WS #13058

The dominant signal in this window is the escalating US-Iran conflict, with multiple sources reporting fresh US strikes on Iranian targets, Iran attacking Egypt, and IRGC claiming destruction of US F-35s in Jordan. This is a significant escalation from the prior window's 'stable' assessment. Oil loadings from the Persian Gulf remain subdued due to attacks deterring shipowners from transiting the Strait of Hormuz, while Brent crude spiked 7.8% to $90.63 after President Trump threatened Iran. The KOSPI continues its crash, down 44% from highs and 22% in the past two days, signaling severe stress in Korean markets. Separately, the US dollar index saw its biggest 2-day drop since Liberation Day, and Japan may have intervened in FX markets as the yen surged. On the corporate side, ICE announced acquisition of MarketAxess for $167/share (33% premium), creating a unified fixed-income platform. Leopold Aschenbrenner's hedge fund has unwound all public stock holdings after steep AI losses and is seeking fresh capital, with its last filing showing 62% bets against chip stocks. Microsoft surged ~15% after earnings, with a $3.2B Anthropic gain topping an entire business segment. Meta is under pressure, retreating to $540, with MarketWatch noting Wall Street's doghouse status due to AI spending concerns. JPMorgan says fading Clarity Act odds weigh on crypto outlook. The dominant theme is ESCALATING: the US-Iran conflict is intensifying with direct attacks on Egypt and claimed F-35 strikes, while oil supply disruption risks and the chip selloff remain elevated.