WS #10424

Multiple high-signal developments in this window. First, UK political uncertainty escalates sharply: PM Keir Starmer has officially resigned, with Andy Burnham emerging as the likely successor. This removes a political overhang, driving UK-listed bank shares higher. Second, a major counter-signal to the oil supply crisis: the US Treasury issued a 60-day general license authorizing Iranian oil production, delivery, and sale, and Gulf oil flows through Hormuz are at the fastest pace since the war began. This directly counters the bullish oil thesis and should pressure crude prices. Third, Meta is making a significant move in India: acquiring a 20% stake in fintech CRED for $900M and installing CRED founder Kunal Shah as the new global CEO of WhatsApp, replacing Will Cathcart. This is a major strategic pivot for META. Fourth, Micron received a massive price target upgrade from Bernstein ($510 to $1,300) and announced a memory/storage supply pact with Anthropic, reinforcing the AI memory demand narrative. Fifth, SpaceX is launching its first investment-grade bond offering, expected to raise at least $20B, to fund AI ambitions post-IPO. Sixth, Accenture missed revenue expectations and cut its fiscal 2026 outlook, leading to multiple analyst downgrades. Seventh, the European heatwave is intensifying, with France under red alerts and schools closing, which could impact energy demand and agricultural commodities. Eighth, Russian stocks plunged to their lowest since March 2023 after a hawkish rate cut. Ninth, AbbVie is acquiring Apogee Therapeutics for $10.9B, a significant biotech M&A deal. Tenth, the ECB's Lagarde stated the bank doesn't need to react more forcefully to Middle East fallout, signaling a dovish hold. The dominant themes are UK political transition (escalating), US-Iran oil de-escalation (counter-signal), and AI infrastructure spending (stable/positive).