WS #5926

The dominant narrative remains the US-Iran conflict, with a significant new development: Iran's foreign minister has presented a framework to Pakistan aimed at ending the war, but diplomatic talks between US and Iran in Pakistan have been cancelled, with Iran's FM departing without meeting US envoys after Trump cancelled planned discussions. This confirms the hardening US stance and reduces near-term de-escalation prospects. Separately, German Chancellor Merz called the US-Israeli war with Iran 'completely unnecessary,' warning of energy market shockwaves, corroborating the energy disruption theme. The UK's CMA is moving to potentially block the $111B Paramount/Warner Bros Discovery merger, a high-significance antitrust action. On the macro front, the Justice Department has ended its probe of Jerome Powell, removing a key uncertainty for Fed policy. GE Vernova had its price target raised to $1,350 from $965 at Jefferies, a significant analyst upgrade. TRT surged +29% on AI-GPU supply chain momentum. The NATO-Russia tension continues with reports of Russian attacks near NATO borders triggering fighter jet scrambles, but this is an ongoing theme without new escalation.