WS #11069

The dominant theme in this window is the escalation of geopolitical tensions, particularly around Iran and the Strait of Hormuz. Iran's president stated no concessions in talks with the US, while Strait of Hormuz traffic is at 15% of pre-war levels. This is corroborated by multiple sources (Bluesky, Reuters reference). The ECB's Wunsch indicated the case for another rate hike is not as strong now, and ECB's Lane noted knock-on effects from higher energy prices will take time. The EU cut tariff-free steel quotas by 33% for close trade partners. UK consumer trends data showed households saving less amid rising prices. India plans strategic crude reserves. Shell expects flat LNG supply due to Middle East conflict. BOJ's Sato made several comments on inflation and policy. Tesla's robotaxi math criticized by Gary Black. Ford recalls over 741k vehicles for transmission issue. UK watchdog pushes Apple and Google on alternative payments. SpaceX IPO allocation error for Korean broker Mirae. US Supreme Court ruling on EU-US data transfers. No counter-signals to the Iran escalation narrative were detected in this window.