WS #5898

The dominant signal in this window is the escalating economic impact of the Iran war, with multiple sources confirming its broad inflationary effects on energy, food, and transport. French consumer reports show 90% fear power purchase impact, while a specialist warns food inflation will be 'incomparable to 2022' but still significant. The war has already cost the US over $20 billion in munitions, depleting critical stockpiles. Separately, a major tech development: Meta signed a deal with AWS to deploy tens of millions of Graviton CPU cores for agentic AI workloads, signaling a shift in AI infrastructure demand toward CPU-intensive tasks. This is a high-significance positive for AWS and Meta's AI capabilities. The Russia-Ukraine conflict continues with a massive overnight attack of 619 drones and 47 missiles. Macron's warning that US, Russia, and China are 'fiercely opposed' to Europeans adds geopolitical noise but reinforces the narrative of a multipolar confrontation. Gold prices saw a sudden reversal in India after four weeks of gains, dropping sharply, which may signal profit-taking or a shift in safe-haven demand. The Turkish central bank added 31 tons of gold reserves in a week, a counter-signal to the earlier depletion during the Iran war, suggesting stabilization. Overall, the window is dominated by the Iran war's economic fallout and the Meta-AWS AI deal, with the former being the primary market-moving theme.