WS #6079

The dominant narrative remains the Iran conflict and its impact on oil markets, with Brent crude nearing $108/barrel and Strait of Hormuz traffic near zero. However, a significant new development is China blocking Meta's acquisition of AI startup Manus, which introduces geopolitical risk to tech M&A and could weigh on META. Additionally, French President Macron signaled renewed engagement with Iranian authorities, which could de-escalate tensions. Nokia shares hit a 16-year high on data center buildout tailwinds. The Pershing Square IPO is reported as oversubscribed. Tornadoes in northern Texas caused at least 2 deaths, a localized event. Other items are mostly noise: analyst rating changes, earnings previews, and non-market news.