WS #7011

The dominant macro theme remains the US-Iran conflict, with President Trump rejecting Iran's peace proposal as 'totally unacceptable,' as reported by BBC and Bloomberg. This rejection, confirmed by multiple sources, signals continued supply disruption from the Strait of Hormuz, supporting elevated oil prices. Saudi Aramco reported a 25% jump in Q1 profit and warned of long oil supply disruption, reinforcing the bullish oil thesis. China's April CPI rose to 1.2% and PPI surged to 2.8% on commodity spikes, indicating inflation pressures from the energy shock. European markets are set to open mixed as peace talks stall. The AI trade continues to lift Asian stocks, with SK Hynix shares jumping 15% and the KOSPI hitting a record intraday high. SoftBank launched a large-scale battery business in Japan for AI-era power infrastructure. Seadrill beat estimates and raised FY26 outlook, a positive for offshore drilling. The hantavirus outbreak on a cruise ship is a developing health story but has limited direct market impact. The narrative arc is ESCALATING on the US-Iran conflict, with no de-escalation signals.