WS #8880

The dominant signal in this window is the escalation of the Iran-US conflict, with the US launching 'self-defence' strikes on Iran's Qeshm Island and downing missiles targeting Gulf allies. This is corroborated by multiple sources (jetstream.bsky.priority, cnbc.world). The conflict continues to disrupt oil markets, with India's oil demand growth set for a pandemic low and the Philippines considering a supplemental budget to cope with the oil crisis. Separately, DeepSeek is set to raise about $7 billion in its first funding round, valuing the AI startup at up to $59 billion, with Tencent and CATL becoming the largest external investors. This is a significant AI funding event. SpaceX is targeting a $75 billion IPO, planning to sell over 555 million shares at $135 apiece, which could impact the broader market. The US is proposing tariffs of at least 10% on imports from 60 economies over forced labor trade, a broad trade escalation. Johnson & Johnson presented positive late-breaking results for nipocalimab in lupus and Sjögren's disease, which could boost JNJ. The St. Petersburg oil terminal was struck by Ukrainian drones, coinciding with the St. Petersburg International Economic Forum, adding a new dimension to the Russia-Ukraine conflict. The narrative arc for the Iran-US conflict is ESCALATING, while the Russia-Ukraine conflict is also ESCALATING with the drone strike on the oil terminal.