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- Pakistan drafted the Islamabad Accord, a two-step US-Iran ceasefire plan sent over overnight. It starts with a ceasefire and Hormuz reopening, then moves into 15 to 20 days of direct talks.
- Israel has just killed the IRGC intelligence chief, new strikes hit Baharestan, and Iran launched another missile wave at central Israel.
- Markets are moving hard on mixed signals, with Bitcoin momentarily jumping back above $70,000, while the S&P 500 gained 3.4% last week, and the VIX jumped from below 20 to around 24.
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