WS #6822

A major geopolitical development dominates the window: Trump announces a 3-day ceasefire between Russia and Ukraine, confirmed by multiple sources including the Kyiv Independent, Moscow Times, and Al Jazeera. This de-escalation counters the prevailing oil shock narrative and could dampen energy price spikes. Separately, Apple and Intel have reached a preliminary chip-making deal, sending Intel shares up 17% on Friday. The Apple-Intel deal is a high-significance MAG7 carve-out that contradicts any bearish tech narrative. Meanwhile, the UK local elections show Labour suffering heavy losses to Reform and Greens, but this is a domestic political story with limited direct US market impact. The Iran-US tensions remain elevated with Iran accusing the US of 'reckless military adventure' and US strikes on Iranian tankers, but the Russia-Ukraine ceasefire is the freshest and most market-moving signal.