WS #9567

The dominant narrative remains the US-Iran conflict, which is ESCALATING. Trump threatened seizure of Kharg Island and strikes on Iranian oil infrastructure as Qatar negotiations stall, per multiple cross-confirmed sources. The US launched 'self-defense strikes' on Iran, and Iran retaliated by striking US bases in Kuwait and Bahrain. Oil prices jumped, and markets are pricing in a Fed rate hike as soon as December. US inflation hit 4.2% in May (3-year high), and consumer sentiment fell to a record low. Bessent expects 'substantial disinflation' after 1-2 more hot prints, but bond markets signal the Fed is behind the curve. Kevin Warsh is sworn in as Fed Chair Friday. SpaceX IPO is set for Friday at a $1.77T valuation, with retail investors heavily involved. Dell reported 88% revenue growth on AI server demand, stock up 39%. Coinbase launched AI agent trading tools. Apple's WWDC revealed a Siri overhaul powered by Google Gemini under a $1B/year deal. GameStop proposed an eBay acquisition. The Pentagon blacklisted Alibaba, BYD, Baidu, and WuXi AppTec over alleged military ties. Tencent raised $4.6B in dual-currency bonds. Japan's largest banks plan a joint stablecoin launch by March 2027.