WS #6038

The Iran conflict remains the dominant market driver, with peace talks stalling and the Strait of Hormuz effectively closed, sustaining elevated oil prices. IEA's Birol warns of permanent oil demand destruction from the war, while the UN highlights shipping vulnerabilities. US equity futures fell and the dollar rose on the breakdown in peace talks. Separately, a shooting at the White House Correspondents' Dinner caused a brief evacuation of President Trump, but no serious injuries were reported and the gunman was taken into custody; this is a geopolitical risk event but appears contained. Alibaba's Qwen AI integration into multiple automakers is a positive signal for BABA and related tech. The India-US trade deal remains delayed due to the Iran conflict, posing tariff risks for India. South Korean retail investors continue heavy buying of US equities, a supportive flow for US markets.