WS #7677

The dominant narrative remains the US-Iran standoff and elevated oil prices, with no new de-escalation signals in this window. The most significant new development is President Trump calling off a planned attack on Iran on Tuesday after consulting regional leaders, as reported by CNBC. This de-escalation signal could dampen the bearish oil/geopolitical risk thesis, potentially weighing on crude prices and benefiting risk assets. Separately, UK Foreign Secretary Yvette Cooper warned of a global food crisis due to the Strait of Hormuz closure affecting fertiliser supplies, escalating the humanitarian and economic stakes. Memory chip stocks sold off on Monday after Seagate CEO comments at a JPMorgan conference raised supply concerns, dragging down Micron and other AI-adjacent stocks. Insider selling at Upstart (UPST) is noted but low significance. The Intel foundry momentum story from the previous window carries forward as an ongoing positive for INTC. The Trump-Xi summit readouts continue to emphasize 'constructive strategic stability,' which is a positive for US-China trade relations but is not new information.