WS #7021

The dominant narrative remains the US-Iran conflict, which is ESCALATING. Iran has accused the US of making 'unreasonable' demands in negotiations, with Trump calling Iran's counterproposal 'totally unacceptable.' This has stalled peace talks, keeping oil prices elevated (Brent at $103.91) and pressuring risk assets. Saudi Aramco reported a 25% profit jump to $32.5B, mitigating Iran war disruptions by diverting exports through its East-West Pipeline. Separately, Circle raised $222M for its Arc blockchain token at a $3B valuation, with backing from BlackRock and Apollo, signaling strong institutional interest in crypto infrastructure. Alphabet is set to issue its first yen-denominated bonds to fund AI expansion, reinforcing its AI-driven growth narrative. UK political turmoil is DE-ESCALATING as Starmer's speech failed to produce new policy, but a leadership challenge from Catherine West is emerging. Key earnings: Liquidia beat estimates (EPS $0.52 vs $0.41), Mosaic missed (EPS $0.05 vs $0.24), and Certara lowered guidance. Bitcoin whipsawed on CME open amid Iran tensions, briefly topping $82,400 before slipping below $81,000.