WS #7272

The dominant signal in this window is the resignation of UK Health Secretary Wes Streeting, which triggers a UK political crisis and potential Labour leadership contest. This is corroborated by multiple sources (BBC, NYT, multiple Bluesky accounts) and is the highest-significance development. Separately, the UK's CMA has launched a strategic market status investigation into Microsoft's business software ecosystem, which could have regulatory implications for MSFT. On the macro front, US April retail sales came in at +0.5% M/M, matching expectations, but import prices surged 1.9% M/M (vs 1.0% expected) and export prices jumped 3.3% M/M (vs 1.1% expected), signaling persistent inflation pressures. Initial jobless claims rose to 211K vs 205K expected, a slight miss. The Trump-Xi summit continues with Xi warning of 'clashes and even conflicts' over Taiwan, while Xi told US CEOs that China's door will 'open wider.' Nvidia received US green light to sell H200 chips to China, a positive for NVDA. Biogen completed its acquisition of Apellis Pharmaceuticals, adding two commercial products. Chevron sold $2.17B in Asia-Pacific downstream assets to ENEOS. Cisco's AI outlook boosted shares, with Rosenblatt raising price target to $150. The narrative arc for UK politics is ESCALATING (Streeting resignation triggers leadership challenge), for inflation is ESCALATING (import/export prices surge), and for US-China trade is STABLE (summit ongoing with mixed signals).