Sanctions against Iran and elections in Moldova: Market reaction to day key events

Sanctions against Iran and elections in Moldova: Market reaction to day key events
The day's main events and market reaction

​On September 28, the global agenda focused on sanctions policy, trade initiatives, and regional elections. The UN reinstated restrictions against Iran, the U.S. administration considered new tariffs on electronics, Moldova’s pro-European party secured a parliamentary majority, while Singapore and the UAE emerged as global leaders in crypto adoption.

Main events of the day

UN Sanctions on Iran. The UN Security Council reinstated sanctions on Iran, accusing it of violating the 2015 nuclear deal. An arms embargo is once again in effect in the country. Projects related to uranium enrichment and ballistic missile development are prohibited, while asset freezes and travel bans have been imposed on dozens of citizens and organizations.

U.S. tariff plans. The Trump administration is considering imposing tariffs on imported electronic devices, calculated based on the number of microchips. The initiative aims to stimulate production relocation to the U.S. and reduce dependence on China.

Moldovan elections. The pro-European Action and Solidarity Party (PAS) won more than 47.5% of the vote and will be able to form a government without a coalition. The pro-Russian bloc led by Igor Dodon received less than 26%. PAS’s victory signals a course toward European integration and alignment with the EU’s regulatory framework.

Crypto obsession in Singapore and the UAE. According to ApeX Protocol, Singapore ranked first worldwide in crypto adoption, with the UAE coming in second. Over a quarter of the Emirati population owns digital assets, while the number of investors in Singapore has doubled over two years. The U.S. ranked third, leading in the number of crypto ATMs, while Canada and Turkey rounded out the top five.

Market reaction

Despite political tensions and a packed economic agenda, no major disruptions were observed in financial markets. Currencies, equities, and commodities moved in different directions, reflecting local factors — from the risk of a U.S. government shutdown to rising Chinese factory profits.

Dollar Index. The Bloomberg Dollar Spot Index fell 0.2%, extending its decline for a second day. The looming U.S. government shutdown and the release of key employment data added pressure on the greenback.

Wall Street and the AI Boom. U.S. stock futures were little changed in overnight trading on Monday after a weak week. Investors questioned the sustainability of AI-driven growth, despite Nvidia’s record $100 billion deal with OpenAI.

Asia and Emerging Markets. Asian currencies and equities advanced: the Bloomberg Asia Dollar Index rose 0.2%, while the region’s emerging-market equities gained 0.9% — the biggest increase in more than two weeks. Gains were supported by August’s rebound in Chinese industrial profits and a weaker dollar. The yuan rose 0.2% against the dollar — its strongest move in a month.

Gold and Other Metals. Gold surged to a record $3,812 per ounce, marking a six-week winning streak. Silver climbed 2.4% to $46.7 — its highest since 2011. Platinum broke above $1,600 per ounce for the first time since 2013, while palladium also hit a yearly high. Investors sought metals as a safe haven amid U.S. shutdown risks and Federal Reserve uncertainty.

Oil and OPEC+. Brent slipped below $70 a barrel, while WTI traded around $65. Pressure on prices came from expectations that OPEC+ will increase output again in November. Although the actual supply boost may be lower than announced, analysts warn the market is heading toward oversupply. Goldman Sachs forecasts Brent falling to $50–55 in 2025.

Cryptocurrencies. The total crypto market cap rose by $70 billion in 24 hours to $3.85 trillion. Bitcoin held above $111,000, while Pump.fun (PUMP) was the day’s standout, soaring nearly 14%.

Recall that on September 25, the global agenda centered on U.S. trade policy, energy security, and military incidents. Donald Trump signed an order for the sale of TikTok, announced new tariffs on imports, and urged Turkey to stop buying Russian oil. Poland warned citizens against traveling to Belarus, NATO and U.S. forces reported intercepting Russian military aircraft, and Google continued its expansion into crypto mining.

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