WS #9917

The dominant signal in this window is the continued confirmation and implementation of the US-Iran framework agreement, with multiple sources (Al Jazeera, Guardian, Bloomberg, FT, CNBC) reporting that the Strait of Hormuz will reopen by Friday, nuclear talks will begin after the June 19 signing, and the deal is a 'framework' not a final peace deal. This is driving a global risk-on rotation: stocks surging, oil markets reacting, and gold seeing a 'reset' with Barclays bullish on miners. The BOJ rate hike to 1% (31-year high) is a secondary signal, already priced in, with bitcoin rallying on 'buy the rumor, sell the fact'. The RBA held rates at 4.35% as expected, with a hawkish tilt on oil-driven inflation. DeepSeek closed a record $7B+ funding round with an unusual structure, signaling continued AI investment. OpenAI spending hit $34B ahead of planned IPO, a negative for profitability but positive for AI infrastructure demand. UK seized a Russian 'shadow fleet' tanker, escalating sanctions enforcement. Drone attacks on Russian oil depots continue, but are noise relative to the Iran deal. The narrative arc is ESCALATING for the Iran deal implementation, STABLE for central bank policy, and DE-ESCALATING for Middle East tensions.