WS #12657

The US-Iran conflict remains the dominant macro theme, with several new developments in this window. NATO's Rutte called the new US attack on Iran 'absolutely necessary,' signaling continued escalation. Trump expressed frustration over the prolonged conflict and warned China and Russia against supplying weapons to Iran. However, a key counter-signal emerges: Iran and Iraq are denying a NYT report that Tehran rejected a US ceasefire proposal, suggesting diplomatic channels remain open. Additionally, Pakistan and Iran are exploring new talks with the US in a China-initiated push. The Omani diplomatic mission (from previous awareness) is still active. On the oil front, Brent crude is down 3.3% in 24h, and ADNOC issued its seventh tender for crude sales since June, indicating ample supply. The dominant narrative is ESCALATING but with diplomatic counter-signals gaining traction. In corporate news, Intel (INTC) erased all gains after Jim Cramer's comment, despite strong Q2 revenue growth of 25% YoY. Tesla (TSLA) continues to slide with sentiment at 17.54, trading near $310. SpaceX (SPCX) hits post-IPO lows ahead of a massive lock-up expiry. Anduril is in talks for a $100B funding round that could rival NOC and LMT. Rivian sues the US government for a full refund of Trump tariffs. SK Hynix to close a $28 billion ADR bookbuild after oversubscription. Volkswagen plans restructuring that could cut up to 100,000 jobs and close four German factories. Trump imposed new global tariffs, drawing protests from trading partners. The US extended a 10% tariff baseline hitting most major trading partners.