WS #12123

The dominant narrative remains the US-Iran conflict and Strait of Hormuz closure, which is DE-ESCALATING slightly as Trump claims Iran called to make a deal, though the IRGC threatens further closures of gas and oil routes. The Bank of Canada held rates at 2.25% as expected, noting broadening growth but high uncertainty. Key stock-specific signals: Apple Intelligence cleared in China (bullish AAPL, BABA), PayPal surges on $53B takeover rumors (bullish PYPL), SpaceX bonds heading towards junk (bearish SPCX), and FCC to vote on eliminating broadcast ownership cap (bullish NXST, PSKY). Cross-source corroboration on Apple China approval and FCC cap vote. The Iran deal talk counters the prevailing bearish oil thesis, but IRGC threats maintain upside risk for energy.