WS #6059
The dominant signal in this window is Iran's new diplomatic proposal to reopen the Strait of Hormuz and end the war, transmitted via Pakistani intermediaries and reported by Axios, Al Jazeera, and multiple European outlets. This is a de-escalation signal that could significantly lower oil prices and reduce geopolitical risk premiums. However, the US has cancelled envoy trips, and Iran's foreign minister is meeting Putin in St. Petersburg, indicating a complex diplomatic landscape. Separately, China has threatened retaliation against the EU if the 'Made in Europe' industrial plan proceeds, adding trade friction. The Nikkei 225 closed at an all-time high above 60,000, driven by tech flows. Apple CEO Tim Cook is stepping down, with hardware chief John Ternus taking over effective September 1. Oracle secured €16 billion in financing for an OpenAI data center campus in Michigan. Global military spending hit a record $2.89 trillion in 2025, with European spending up 14%.
Key developments
- Iran proposes reopening Strait of Hormuz and ending war via Pakistani intermediaries
- China threatens retaliation against EU over 'Made in Europe' industrial plan
- Apple CEO Tim Cook to step down, John Ternus to take over September 1
- Japan's Nikkei 225 closes above 60,000 for first time, all-time high
- Oracle secures €16 billion financing for OpenAI data center in Michigan
- Global military spending hits record $2.89 trillion in 2025, European spending up 14%