📰 Trump warns Iran may be "completely destroyed" at UNGA, Nasdaq hits fresh record highs

Key Snapshot

· 🛢️ WTI fell 1.24% to $94.59/bbl, Brent crude dropped 1.09% to $99.25/bbl.

· 📈 Nasdaq climbed 0.45% to 27244.28, marking a second consecutive record close; Bitcoin hovers near $86,000.

I. Market Outlook

Core Events

- Saudi Arabia’s East-West Pipeline resumes operations: Three sources confirm the pipeline is back online, with crude exports to Yanbu Red Sea port likely to resume late Tuesday.

Supply fears eased, pulling both WTI and Brent lower. The 10-year US Treasury yield dipped 2.2 bps to 4.941%.

Exclusive Insight

Trump’s UNGA remarks represent his sharpest rhetoric against Iran so far. The phrase "completely destroyed" goes beyond military strikes and signals regime-change risk.

Crude oil declined despite the hawkish statement, as the restart of Saudi oil pipeline outweighed geopolitical headlines. Nasdaq continues its run to new highs, powered by AI stocks.

II. Overnight Market Action

— US Equities: S&P 500 flat at 7764.64; Nasdaq +0.45% to 27244.28 new record; Dow Jones -0.36% to 51863.69.

— European Equities: Stoxx 600 +0.1%. DAX +0.02%, CAC40 +0.2%, FTSE 100 -0.3%.

— Bonds: US 2Y yield -2.5 bps to 4.728%; US 10Y yield -2.2 bps to 4.941%.

— Commodities: WTI crude -1.24% $94.59/bbl; Brent -1.09% $99.25/bbl. COMEX Gold -0.16% $4338.9/oz, Silver +0.16% $65.932/oz.

— FX: US Dollar Index +0.17% to 100.59, intraday high 100.70 (highest since Jul 30). EURUSD -0.13% to 1.1447; USDJPY +0.01% to 157.37; GBPUSD -0.18% to 1.3339.

— Crypto: Bitcoin $86130; Ethereum -1.2% $2744.

III. Macro News

1. ⚠️ Trump threatens to "completely destroy" Iran at UNGA: Trump defended potential military action against Iran at the UN General Assembly. He warned Iran faces total destruction unless a conflict-ending deal is reached.

Insight: This is his most aggressive statement targeting Iran’s regime. Markets are separating verbal threats from real supply disruption, which explains falling oil prices.

2. 🛢️ Saudi East-West Pipeline resumes operations: The pipeline was shut after a drone attack. It handles 4%–5% of global crude supply. Exports to Red Sea port will resume shortly.

Insight: This is the clearest supply relief signal in the ongoing conflict. Saudi Arabia is shifting export routes away from Strait of Hormuz to the Red Sea.

3. 📉 Eurozone September Consumer Confidence fell to -16.5, worse than consensus -16.0, down from -15.5 in August. Consumer sentiment remains weak across Europe.

IV. Corporate News

1. 💾 NVIDIA P/E ratio drops below 17x, hitting 10-year low. Valuation is roughly half of its 2025 level. Even with projected 90% revenue growth and 99% net profit growth for FY2027, the stock has only gained ~20% year-to-date, underperforming the Philadelphia Semiconductor Index. Investors are repricing the AI giant’s premium valuation.

V. Key Events to Watch

· 🗣️ Iranian President Pezeshkian addresses UNGA. His response to Trump’s warning will shape geopolitical risk sentiment.

· 📊 Flash PMI for Sep: Eurozone, Germany, France, UK and US manufacturing & services PMI. Data will test the economic impact of high oil prices and elevated rates.

· 📊 OECD releases Global Economic Outlook. Forecast revisions matter amid tighter global monetary policy and rising geopolitical risks.

· 🛢️ US EIA weekly crude inventories. Data will verify the supply improvement after Saudi pipeline restart.

· 🇯🇵 Japanese markets closed for Autumnal Equinox Day.