WS #7100

The dominant signal this window is the escalation of the Iran-US ceasefire collapse, with new developments including Kuwait accusing Iran of sending an armed Revolutionary Guard team to attack an island, and Qatar and Turkey backing Pakistan's mediation efforts to reopen the Strait of Hormuz. This is corroborated by multiple sources (Bloomberg, Al Jazeera, Sky, CNBC) and is driving oil prices higher, with Brent crude at $107/barrel. The UK political crisis remains elevated but no new data points beyond the prior window's narrative of Starmer refusing to resign. In corporate news, eBay formally rejected GameStop's $56B bid (multiple sources), which is a high-significance M&A development. Several earnings reports were released: Zebra Technologies beat estimates and raised guidance, Aramark beat, Sea revenue beat but EPS miss, and Planet Fitness is being investigated for securities fraud after a 31% stock drop. The German ZEW economic sentiment came in better than expected at -10.2 vs -19.5 forecast, providing a slight positive for European markets. India's April CPI inflation at 3.48% undershot the 3.80% estimate, which may ease RBI tightening fears. The narrative arc for the Iran situation is ESCALATING, for UK politics is STABLE (no new data), and for the 'Warsh trade' is DE-ESCALATING as oil surge changes rate-cut expectations.