WS #11878

The dominant signal in this window is the escalating Iran-US crisis, with multiple sources confirming the ceasefire is over and both sides trading threats. Trump declared the ceasefire 'OVER' and threatened to 'completely decimate' Iran, while Iran's new Supreme Leader vowed revenge for his father's death. Diplomatic efforts continue, with Iran and Oman holding talks on Hormuz Strait navigation, but no breakthrough reported. The Strait of Hormuz remains a flashpoint, with Iran insisting on joint control and rejecting Oman's proposal for separate corridors. This geopolitical tension is driving oil prices higher and safe-haven flows into gold and Treasuries, while US equities face headwinds. Separately, Apple has filed a high-profile lawsuit against OpenAI for alleged theft of trade secrets, which could impact sentiment on both companies. Meta Platforms saw a 4.7% stock rise on AI optimism, including plans for an in-house AI chip, contradicting the broader macro risk-off tone. The Ukraine-Russia conflict continues with heavy missile and drone attacks, but no new market-moving developments beyond ongoing attrition.