Next week, the conflict with Iran will remain in focus as it enters its sixth week. Traders will continue to assess prospects for de-escalation, as well as any concrete developments toward reopening the Strait of Hormuz, following ongoing back-and-forth in recent weeks. In the US, attention will turn to the FOMC minutes, CPI data, the ISM Services PMI, the preliminary Michigan Consumer Sentiment reading, and the PCE report. Investors will also look to fresh corporate earnings, including results from Delta Air Lines, as the earnings season gathers momentum mid-month. Elsewhere, key releases include China’s CPI, Germany’s factory orders, and the monetary policy decision from the Reserve Bank of India.