The easing of hostilities between the U.S. and Iran has become the primary market catalyst, prompting a global relief rally that sent oil and European natural gas prices tumbling while buoying equity futures and suppressing Treasury yields. This geopolitical cooling provides the backdrop for a busy corporate hour defined by significant M&A activity, including Argenx’s $2.2 billion agreement for Forte Biosciences, a $727 million offer for Pinewood Technologies, and competitive bidding for Pharos Energy. Meanwhile, broader market sentiment is being shaped by disparate political developments, ranging from President Trump's sweeping tariff blitz across 60 trading partners to espionage charges at NATO headquarters. Corporate performance remains mixed, with companies like Audi and Vesuvius lowering guidance, contrasted by strong results from Línea Directa and Welspun Corp.