WS #12806

The dominant narrative of US-Iran de-escalation remains stable, with a second consecutive day of halted military strikes and oil dropping 5%, per CoinDesk. However, a new high-signal development emerged: Indonesia's central bank chief Perry Warjiyo resigned unexpectedly, confirmed by FT and a Bluesky post, with an acting chief appointed. This is a negative signal for Indonesian markets and could rattle EM investor confidence. Separately, Strait of Hormuz transit crossings dropped to zero per Bloomberg data, a bearish escalation for oil supply chains, though oil prices are already down 5% on the ceasefire. The Nvidia-NAVER investment from the previous window carries forward as an ongoing bullish AI infrastructure signal. The Seattle shooting is tragic but not market-moving. The9 posted record quarterly profit and named a new CEO, a positive for NCTY but a small-cap stock. Overall, the Indonesia central bank shock and Hormuz zero-transit data are the most actionable signals for markets in this window.