WS #7002

The US-Iran conflict remains the dominant market narrative, with no de-escalation signals in this window. Trump rejected Iran's peace proposal as 'totally unacceptable', and oil prices rose $4/bbl on the news. China has officially announced Trump's visit on May 13-15, which could offer a potential off-ramp on trade and the Strait of Hormuz, but no concrete progress yet. Separately, Nintendo shares slid 9% after FY earnings and outlook missed estimates. The narrative is ESCALATING with no counter-signals.