WS #7009
No material new developments in the last 30 minutes. The dominant macro theme of US-Iran conflict and oil market disruption remains unchanged, with no counter-signals or de-escalation detected. The AI/semiconductor narrative and China auto sales slump are also stable. No new data points warrant updating the previous synthesis.
Key developments
- Modi urges Indians to cut fuel use and gold purchases as Iran war strains economy
- ECB expected to hike rates twice in 2026 as inflation jumps, survey shows
- Netanyahu says Iran's Supreme Leader Mojtaba Khamenei is alive but holed up in bunker
- Cipher Mining signs $5.5B AI cloud contract with AWS, $3.8B with Google/Fluidstack
- China fixes currency at 3-year high ahead of Trump-Xi meeting, deflation easing
- Russian envoy claims UK PM Starmer will resign next week after Labour losses
- Europe's oil majors reap up to $4.75bn from trading on Iran war volatility
- Coal shipments jump as countries seek alternatives to disrupted gas supplies