Daily Summary: Trump’s UN Speech Puts Iran, Hormuz and AI in the Spotlight

📈 Stock Market – USA

• Wall Street experienced a mixed session today: the tech-heavy Nasdaq gained over 0.3%, remaining noticeably stronger than other major US indices, while the Dow Jones fell by over 0.4%, and the S&P 500 traded largely directionless.

• Memory chipmakers performed well today: SanDisk surged by over 6.5%, while Micron gained around 3.5% ahead of Micron's quarterly earnings report next week.

• The broader semiconductor sector also fared relatively well: Nvidia rose over 1%, and AMD added around 0.2%, with recent gains pushing AMD's market capitalization back above $1 trillion.

🌐 International Politics & Geopolitics

• One of the main highlights of the day was Donald Trump's address at the UN, during which the US President focused most of his speech on Iran.

• Trump called on all nations to join the "total economic isolation of Iran", while warning Tehran that a failure to reach an agreement could lead to further escalation of the conflict.

• The US President left the door open to diplomacy, stating he believes an agreement with Iran will be reached directly following the US Congressional elections on November 3, suggesting Tehran may currently be waiting for the election outcome before deciding on further negotiations.

• During the speech, the Iranian delegation walked out of the General Assembly hall.

• Trump framed the situation as a choice between reaching a deal and continued confrontation, urging Iran to negotiate, and later telling reporters that Iran continues to hold talks with the United States and that he believes a deal will ultimately be struck.

• Trump had previously signaled readiness to meet with Iranian representatives in New York if conditions were right; while he gave no specific timeline for ending the conflict, his statements indicate that the November US elections could mark a key turning point.

• Iran remains one of the primary market drivers, with the focal point being the situation around the Strait of Hormuz, through which a significant share of global oil trade flows.

• Trump argued that crude flows are increasing again and that US actions could improve conditions in the energy market, making it crucial for investors whether pressure on Tehran leads to negotiations.

• Further escalation would increase the risk of rising crude prices, whereas an agreement with Iran could work in the opposite direction and ease supply concerns.

• Another major topic was Cuba, which Trump described as a "failed state", asserting that the communist regime is under the greatest pressure in its history.

• Trump declared that "freedom will come to Cuba", hinting at potential fundamental political changes on the island, and framed the Cuban issue within broader US policy toward the Western Hemisphere, emphasizing that the US will not allow threats to America to take root in the region.

• The Cuban delegation, like the Iranian delegation, walked out during the speech.

• Trump also devoted significant attention to artificial intelligence, dismissing warnings about the risks of rapid AI development as a "hoax" and announcing that the US will not "throttle" the development of this technology.

• Trump argued that AI could have an impact comparable to, or even greater than, the Industrial Revolution, highlighting the importance of developing "superintelligence" and framing AI progress as a core element of strategic competition with China.

• According to the US President, maintaining American technological leadership will be of immense economic and geopolitical importance, signaling to the market that the US administration intends to support the continued expansion of the AI sector without imposing restrictions that could significantly slow down investment.

• Addressing Russia's war against Ukraine, Trump called for an end to the conflict, stating that "it is time to stop the killing", and delivered a brief message to Vladimir Putin: "end the war".

• The US President stressed his continued engagement in talks with both Russia and Ukraine to reach a resolution, though he did not outline a concrete timeline for ending the war during today's address.

🛢️ Commodities

• In the meantime, Iran reportedly submitted a proposal to the US to reopen the Strait of Hormuz within seven days if Washington eases pressure on Tehran, prompting a sharp reaction in the crude oil market.

• Simultaneously, Saudi Arabia activated the East-West pipeline, allowing crude exports to the port of Yanbu while bypassing Hormuz, increasing the availability of alternative supply routes.

• As a result, oil prices fell sharply, as investors began pricing in both the potential de-escalation of the US-Iran conflict and a gradual recovery of regional exports.

• The key driver for future price direction will be whether Tehran's proposal actually leads to negotiations and the tangible reopening of Hormuz.

🌍 Stock Market – Europe

• Tuesday's session in Europe can be considered successful, although the magnitude of gains remained relatively limited.

• The French CAC 40 rose by 0.2%, the German DAX edged up by just 0.1%, the Spanish IBEX 35 gained over 0.3%, whereas the UK's FTSE 100 declined by about 0.3%.

🪙 Precious Metals

• Precious metals also saw a mixed trading session.

• Gold remains under slight pressure, trading below $4,350 per ounce.

• Silver futures are hovering around baseline levels, trading near $66 per ounce.

🪙 Cryptocurrencies

• A similar subdued tone was observed in the cryptocurrency market.

• Bitcoin is up only marginally, trading around $86,500.

• Ethereum is down 0.4%, testing the $2,750 level.