WS #7716

The dominant macro narrative remains the Iran conflict and its inflationary impact, with several new developments in this window. Putin arrived in Beijing for a summit with Xi Jinping, and both leaders committed to mutual support on sovereignty, reinforcing the Russia-China axis against US-led sanctions. The UK Foreign Secretary warned that Iran's Strait of Hormuz blockade could trigger a global food crisis, while Treasury Secretary Bessent urged allies to aggressively enforce Iran sanctions. However, Trump stated he has no plans for regime change in Cuba and that China's Xi promised not to send weapons to Iran, offering a slight counter to escalation fears. On the energy front, ConocoPhillips sees Qatar LNG delays in months, not years, which is mildly positive for European gas supply. Oil prices held near $110 after Trump delayed a strike on Iran, but WTI crude edged down 0.76% to $103.6. US Treasury long-bond yields hit near 20-year highs on inflation panic, pressuring growth stocks. Bitcoin slid to $76,700 amid record ETF outflows and rising rate-hike bets. On the MAG7 front, Microsoft saw aggressive institutional call buying ($5.4M in $MSFT 435C 06/05/26), while Amazon's Trainium chips are winning AI developers from Nvidia — a bullish signal for AMZN and bearish for NVDA. KE Holdings (BEKE) surged 7% on Q1 profit beat despite revenue decline. The Iran narrative is STABLE — no new escalation or de-escalation, but the UK food crisis warning adds a fresh layer of humanitarian risk.