WS #7086

The dominant narrative remains the Iran crisis, which is ESCALATING. The UAE's secret strikes on Iran, including an oil refinery, are corroborated by multiple sources (Times of Israel, Bluesky posts), widening the conflict and reinforcing the bullish oil thesis. Japan's macro stress is intensifying: the 10Y JGB yield hit a 29-year high of 2.54% on oil/Hormuz inflation risk, and the LDP is discussing higher retail JGB yields to keep bonds domestic. Bessent's meeting with Japanese officials elevated USDJPY intervention risk, with the range focus at 156.50-157.50. KOSPI's record breakout failed at 7,800, reversing 4-5% on weak breadth, signaling AI-memory-led gains are fragile. India's bond selloff points to a rate-hike jolt for equities. The AI rally is pausing as Middle East ceasefire goes on 'life support'. OpenAI and Microsoft agreed to cap revenue-sharing at $38 billion. Syria authorized Visa/Mastercard processing as EU restores trade ties. The DOJ subpoenaed the Wall Street Journal in a leak investigation. Canvas data breach exposed up to 275 million students. Tim Draper backs Cowboy Space Corp. (Robinhood co-founder's startup) with $275M. Bitcoin is flat at ~$81,315, Ethereum down 1.58%.