WS #10225

The dominant theme in this window is the fragile state of the US-Iran ceasefire deal, with multiple sources reporting that Israel and Hezbollah have agreed to a new ceasefire after intense fighting, but strikes continue on the ground. This directly undermines the MoU signed earlier this week and signals the deal is not holding. Separately, Trump told Axios he no longer views Anthropic as a national security threat, de-escalating a potential regulatory risk for the AI sector. UK political turmoil continues with Starmer under pressure to resign after Burnham's by-election win, but this is a UK-specific political story with limited direct US market impact. Ukraine drone strikes on Moscow refinery and Rostov oil depots are escalating, which could support oil prices. The Anthropic development is the clearest actionable signal for US tech stocks.