WS #9605

The dominant narrative in this window is the US-Iran situation, which shows a complex mix of de-escalation and ongoing tensions. Multiple sources (Axios, FT, Bluesky) report that a US-Iran memorandum of understanding is expected to extend the ceasefire for 60 days, including Lebanon, and that Trump cancelled planned strikes, sending stocks higher and oil lower. However, Iran's state news agency denies a final deal, and Trump continues to threaten Kharg Island. The Bank of Japan is set to raise rates to 1%, the highest since 1992, which could impact Japanese equities and the yen. The SEC's proposal to scrap key NMS rules is a major unlock for tokenized US stocks, benefiting crypto and DeFi sectors. South Korea's ex-president Yoon gets 30 years over drone operation, a political development with limited market impact. The SpaceX IPO continues to generate buzz but no new pricing details. Overall, the US-Iran narrative is STABLE with mixed signals—diplomatic progress countered by denials and threats. The BOJ rate hike is a new development with clear market implications.