WS #8144

S&P 500 and Nasdaq 100 futures are up 0.4-0.6% in early Asia trade, with US 10-year and 30-year Treasury futures also jumping, suggesting a risk-on open after the Memorial Day weekend. The key driver appears to be conflicting signals on US-Iran negotiations: a preliminary agreement on the Strait of Hormuz and nuclear deal was reported by one source, but the NYT says reopening is still a question mark, and Trump told negotiators 'not to rush' into a deal. Oil prices fell more than 3% after the administration downplayed hopes of a deal soon, but the conflicting headlines create uncertainty. Separately, an RAF jet carrying the UK defence secretary had its GPS signal jammed near the Russian border, and a Russian attack on Kyiv caused 81 casualties, escalating geopolitical tensions. The dominant narrative is STABLE but with mixed signals on Iran, while the Russia-Ukraine situation is ESCALATING with the Kyiv attack and the RAF incident.