WS #12650

The dominant theme remains the US-Iran conflict, which is ESCALATING with new strikes and sanctions. Oil prices have retreated from $100 but remain elevated, with Brent at $97.70 and WTI at $90.26, as Hormuz tanker crossings sink to the lowest since May. The US Treasury announced new sanctions on Iranian financier Babak Zanjani and associated firms. Iran's IRGC warned civilians to stay away from US bases, and Iran struck US military assets in Kuwait and Bahrain, including an Amazon data center in Bahrain. On the macro front, US new home sales for June beat estimates (628K vs 609K), and the US PMI Composite came in at 53.6 (below 54.2 consensus but above 51.9 prior). In corporate news, Intel's post-earnings gains faded as sell-the-news trading set in, with the stock giving back most gains. Albertsons plunged over 20% after cutting full-year guidance due to softer consumer spending. American Express reported strong Q2 earnings (EPS $4.53, beating forecasts) and raised guidance, but the stock fell 6% in early trading. BlackRock began marketing $12.3 billion of high-grade bonds to fund a Meta data center project. Nvidia CEO Jensen Huang made his first post on X, signaling increased engagement. The EU imposed a $1 billion fine on Google, risking Trump backlash. China wielded rare earth leverage over Europe with new export controls. The WSP-Arcadis merger bid was confirmed at €51.50 per share, a 45.8% premium. The US-Iran conflict narrative is ESCALATING, with oil price volatility and second-order effects on energy, airlines, and consumer sectors.