WS #12260

The dominant narrative remains the escalating US-Iran conflict, with the Strait of Hormuz threat continuing to drive oil prices. A new development in this window: a bomb attack in Damascus killed 6 and wounded 22, adding to regional instability. However, the most significant new signal is President Trump's prime-time speech accusing China of election meddling, which could complicate US-China trade relations and cast a shadow over Xi Jinping's upcoming visit. This is corroborated by CNBC and a Bluesky post. Separately, Burberry reported that the Iran war is hitting European spending, a direct consumer impact. On the earnings front, Saab posted record orders on higher defense spending, bullish for defense stocks. Netflix shares sank in extended trade after disappointing earnings outlook, bearish for NFLX. IBM stock is at a crossroads after weak preliminary Q2 results. In memory chips, a bullish analyst note highlights deeply oversold DRAM names (SK Hynix, Micron, Samsung) trading at single-digit P/E with high growth. The US-Iran conflict narrative is ESCALATING, with the new Trump-China trade tensions adding a second front of geopolitical risk.