Oil, Xiaomi and crypto exchanges: Market reaction to key day events

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Oil, Xiaomi and crypto exchanges

Key events of the day

Bulgaria and gas transit. Bulgarian Prime Minister Rosen Zhelyazkov stated in New York that in 2026 the country will terminate the agreement on the transit of Russian gas. In the longer term, by 2028, Bulgaria plans to completely remove Russian gas from its energy market.

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EU and oil tariffs. The European Commission has confirmed plans to increase tariffs on Russian oil. Ursula von der Leyen stressed that EU member states must act more quickly, as “every payment fills Putin’s coffers.”

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U.S. and shutdown threat. The White House has instructed federal agencies to prepare for a possible government shutdown if Congress fails to approve additional funding by September 30. The directive effectively orders agencies to plan for staff cuts rather than furloughs. Democrats are pushing for more healthcare spending in the bill, while Republicans insist such measures should be debated only as part of the annual budget.

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Intel and Apple. Intel has approached Apple with a proposal for investment in the company. The talks are still at an early stage and may not result in a deal, but they are seen as part of Intel’s broader strategy to regain its position in the chip market and expand collaboration with major partners.

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Xiaomi and EVs. Chinese tech giant Xiaomi is preparing to enter the European electric vehicle market in 2027. The company is scouting locations for showrooms and does not rule out building a factory in the future, aiming to join the global top five automakers.

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Naver and Upbit. South Korean internet company Naver is acquiring Upbit, the country’s largest cryptocurrency exchange. To achieve this, Naver plans a comprehensive share swap via its subsidiary Naver Financial. Naver is one of South Korea’s largest corporations, operating the nation’s leading search engine.

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Market reaction

Oil. On Thursday, oil prices slipped after hitting a seven-week high the previous day. Brent futures fell 0.4% to $69.05 per barrel, while WTI dropped to $64.72. Pressure came from the resumption of Kurdish supplies and weakening seasonal demand, though concerns over Russian exports continue to provide support.

Naver shares. Naver stock jumped more than 11% following reports that its fintech arm will acquire Dunamu, the operator of crypto exchange Upbit. Investors see the move as a breakthrough at the intersection of fintech and crypto.

Intel shares. Intel stock surged more than 6% to $31.22 on reports of investment talks with Apple. Investors welcomed the potential deal, which could reinforce Intel’s recovery strategy in the semiconductor sector.

Equities. Global stocks slowed after weeks of gains. Wall Street closed lower for a second consecutive session, while European markets opened flat. Investors remain cautious about high valuations and await fresh signals from the Federal Reserve.

Currencies. The dollar gained 0.6% against a basket of peers, the euro held near yearly highs, while the yen weakened again despite the Bank of Japan’s recent hawkish stance.

Cryptocurrencies. Ethereum fell more than 3%, nearing $4,000 for the first time since early August. Bitcoin slipped 1% to $111,800. Other major tokens, including XRP, Solana and Dogecoin, lost between 2.5% and 3%. Market sentiment was weighed down by the looming U.S. government shutdown and cautious Fed commentary.

On September 23, the global agenda centered on the war in Ukraine, Europe’s energy policy and new achievements in technology. Donald Trump shifted his rhetoric and said Kyiv could regain all occupied territories, Alibaba unveiled its largest AI model, and Fed Chair Jerome Powell fueled a rally in gold prices.

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