WS #6937

The dominant theme remains the escalating Iran-US conflict and Strait of Hormuz blockade, now with new developments: a cargo ship was attacked in Qatari waters, and multiple Gulf states reported drone attacks, putting the fragile ceasefire under strain. Iran has sent its response to the US proposal to end the war via Pakistan, with negotiations focusing on ending the war, but the situation remains tense. The narrative arc is ESCALATING for geopolitical risk, with energy and defense stocks likely to benefit while risk assets face headwinds. On the corporate front, eBay permanently banned GameStop CEO Ryan Cohen for putting its community 'at risk' following a takeover attempt, which could pressure GME. The memory chip supercycle continues as a bullish tech counter-narrative, but no new data points emerged in this window.