WS #7602

The dominant signal in this window is the escalation of the Iran/Hormuz crisis, with Trump issuing a 'clock is ticking' warning that has spooked crypto markets and stock futures. Bitcoin, Ethereum, XRP, and Dogecoin fell on the news, with BTC testing support near $77,000. Separately, South Korea's market volatility surged to near-record highs after $13.2 billion in foreign outflows last week, with the Kospi falling 4% and triggering a trading curb. Samsung shares jumped 5% after Seoul intervened in union strike talks. China's NBS spokesperson attempted to downplay weak April data, citing high base effects and policy room, but the data miss remains a drag on global growth sentiment. The White House announced creation of U.S.-China Boards of Trade and Investment, a modest positive for bilateral ties. Thailand's Q1 GDP beat expectations at +2.8% YoY vs +2.2% poll, but tourist arrivals forecast was cut. The global bond rout continues, led by Japan, adding to inflation fears. The Iran crisis is ESCALATING, while the China data narrative is STABLE (no new data).