Editorial companion

What stands out

Oil fell after the United States and Iran refrained from retaliatory strikes, cutting the tail-risk premium on Middle East supply and giving risk assets a bit of breathing room. That easing arrives as three days of Group of Seven central bank decisions begin with the Federal Reserve (Fed), followed by the Bank of England (BoE) and the Bank of Japan (BoJ), so markets will be sensitive to tone rather than fresh rate moves. Add CXMT Corp.'s initial public offering (IPO), a memory-chip debut valued at $86 billion and roughly one-tenth the size of SK Hynix, and you have a trio of short-term market movers: geopolitics, monetary language, and a headline Chinese tech deal.