Iran Flare up (again) & SaaS Bounce

Iran's back — Houthis launch a large-scale attack on Saudi-backed forces, Iranian negotiators mock Trump's diplomacy, and oil jumps 4%. Eight of eleven S&P sectors lower, Dow off 0.9%. But the after-hours action tells a different story: Atlassian rockets 35% on a huge earnings beat, Cloudflare and Twilio beat and raise, and the SaaSpocalypse trade is unwinding fast. We break down which software names have real moats, what the IGV recovery looks like, and where the opportunities are on the ASX as earnings season kicks off next week. Plus James Hardie +7%, Nick Scali +31% profit, and why we want to see inflation data before going hard on gold.