WS #10584

The dominant signal in this window is the escalating geopolitical tension around Iran and the Strait of Hormuz, with multiple developments: Trump calls for a DOJ probe into gas price gouging (NBC), China releases new strategic minerals export control reporting rules (Reuters), and the US House votes to halt Iran-US conflict (Bluesky). These are partially offset by reports of an Israel-Lebanon ceasefire framework (Bluesky) and Qatar's PM stating LNG production will return to normal in weeks (FT). The SK Hynix $29.4B US listing (Bloomberg, MarketWatch, Seeking Alpha) and Micron earnings taking on new gravity (Bloomberg) reinforce the AI capex theme, bullish for NVDA, MU. The German business outlook brightened slightly (Bloomberg), and Rheinmetall shares fell on warship contract concerns (Bloomberg). The heatwave narrative is stable but not escalating. Overall, the Iran/Hormuz developments are the most actionable near-term signals for energy and defense sectors.