WS #10581

The dominant signal in this window is the massive SK Hynix ADR listing on Nasdaq, with plans to raise up to 45 trillion won ($34.5B) and use proceeds for EUV purchases and fab construction in South Korea. This is a high-significance development for the semiconductor sector, directly benefiting SK Hynix (HXSCL) and its suppliers, while also providing a positive counterweight to the recent tech/AI selloff. Separately, German defense stocks plummet after reports that Berlin will scrap plans to build six F126 frigates, with Rheinmetall down 13%, signaling a potential de-escalation in European defense spending expectations. The Iran war narrative continues with conflicting statements on nuclear inspections, but the Strait of Hormuz remains a key risk factor. US diesel prices falling under $5 eases inflationary pressure, a positive for consumer stocks and the broader market. The tech selloff narrative is being challenged by the SK Hynix listing and the Bloomberg report of a potential tech rebound, creating a mixed but slightly bullish tilt for semiconductors.