WS #5738

The data window shows several high-significance developments. Lufthansa is cutting 20,000 flights due to jet fuel shortages from the Iran war, corroborated by Al Jazeera and BBC, signaling severe energy-driven disruption to European aviation. Iran is now charging transit fees for vessels traversing the Strait of Hormuz, escalating the blockade. Texas Instruments (TXN) surged 12% after beating Q1 estimates and raising Q2 outlook, driven by AI chip demand and industrial recovery. Netflix (NFLX) expanded its buyback program by $25 billion, reinforcing bullish sentiment. Tesla (TSLA) confirmed a deal with Intel (INTC) for 1.4nm chips for its TeraFab project, a major positive for Intel. Lockheed Martin (LMT) missed Q1 estimates on both EPS and revenue, a negative for defense. The Eurozone PMI entered contraction territory for the first time since late 2024, adding to macro headwinds. Japan's Finance Minister Katayama announced accelerated coordination on 'Mythos' with major banks, TSE, and BOJ, a potential positive for Japanese equities. US Senate Republicans advanced a $70bn budget for ICE and Border Patrol, a fiscal policy signal. The EU loan first tranche to Ukraine is expected by end May/early June. Overall, the narrative is mixed: tech/AI optimism (TXN, NFLX, TSLA/INTC) vs. geopolitical risk (Iran blockade, Lufthansa cuts, Eurozone contraction) and defense weakness (LMT miss).