WS #10503

The dominant narrative remains a severe global tech selloff, with the Nasdaq 100 set to shed over $1 trillion as the selloff deepens, spilling into crypto markets (Bitcoin -2.5% to $62,300, Ether -4% to $1,650, $717M in liquidations). This is corroborated by multiple sources: Seeking Alpha reports 'AI memory, chip stocks tumble as AI woes hit global peers', Investing.com notes 'Nasdaq 100 set to shed over $1 trillion as tech selloff deepens', and CoinDesk confirms 'Crypto market drops as Nasdaq tech selloff spills into digital assets'. Goldman Sachs warns that investor assumptions about the AI trade are 'starting to stretch reality', adding to the bearish sentiment. The selloff is further amplified by the UK June Composite PMI falling to 49.4 (manufacturing at 3-month low), indicating economic weakness. On the geopolitical front, the Iran-Lebanon-Israel situation is a key focus: Iran's president lands in Pakistan after crucial US talks, and Iran links a Lebanon ceasefire to US negotiations, with the Iranian ambassador warning it will respond to any Israeli attack in Lebanon. This comes as Israeli gunfire killed two in southern Lebanon, the first fatalities in three days. The US-Iran MoU talks are ongoing, with a new round of Israel-Lebanon talks in Washington this week. A counter-signal: Iraqi oil officials increased output from the Rumaila oil field to about 1.1 million barrels per day, which could help offset some oil supply concerns. Additionally, the EU is escalating its