WS #12252

The dominant theme in this window is the escalating US-Iran conflict, with multiple sources reporting new US airstrikes on Iranian infrastructure and Iranian missile/drone attacks on US bases. Oil prices are surging, with US crude futures rising over $1 to hit $80 per barrel after explosions heard in Qatar, and Brent crude also rising more than $1. Qatar intercepted a missile attack, further stoking supply fears. Asian stocks lost over $730 billion in market value as AI and semiconductor selloff deepens. Separately, Trump delivered a primetime speech accusing China of election interference, alleging a massive voter data breach, and threatening TV networks with license revocation. The speech is being widely covered but is largely political noise with limited direct market impact. On the corporate front, ASML shares rose after Q2 earnings beat estimates and the company raised its 2026 outlook. Uber announced a $14.8B voluntary takeover for Delivery Hero. Lucid Group (LCID) surged 29% after CEO denied bankruptcy rumors. Bernstein raised its 2026 gold target to $4,533 on central bank buying. The Iran conflict narrative is escalating, while the tech selloff narrative is stable but with contradictory signals from ASML and other chip stocks.