WS #9687

The data window is dominated by noise, with the only notable signal being the US government's approval of Paramount Skydance's acquisition of Warner Bros. Discovery, a mega-merger valued at $111 billion. This development is corroborated by multiple sources (Swisscom blue News, RTL Lëtzebuerg, and a Romanian news outlet) and has direct implications for media and entertainment stocks. Separately, oil prices fell 3.37% on expectations of a US-Iran agreement that could reopen the Strait of Hormuz, as reported by a Turkish news outlet. This is a significant macro development that could impact energy and transportation sectors. The narrative arc is STABLE, with no escalation of previous themes.