WS #6697

The dominant narrative in this window is the Iran-US conflict, with multiple sources reporting conflicting signals: Trump says a deal with Tehran is 'possible' and hopes for reopening the Strait of Hormuz push Asian shares higher, but Israel bombs Beirut for the first time since the April ceasefire, and the US says Hezbollah is 'trying to derail talks'. This creates a mixed picture: de-escalation hopes are countered by fresh military actions, keeping oil above $100 and supporting energy stocks while weighing on risk appetite. Separately, wind giants Vestas and Orsted beat Q1 estimates, citing the Iran war as a catalyst for clean energy investment, which is bullish for renewables. On the corporate side, argenx reported a slight EPS beat but revenue miss, while Materialise beat estimates. The EU failed to finalize a US trade deal, raising tariff risks. The Ripple-JPMorgan tokenized Treasury redemption on XRP Ledger is a notable fintech development but unlikely to move broad markets. Overall, the Iran situation remains the key driver, with a narrative arc of STABLE but fragile, as peace hopes coexist with ongoing strikes.