WS #12465

The dominant theme remains the US-Iran conflict, which is showing potential de-escalation signals. Mediators (Pakistan, Qatar) have proposed a 10-day cessation of strikes to revive the interim nuclear deal, as reported by Reuters citing senior Iranian sources. This is a significant counter-signal to the prevailing escalation narrative. However, Iran continues to assert control over the Strait of Hormuz as non-negotiable, and the Pentagon is ramping up aircraft in the Middle East, indicating continued military posture. Separately, the UK political transition is complete with Andy Burnham becoming PM, delivering a speech focused on a new economic model and reindustrialisation. In corporate news, IREN surged 10% premarket after signing $2.8B in AI cloud contracts with leading developers including Microsoft and NVIDIA, raising its year-end ARR target to over $4B. AMC Entertainment reported a massive Q2 beat with EPS of $0.14 versus estimates of -$0.06, driven by record revenue from 'The Odyssey' opening weekend. Domino's Pizza beat low expectations with shares up 8% premarket despite weak US same-store sales. The EU fined AliExpress a record €550M for DSA violations. China-Philippines tensions are rising with coast guard confrontations in the South China Sea.