WS #9260

The dominant narrative remains the Iran-Israel conflict escalation, with Iran launching missiles at Israel for the first time since the April ceasefire. This is corroborated by multiple sources (AP, Bloomberg, FT, Axios, Al Jazeera) and has immediate market implications: oil prices surged, US stock futures fell, and Japanese stocks are set to sink. A key counter-signal emerged: Trump told Netanyahu not to strike Iran (Axios), and a US official said nothing is imminent regarding an Israeli strike, suggesting potential de-escalation. Separately, NVIDIA and SK Hynix announced a multiyear technology partnership for next-generation AI memory, a high-signal positive for NVDA and the AI supply chain. Xi Jinping's planned visit to North Korea (June 8-9) is confirmed, adding geopolitical dimension. The macro backdrop remains rate hike fears after strong US jobs data, compounding the risk-off tone. The narrative is ESCALATING on the military front but with a DE-ESCALATING counter-signal from US diplomatic pressure.