Alphabet surges on AI cloud growth while Meta sinks on capex fears; oil hits wartime high on Iran fears, driving yields and dollar.

Buy Alphabet — Earnings beat and cloud growth acceleration justify higher AI spending.

Sell Meta — Stock dropped 6.5% on capex increase concerns despite strong earnings.

Hold Microsoft — Strong cloud growth but outpaced by Alphabet and not a standout mover.

Hold Amazon — Solid cloud growth but no major after-hours move; not a clear winner.

Watch Nasdaq 100 — QQQ at 52-week high masks stark divergence; watch whether Alphabet's strength outweighs Meta's drag.

Buy Crude oil — Multiple sources cite Iran war supply risks driving oil to wartime highs; USO up 7.9% on day.

Buy Energy stocks — Rising oil prices and wealthy Asian diesel refiners benefit energy sector earnings.

Sell Intermediate Treasuries — Bund yields at 15-year high signal bond price weakness; IEI as proxy for developed sovereign bonds.

Watch Euro/dollar — Dollar strength from Iran tensions and Powell continuity may push EURUSD lower, but ECB meeting adds uncertainty.

Buy Glencore — Trading boost from Middle East conflict and 19% copper production rise support earnings.

Hold Standard Chartered — Record profit offsets concerns from $190 million Iran-related charge, but geopolitical risk lingers.

Hold Rolls-Royce — Company claims full mitigation of war impact, but uncertainty warrants caution.

Hold Apple — New chief introduces uncertainty but Apple's fundamentals may be resilient.

Sell China equities — China's regulatory move on Manus adds risk for large-cap tech holdings.

Hold DHL — Reaffirmed guidance signals management confidence, but persistent uncertainty limits upside conviction.

Hold Lazard — Acquisition expands private markets advisory capabilities, but deal integration risks remain.

Watch Broker-dealers — Sector consolidation may benefit if deals add value, but competitive dynamics uncertain.

Watch Evercore — Competitor may face similar consolidation pressures or pursue M&A.

Hold DCC — Share surge suggests undervaluation or higher bid expected, but rejection creates uncertainty.

Sell Volkswagen — The €500mn charge from shelving EV production signals rising costs and strategic uncertainty.

Hold Whitbread — Asset sale may unlock value but potential impact is likely partly priced; monitor execution.

Sell Dollar/yen — Investors see intervention as only lever to stem yen slide, so short yen (long USDJPY) implied.

Sell India equities — India as diesel importer faces acute shortfalls and economic strain from conflict.