WS #9354

The dominant signal in this window is a major escalation in the Israel-Iran conflict, with reports of Israeli strikes on multiple Iranian cities and a warning from Trump to Netanyahu. This is a significant escalation from the previous de-escalation narrative. Additionally, the scrapping of the Franco-German fighter jet project is a notable defense industry development. The GSK-Nuvalent M&A news is carried forward as it remains unrefuted. Other items like the Trump booing at the Knicks game and the H-1B fee ruling are noise with limited market impact.