WS #13293

The dominant theme is the US-Iran de-escalation, which is ESCALATING in complexity. Trump announced talks with Iran will begin Monday, and Iran and Oman are close to a deal on a new Strait of Hormuz route, but a tanker explosion near Khasab and a Qatari LNG tanker strike underscore continued volatility. Oil prices plunged over 6% (Brent to $82.41, WTI to $80.65) on the talks, but the physical attacks suggest the geopolitical premium may not fully unwind. The yen intervention story is STABLE with confirmation of joint US-Japan action and the yen strengthening to 155-156 per dollar; Japan may have bought up to $58.97B, and further intervention is threatened. In tech, the AI narrative is mixed: Amazon's strong earnings and Microsoft's Azure growth (43%) are bullish, but Korean chipmakers (Samsung, SK Hynix) fell ~9% on profit-taking, and Apple faces MacBook Air supply constraints due to memory shortage, with prices raised. The MAG7 narrative shows Amazon and Microsoft earnings calmed AI spending jitters, but Apple lagged on supply warnings. Overall, the market faces a mixed picture: oil de-escalation is bullish for consumers and airlines but bearish for energy, while yen intervention uncertainty and Apple supply issues add caution.