WS #9486

The dominant narrative remains the US-Iran conflict, which is ESCALATING. Multiple sources corroborate that the US conducted strikes on Iran after a US helicopter was downed, and Trump warned Iran that 'time is running out' and they will 'pay the price.' Trump also revealed the US is removing 'millions of barrels' of Iranian oil each night, and an Indian commercial vessel was struck by US forces in the Gulf of Oman. This escalation pushes oil prices higher and fuels risk-off sentiment. Separately, Trump stated he will not renew the CUSMA trade deal with Canada and Mexico, adding trade uncertainty. On the corporate front, SpaceX's IPO is reportedly more than four times oversubscribed, and drugmaker Parabilis surged 67% after a $745M IPO. Michael Burry's shorts on NVDA and PLTR are paying off as AI stocks face pressure. Amazon's record bond deal shook Canada's credit market. The macro backdrop remains challenging with hot CPI (4.2%) and rising oil above $90, but Trump's dismissal of inflation concerns and the lack of any de-escalation signal keep the risk-off bias intact.