WS #8916
The dominant narrative remains the escalating Iran-US conflict, with fresh attacks on Kuwait and Bahrain and Trump claiming he initiated the war. Oil prices are rising, pressuring equities. A counter-signal emerges: Iraq has restarted key oil fields, lifting output to ~1.5-1.6 mb/d, partially offsetting supply fears. Ukraine struck a St. Petersburg oil terminal, adding geopolitical risk. On the tech side, Meta launched an AI Business Agent, and Applied Aerospace had a strong IPO. Brazilian stocks saw record foreign outflows in May, ending a historic rally. The IAEA warns Iran's nuclear risk has increased since US-Israeli strikes. The overall narrative is ESCALATING, with oil and defense stocks benefiting while tech and consumer discretionary face headwinds.
Key developments
- Iran attacks Kuwait and Bahrain with drones and missiles; Trump says he initiated the war
- Iraq restarts key oil fields, output recovers to ~1.5-1.6 mb/d
- Ukraine strikes St. Petersburg oil terminal and warship; Russia ramps up drone production
- Meta launches AI Business Agent on WhatsApp/Instagram
- Brazilian stocks see fastest foreign outflows in six years in May
- IAEA warns Iran nuclear risk has increased since US-Israeli strikes
- Applied Aerospace shares rise 3.75% after $650M US IPO