WS #7948

The dominant theme remains the Iran crisis, with mixed signals on escalation vs. de-escalation. The US reports 'slight progress' in Iran talks, while Pakistani mediators say a permanent ceasefire is within reach, though uranium exports and Strait of Hormuz control remain obstacles. Iran is experiencing its longest internet blackout, and the WHO has revised its Ebola risk assessment to 'very high' at the national level in Uganda. Kevin Warsh is set to be sworn in as Fed Chair today, with the National Economic Council director expressing confidence in his ability to manage interest rates. The Iran war is causing price hikes and damaging the global economy, with central banks facing renewed inflation concerns. In corporate news, a CVC consortium launched a €10.9bn offer for Italian drugmaker Recordati, and the combination of NextEra and Dominion is seen as a pragmatic response to growing energy needs. Merck and Kelun's lung cancer combo bested Keytruda in a late-stage trial. The tech sector continues to outperform, with XLK up 40.1% since March 30 low. Copper is trading like a high-flying tech stock on AI power demand. The Iran crisis narrative is STABLE with slight de-escalation signals, but the underlying tensions remain high.