WS #6691

The dominant signal in this window is the escalating US-Iran diplomatic narrative, with multiple sources reporting hopes for a Strait of Hormuz reopening deal, pushing Asian shares higher and oil holding above $100. However, Iran has denied any near-deal, calling reports a 'psyop to crash oil prices', creating a counter-signal that dampens the bullish peace thesis. The Philippine Q1 GDP miss (2.8% vs 3.5% expected) and China's CSI Energy Index drop >3% add bearish macro data. On the corporate side, Fortinet raised its 2026 billings outlook to $8.8B-$9.1B on AI/OT demand, a bullish signal for cybersecurity. The Iran narrative is ESCALATING in terms of contradictory signals, with peace hopes countered by Iranian denial, keeping oil and geopolitical risk elevated.