WS #13306

The dominant theme is a sharp de-escalation in US-Iran tensions, with Trump canceling planned strikes and claiming a deal to reopen the Strait of Hormuz is near. This has triggered a significant oil price drop (Brent -5% to ~$83, WTI -6% to ~$80) and a rally in European and US equity futures. However, Iran has officially denied any talks with the US, stating it is only negotiating with Oman on a temporary safe route, creating a counter-signal that could reverse the oil selloff. The yen intervention story is confirmed and escalating, with the US and Japan conducting joint intervention, pushing USD/JPY to 155.20. In tech, Apple's post-earnings slide (down 7.4% Friday, ~10% intraday) is a major negative, while Alibaba's Qwen 3.8-Max launch is a positive catalyst for Chinese AI names. The AI selloff continues in Asia, with KOSPI down ~5% and Samsung/SK Hynix falling sharply, but Taiwan's tech sector is rebounding on Amazon's strong results. AstraZeneca shares fell 6.7% on reports of merger talks with Bristol Myers Squibb, a high-significance pharma development. The Situational Awareness hedge fund's near-collapse (down 67%) is a notable risk event for the AI trade.