WS #8327

The dominant narrative remains the Iran conflict and oil supply disruption, but this window shows a clear de-escalation signal: oil prices fell sharply (WTI -3.88%, Brent -3.12%) as traders bet on a US-Iran deal, corroborated by AP reporting that Trump is gathering his cabinet to seal a deal to end the war. However, US self-defense strikes in southern Iran and Iranian accusations of a 'gross violation' of the ceasefire introduce counter-risk. Separately, Nvidia-supplier SK Hynix crossed $1 trillion market cap, reinforcing the AI chip frenzy. Bank of Nova Scotia and Bank of Montreal both beat earnings estimates and raised dividends. PDD Holdings reported Q1 results, and Apogee Therapeutics announced positive Phase 2 data and a $1.3B financing collaboration with Blackstone. The narrative arc for the Iran conflict is DE-ESCALATING (oil price drop on deal hopes) but with a counter-signal of continued US strikes.