WS #7381

The dominant signal in this window is the escalating Iran crisis, with President Trump stating his patience with Iran is running out, while Brent crude is set for a 6% weekly gain. This is partially offset by Xi Jinping offering to assist in concluding the Iran war and reopening the Strait of Hormuz, and the UAE announcing a new Hormuz-bypass oil pipeline to be completed by 2027. The Ukraine-Russia conflict continues to escalate with a Ukrainian drone strike on the Ryazan oil refinery, while Russia and Ukraine exchanged 205 prisoners each. The Trump-Xi summit concluded with limited tangible deals, but Xi agreed to help with Iran and not supply military equipment to Tehran. NVIDIA's future in China remains unclear after the summit. European stocks are falling on UK political turmoil, with Sterling hitting a 5-week low. The Fed is expected to cut in late 2026 as the oil shock subsides, according to Allspring. Japan's Nikkei 225 closed down 1.76%. Malaysia's Q1 GDP growth slowed to 5.4% as cost pressures loom. The prevailing macro narrative is ESCALATING on Iran (Trump's patience running out, oil spike), STABLE on the Trump-Xi summit (departure, limited deals), and ESCALATING on Ukraine-Russia (Ryazan refinery strike).