WS #5899

The dominant signal in this window is the escalating Iran-US conflict, with multiple sources confirming mixed signals on ceasefire talks. Iran has made 'no decision' on a second round of negotiations, while US envoys Witkoff and Kushner are heading to Pakistan for talks. The Strait of Hormuz blockade continues, with a shipping body condemning ship captures as illegal. Oil prices remain elevated above $106/barrel. Separately, China warned that US export bills risk disrupting chip supply chains, which could impact semiconductor stocks. The Russia-Ukraine conflict saw a massive overnight attack of 619 drones and 47 missiles, with four dead. A Pentagon leak suggests the US may seek to suspend Spain from NATO and review its position on the Falklands, escalating geopolitical tensions. Gold prices are volatile, with India seeing a sharp drop after four weeks of gains. The Meta-AWS AI deal from the previous window remains a high-significance positive for tech, but no new updates. Overall, the window is dominated by the Iran war's economic fallout and geopolitical risks, with oil and defense sectors likely to be affected.