The primary throughline of the hour is a significant shift in market sentiment driven by the de-escalation of U.S.-Iran tensions, which triggered a 6% drop in oil prices and a weakening U.S. dollar. This geopolitical cooling influenced broader equity markets, where Japan and Australia posted gains while Taiwan saw declines. Corporate activity remained robust, highlighted by Argenx’s $2.2 billion acquisition of Forte Biosciences and mixed clinical updates from AstraZeneca. Meanwhile, the technology sector is managing rising memory costs that are forcing device price hikes, even as Nvidia shares climbed on new partnerships. Sovereign and security issues also featured prominently, marked by a sharp 20% increase in collective NATO defense spending, a new nighttime exclusion zone in Rotterdam, and a high-profile treason arrest in Russia.