WS #11015

The dominant narrative remains the de-escalation-driven tech rally, with the Nasdaq 100 soaring on semiconductor rebounds and Tesla gains. Key developments in this window include: (1) Maersk's massive guidance upgrade, raising underlying EBITDA guidance to $8-10bn from $4.5-7.0bn, citing strong container demand and rising spot rates—this is a high-signal bullish event for global trade and shipping, with positive read-through for transports and industrials. (2) Iran's foreign ministry confirmed a technical delegation will visit Qatar this week to discuss MOU implementation, and stated no talks with the US are expected in the coming days, reinforcing the stable/de-escalating geopolitical narrative. (3) The Supreme Court blocked Trump's bid to fire Fed Governor Lisa Cook in a 5-4 ruling, preserving Fed independence and countering bearish political interference risk. (4) Charter Communications surged on reports of executive-level discussions with SpaceX about a consumer mobile phone partnership, a bullish signal for CHTR and SPCX. (5) Owens Corning shares jumped on reports of Carlisle Cos. takeover offers in a potential $10B+ deal. (6) Honeywell completed its aerospace spin-off, with HONA beginning trading. (7) The yen slipped to a 39-year low against the dollar, pressuring Japanese exporters and raising intervention risks. (8) A shipping giant warned of Hormuz chaos, but diplomatic signals continue to dominate. The overall market tone is bullish tech and geopolitical de-escalation, with the Iran situation STABLE.