Dow Soars 900 Points After Trump Calls Off Iran Strike

A 950-point plunge followed by a 900-point surge in 24 hours: US equities are now trading headlines, not fundamentals. Trump's social media post canceling a planned strike on Iran flipped the war-probability switch and the Dow recovered its entire loss. Neither move deserves to be chased — if the weekend's reported US-Iran deal signing falls through, Monday opens in a different world. For Asia, the key transmission is oil: the strike cancellation eased crude and Japan's import bill, but as long as Hormuz risk premium persists, the structural pressure on Japan's current account and the yen remains. Treat this as a regime of binary geopolitical outcomes and size positions accordingly.