WS #13304

The dominant theme is the US-Iran de-escalation, which is STABLE but with a key counter-signal: Iran's foreign ministry denies any talks with the US, stating the Strait of Hormuz remains closed and only technical talks with Oman are ongoing. This contradicts Trump's claim of imminent negotiations, keeping geopolitical risk elevated. Oil prices plunged ~5-6% (Brent ~$83.5, WTI ~$79.5) on the de-escalation hopes, but the Iranian denial could reverse this. The yen surged to a 3-month high (~155-156) after confirmed US-Japan joint intervention, with Treasury Secretary Bessent signaling readiness for further action, a significant FX development. In equities, European markets rallied (DAX +1.3%, STOXX 600 +0.4%) on oil drop, but Asian markets saw a sharp selloff in chips (KOSPI -5%, Samsung/SK Hynix -7-8%) on AI capex concerns, while US futures rose ~0.6%. A major pharma M&A story emerged: AstraZeneca and Bristol Myers Squibb are in early merger talks, potentially creating a £300bn giant, which could move both stocks. Additionally, Apple is facing a memory chip supply squeeze, with CEO Tim Cook warning of price increases and production constraints, a negative for AAPL but positive for memory makers. Crypto is under pressure from a Coldcard wallet exploit (~$89M losses) and ETF outflows, with BTC below $63k.