edition helped make a complicated world a little easier to follow.

—The Five Minute Daily Team