WS #10415

The dominant signal in this window is the continued de-escalation of US-Iran tensions, with multiple sources reporting oil starting to flow through the Strait of Hormuz despite Iran's warnings, and Vice President Vance touting 'successful foundation' in negotiations. This directly counters the oil supply crisis narrative, sending crude lower and providing a tailwind for risk assets. The narrative arc is DE-ESCALATING on geopolitical risk. Separately, UK PM Keir Starmer's resignation is confirmed, with Andy Burnham emerging as the frontrunner, which could lead to a revamp of UK fiscal rules. SpaceX announced its inaugural offering of senior unsecured notes, with Moody's projecting significant funding requirements beyond 2026, signaling a potential liquidity squeeze for the private space giant. Microsoft announced a massive new datacenter campus in Pecos, Texas, to be powered by Chevron natural gas under a 20-year agreement, highlighting the AI infrastructure buildout. Alan Greenspan's passing at 100 is widely reported but non-market-moving. Middleby Board approved the spin-off of Midera Food Processing. EasyJet rejected a £4.7bn takeover bid from Castlelake, calling it opportunistic. Bitcoin ETF outflow pain is easing, providing a potential floor for crypto. Michael Saylor's Strategy bought another 520 BTC for $35 million.