WS #11072

The dominant theme in this window is a de-escalation of the Strait of Hormuz crisis, with tanker traffic rising for the first time since attacks spooked operators, per a Bluesky finance feed. This corroborates the previous narrative of the strait reopening faster than expected, countering the bearish oil thesis. Separately, the US House Committee has opened a national security investigation into Merck and AbbVie's China drug trials, alleging they may have fueled China's military capabilities—a high-significance development for those tickers. The FCC is also working on a ban targeting Chinese energy inverters, which could impact solar and energy infrastructure stocks. On the macro front, the ECB's Torsten Slok indicated the central bank may still consider hiking rates in September despite energy price declines, while Apollo's chief economist echoed this uncertainty. The UK announced a £15 billion defense spending boost, lifting defense stocks. AeroVironment surged 21% on strong earnings and a $50M Air Force contract, reinforcing the 'drone super cycle' narrative. Concentrix plunged 23% on disappointing FY EPS guidance. The Mag 7 selloff continues with $2.3 trillion wiped off in June amid AI spending jitters, but this is a stale headline carried forward. India's state oil refiners plan to reduce Middle East reliance, a structural shift for oil markets. The US-Iran talks in Doha remain uncertain with mixed messaging, keeping oil volatile around $70-73.