G7 sanctions and OpenAI record: Market reaction to day key events

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G7 sanctions and OpenAI record

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G7 increases pressure on Russia. G7 finance ministers agreed on additional restrictions against Russia and countries that have ramped up purchases of Russian oil. The joint statement mentioned expanded sanctions, the use of frozen Russian assets, and new trade barriers. The G7 also stressed that it would crack down on sanctions evasion schemes and gradually reduce imports of Russian hydrocarbons.

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U.S. government shutdown. Early Wednesday morning, the federal government officially ceased operations after Democrats and Republicans failed to agree on a temporary budget. President Donald Trump and congressional leaders traded accusations as hundreds of thousands of federal employees were sent on unpaid leave. The Labor Department said it will be unable to release Friday’s key jobs report during the shutdown. Economists warn that each week of government paralysis could cost the U.S. economy billions of dollars, while the Fed is now expected to cut rates in October.

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AOL sale. Yahoo is in the final stages of talks to sell AOL to Italian company Bending Spoons for $1.4 billion. This would mark the symbolic end of an era for one of the internet’s most recognizable brands. However, no final agreement has been signed yet, and the deal could still fall apart.

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Steel import quotas cut. The European Commission plans to nearly halve steel import quotas and raise duties on volumes above those levels to 50% in line with U.S. and Canadian tariffs. The official announcement is expected on October 7.

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OpenAI’s record valuation. OpenAI, the creator of ChatGPT, completed a secondary share sale for employees that valued the company at $500 billion, surpassing Elon Musk’s SpaceX. Investors including SoftBank and Thrive Capital purchased $6.6 billion worth of shares. Despite not being profitable, OpenAI remains at the center of the global AI boom, securing multi-billion-dollar deals with corporations and rolling out new models, including GPT-5.

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Market reaction

Wall Street. Major U.S. stock indexes closed higher on Wednesday as investors brushed off the shutdown and weak jobs data, focusing instead on prospects for Fed easing. Healthcare stocks gave the strongest boost to the indices.

Asia. Shares of South Korean chipmakers Samsung Electronics and SK Hynix surged after announcing a partnership with OpenAI under the Stargate initiative. Samsung rose more than 4%, hitting its highest since January 2021, while SK Hynix jumped 9%, its strongest since 2000. The deal includes expanding advanced chip production and building data centers in Korea.

Gold. Gold prices remain near record highs. Spot gold stood at $3,862 per ounce after reaching an all-time high of $3,895 the day before. Investors are betting on further Fed rate cuts and seeking safe-haven assets amid U.S. political uncertainty.

Oil. After three days of losses, oil prices stabilized. Brent rose 0.57% to $65.7 a barrel, while WTI gained 0.55% to $62.1. Analysts attributed the rebound to technical factors and discussions over tighter sanctions on Russian crude.

Dollar. The U.S. dollar tried to break a four-day losing streak after the Supreme Court ruled that Fed Governor Lisa Cook will remain in her post until at least January. Investors took this as temporarily easing risks to Fed independence.

Cryptocurrencies. Bitcoin hit a six-week high, climbing above $118,000 amid weak U.S. labor data and expectations of imminent Fed rate cuts. Analysts highlighted a breakout attempt and a move above September highs, which could pave the way for new records. The U.S. government shutdown had little negative impact, with risk assets maintaining a positive tone.

As a reminder, on September 30 the global agenda focused on the U.S. budget crisis, Nvidia’s record stock rally, Visa’s stablecoin pilot, and tense U.S.–Taiwan semiconductor negotiations.

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