WS #6318

The dominant narrative remains the Iran war and its economic fallout, with oil prices easing slightly but remaining highly elevated (Brent ~$111/bbl). The US administration argues the ceasefire has 'terminated' hostilities for War Powers Resolution purposes, potentially avoiding a congressional deadline. However, Trump continues to threaten further military action and troop reductions in Germany, Italy, and Spain, escalating transatlantic tensions. The yen saw another sharp move amid suspected intervention, while gold fell for a third day as inflation risks rise. Apple reported a strong beat with record March-quarter revenue of $111.2B and guided Q3 growth above estimates, but CEO Cook warned of an extended memory crunch, corroborating similar warnings from Meta and Microsoft. Meta CEO Zuckerberg signaled more layoffs tied to AI capex, a bearish signal for the stock. Tesla registrations in Denmark surged 102% YoY in April, a positive data point for TSLA. Samsung reported record chip profits with a 49-fold jump, warning of severe supply shortages through 2027. The FTSE 100 surged 1.62% on rate-cut optimism, while US equity futures rose on Apple's results. Most European markets are closed for Labour Day.