The US and Israel began striking targets across Iran, with President Donald Trump urging Iranians to overthrow the government in a conflict that threatens to spiral across the oil-rich Middle East.

“The hour for your freedom is at hand,” Trump said, addressing Iranians in a video posted on Truth Social on Saturday. “When we’re finished, take over your government. It will be yours to take. This will be probably your only chance for generations.”

The military campaign could be a defining moment for Trump, risking a drawn-out regional war that leads to a surge in energy prices and American casualties ahead of mid-term elections this year. Iran quickly responded by firing missiles on Israel and US bases around the region, and countries in the Persian Gulf closed their airspace.

Israel’s military said the campaign would target “dozens of military targets,” and Iran media reported strikes on defensive and civilian sites, including more than 50 people dead in a strike on a school in Hormozgan, in the south of the country. Several large explosions were reported in the capital, Tehran.
Bloomberg's David Gura and Christina Ruffini lead our team coverage in this instant reaction podcast.

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Bloomberg Daybreak Weekend with Host Nathan Hager take a look at some of the stories we'll be tracking in the coming week.

• In the US – a look ahead to the February jobs report, along with a focus on 3 stocks for the week ahead.
• In the UK – a look ahead to "Made in Europe" the tagline of a new scheme to rejuvenate Europe's defense, energy, and manufacturing sectors.
• In Asia – a look ahead to China PMI data.

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

On today's podcast:

(1) Netflix dropped out of the fight to buy Warner Bros. Discovery, clearing the way for rival bidder Paramount Skydance Corp. to clinch its $111 billion deal for the historic Hollywood studio.

(2) In the UK, The Green Party won a special election for a Manchester seat in the House of Commons, underscoring the threat posed to UK Prime Minister Keir Starmer’s governing Labour Party on its left flank.

(3) Anthropic rejected the Pentagon’s latest offer in a dispute over safeguards around the use of its artificial intelligence technology by the US military, escalating the standoff a day before a government deadline for the company to drop its restrictions or face severe consequences.

(4) US and Iranian officials ended the latest round of nuclear talks in Geneva on Thursday by agreeing to reconvene as soon as next week, opening the door to further diplomacy even as President Donald Trump masses military forces in the region.

(5) Former US Secretary of State Hillary Clinton said she denied any association with disgraced financier Jeffrey Epstein during a “repetitive” hours-long deposition before congressional investigators Thursday.

Podcast Conversation: What the First Billionaire Reveals About the First Trillionaire

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