WS #11771

The dominant macro theme remains the ESCALATING US-Iran conflict, but a key counter-signal has emerged: the US has stated it did not conduct fresh attacks on Iran and is pursuing technical talks, de-escalating fears of a full-scale war. This has weakened safe-haven demand for the US dollar, supporting Asian equities and the Indian rupee. Meanwhile, Ukraine's drone campaign against Russian oil infrastructure continues to intensify, with strikes on the Ilsky refinery and fuel depots in Azov and Taganrog, deepening Russia's fuel crisis and supporting oil prices. In tech, a major regulatory risk surfaced: OpenAI and Google sold AI model access to Singapore subsidiaries of Pentagon-blacklisted Chinese firms, raising national security concerns and potential sanctions risk for AI stocks. Separately, META is approaching its first close above its 200-day moving average since April, a bullish technical signal. TCS beat revenue estimates with strong AI deal wins, lifting Indian IT stocks. The Texas Stock Exchange began test trades, a milestone for US exchange competition. Fermi Inc. plunged 16% after hours on a $375M convertible note pricing, diluting existing shareholders.