WS #8305

The dominant narrative remains the US-Iran conflict, which is STABLE with no escalation or de-escalation. Oil prices are little changed in early Asian trading, reflecting market uncertainty. BP ousted its chairman Albert Manifold over governance concerns, a corporate governance shock that could pressure BP's stock. Manifold disputes the accusations, saying he was removed without warning or explanation. FTSE Russell adopted a rule change to speed inclusion of newly listed large-cap companies, directly benefiting SpaceX's upcoming IPO. Trump backed the CFTC as the sole regulator of prediction markets, a regulatory development for the sector. IREN announced a $1.6B Dell deal for Blackwell systems, boosting its AI infrastructure narrative. Micron hit $1T market cap on AI demand, continuing the semiconductor rally. Zscaler tumbled 19% after guiding for current-quarter revenue below estimates. Volvo received a special authorization from the Trump administration to avoid a US ban on connected vehicles tied to China, a positive for Volvo and potentially other automakers. The BP ouster and FTSE rule change are new high-significance developments.