WS #6621

The dominant narrative remains the de-escalation of the US-Iran conflict, with Trump pausing 'Project Freedom' and Iran seeking a deal. This has driven a broad risk-on rally, with oil prices easing and Asian markets surging. However, new signals in this window include: (1) a cargo ship struck by a missile near Dubai, indicating ongoing military risks despite diplomatic progress; (2) Tesla recalling 218,868 US vehicles due to a rearview camera issue, a negative for TSLA; (3) China's chip fund in talks to lead a $45B fundraising round for DeepSeek, bullish for AI/semiconductor sector; (4) Vestas Wind Systems beating Q1 profit estimates on strong orders, positive for renewable energy; (5) Novo Nordisk's guidance upgrade on Wegovy pill, reinforcing the GLP-1 bullish thesis. The Iran deal narrative is stable but faces counter-signals from the missile strike and continued Israeli actions in Lebanon. The Tesla recall is a standalone negative for TSLA, contradicting the broader risk-on mood.