WS #7163

The dominant narrative remains the escalating Iran/Strait of Hormuz crisis, with new developments: Iran has restored operational access to 30 of 33 underground missile bases along the Strait of Hormuz, per US intelligence sources, and Saudi Arabia has launched covert attacks on Iranian soil, per Channel News Asia. This reinforces the supply squeeze on oil, with bunker fuel prices in Singapore hitting $800/ton. Trump stated that preventing Iran from acquiring nuclear weapons takes precedence over Americans' financial situation, signaling a hardline stance. Meanwhile, the US-China summit is underway with Trump en route to Beijing; key MAG7 carve-out: Nvidia CEO Jensen Huang is confirmed to be joining Trump's China trip, and Elon Musk is also reportedly on Air Force One, per Reuters. China's chip indices are set to open down 3%, while cement index is up 2.5%, reflecting sector-specific expectations. The overall narrative is ESCALATING in the Middle East conflict, with second-order effects on energy, defense, and shipping stocks, while tech faces headwinds from inflation and tariff uncertainty but with a positive MAG7 signal from NVDA's CEO joining the summit.