WS #9578

The dominant narrative in this window is a rapid de-escalation of US-Iran tensions, with multiple sources reporting that Trump cancelled planned strikes on Iran citing progress in negotiations. This marks a sharp reversal from earlier threats to strike Iran 'very hard' and seize Kharg Island. The de-escalation is corroborated by reports of Pakistani diplomatic intervention and Polymarket contracts on US-Iran peace deals. Oil prices are already reacting, with WTI and Brent down ~3% in the data. India has issued fuel rationing orders (motor spirit and diesel restrictions) as a secondary effect of the crisis, but the overall direction is de-escalation. Separately, UK Defence Secretary Healey resigned over defence spending, a high-significance political development. SpaceX IPO anticipation continues to drive related stocks like Planet Labs. Argentina inflation data (12-month +33.2%, monthly +2.1%) is notable but unlikely to move US markets directly.