WS #6840

The dominant theme remains the US-Iran conflict in the Strait of Hormuz, with no material escalation or de-escalation in this window. Multiple sources corroborate ongoing strikes and drone attacks, but no new developments change the prevailing risk profile. The UK local elections show a historic shift: Reform UK gains over 1,400 seats and becomes the largest party by projected national share (26%), while Labour suffers heavy losses including losing control of Wales for the first time in 27 years. This could pressure UK-focused equities and GBP. The Supreme Court restored broad access to the abortion pill mifepristone, a positive for healthcare access but limited direct market impact. Tenaris announced a €86M acquisition of Artrom Steel Tubes in Romania, a small M&A deal with limited near-term market impact. BlackRock plans to launch money-market funds for stablecoin holders, signaling institutional crypto adoption. ABNB reported mixed Q1 results with regional weakness due to Iran war concerns. Insider selling at CRWD ($9.25M) is a minor negative signal. The prevailing macro narrative (Iran/oil risk) remains stable; no counter-signals detected.