WS #6618

The dominant theme in this window is the de-escalation of the Strait of Hormuz crisis, with multiple sources confirming Trump's pause of 'Project Freedom' and Rubio declaring the offensive stage 'over'. This counters the prior oil supply crisis narrative and is corroborated by FT, Guardian, and Bloomberg. Oil-related signals are bearish: soybean oil fell from three-year highs, and crude is expected to decline. Separately, Daimler Truck's operating profit halved due to weak demand and tariffs, a negative for industrial and auto sectors. Google's €9bn bond issuance for AI investment signals margin pressure, bearish for GOOGL. AMD's after-hours surge (+17%) is a positive signal for semiconductors, contradicting any macro tech weakness. The Yen continues to strengthen on intervention, impacting USD/JPY. Iran's Araghchi meeting with China's Wang Yi adds diplomatic layer but no new market-moving data. Overall, the narrative is de-escalating on geopolitics, with sector-specific divergences in tech and autos.