Weekly Market Overview:
July 7 - 11
July 7 - 11
The US stock market closed Monday's trading lower. At closing time on the New York Stock Exchange, the Dow Jones index fell 0.94%, the S&P 500 index fell 0.79%, and the NASDAQ Composite index fell 0.92%. Treasury 10-year yields increased 5 basis points to 4.40%. Gold futures remained at $3343. Crude oil Brent futures rose 1.87% to $69.58. Of the 11 S&P sectors 10 ended in the red. Energy was the weakest, while Consumer Defensive topped the gainers.
Shares steady, dollar firms on US tariff letters; oil dips. Shares on Wall Street fell after Trump sent letters to 14 countries, including Japan and South Korea, unveiling sharply higher tariffs on imports into the United States, while also postponing their implementation to August 1. Japan's Nikkei stock gauge (.N225), opens new tab opened lower but then turned positive after Trump described that deadline as "firm, but not 100% firm" and said tariffs may be adjusted for some countries. The Aussie dollar rose ahead of a Reserve Bank of Australia decision later in the day.
Trump Promises More Weapons for Ukraine and Criticizes Putin. President Donald Trump said he’d ship more weapons to Ukraine, marking an apparent reversal after the Pentagon halted flows of some air-defense missiles and artillery shells to the country. “We’re going to send some more weapons,” Trump told reporters at the start of a dinner with Prime Minister Benjamin Netanyahu at the White House on Monday evening. “We have to. They have to be able to defend themselves. They’re getting hit very hard now.”
Fix Price received offers to exchange 15% of its authorized capital. The RTS subsidiary finished accepting exchange offers on July 4, having received more than 240,000 bids for the exchange of 18.7 million GDRs. This corresponds to about 3 billion shares of the retailer or about 3% of the authorized capital. OTC offers will continue to be received until 19:00 Moscow time on July 18. According to preliminary data as of July 4, investors submitted bids to exchange 76.2 million GDRs in the OTC exchange. The volume corresponds to approximately 12 billion shares or about 12% of Fix Price's authorized capital. Trading of Fix Price shares on the Moscow Exchange is expected to commence on August 20, 2025. Fix Price Group's Board of Directors decided to delist the GDRs from the Moscow Exchange and SPX on June 4.
China eyes $600 million waste management project in Kazakhstan. China’s Hunan Junxin Environmental Protection wants to build three waste-to-energy plants worth $600 million in Kazakhstan, as reported by Kazakh Invest. The project goes beyond waste disposal and includes construction of green data centers powered by the energy generated from municipal solid waste incineration. Junxin also plans to set up personnel training centers and introduce intelligent waste management systems.
Fujitsu to develop ETF trading platform based on TSE’s CONNEQTOR and provide it to Australian Securities Exchange. The initiative aims to modernize the process for ETF pricing in Australia by implementing a SaaS RFQ platform, built and managed by Fujitsu. The foundation of this new platform is the CONNEQTOR system provided by TSE, one of Asia's most successful RFQ platforms. Since its launch in February 2021, CONNEQTOR has enabled over 290 users to significantly reduce costs and improve the efficiency of their ETF trading operations. Monthly trading value reached a record high of JPY 306.4 billion in April 2025.
The US stock market closed Tuesday's trading with mixed results. At closing time on the New York Stock Exchange, the Dow Jones index fell 0.37%, the S&P 500 index fell 0.07%, and the NASDAQ Composite index rose 0.03%. Treasury 10-year yields increased 2 basis points to 4.42%. Gold futures fell 0.77% to $3317. Crude oil Brent futures rose 0.82% to $70.15. Of the 11 S&P sectors 8 ended in the red. Consumer Defensive was the weakest, while Energy topped the gainers.
Dollar firm, Asian stocks mixed as traders ponder tariff outlook. The dollar traded close to a 2-1/2-week high versus major peers on Wednesday while copper hit an all-time peak overnight after U.S. President Donald Trump broadened his global trade war by threatening a 50% tariff on the metal. Trump also said levies on semiconductors and pharmaceuticals were coming soon, weighing on Wall Street on Tuesday, with futures indicating further weakness there on Wednesday.
Shenzhen Bourse Nudges China Firms to Speed Up IPO Applications. China’s Shenzhen Stock Exchange has urged brokers to speed up applications for companies to list on the ChiNext board as officials seek to boost private enterprise and reignite the economy under threat from rising tariffs. China’s stock exchanges in Shanghai, Shenzhen and Beijing accepted 150 new applications for initial public offering in June, the highest monthly tally this year. The majority was accepted by Beijing, according to exchange data. Listings in Hong Kong hit the highest since December 2022 last month, as a rally in the Asian financial hub’s stocks drove a rush for share sales. Listings in China plunged for three straight years, reaching 222 billion yuan last year, down from 1.24 trillion yuan in 2021.
Putin: the use of gold bullion bars in settlements has increased significantly. The head of financial intelligence explained this by the free export of gold and announced amendments to the legislation. "It is profitable to buy here for rubles, export, sell for currency and convert again. This is where the game is played. The price of gold is very high today, and the difference just gives [profit] a very good margin!" he explained. In April, a law was passed that will oblige banks to report to Rosfinmonitoring on customer transactions involving the purchase and sale of precious metals and stones for more than 1 million rubles.
Global firms Grapple with North American T+1: New Study Reveals Early Impacts. Vermiculus, a leading provider of market infrastructure technology, in collaboration with capital market research firm GreySpark Partners, has released a new study examining the global implications of the recent T+1 trade settlement mandate in North America. While the transition has been largely successful for U.S. firms, the report reveals operational and regulatory challenges for financial institutions across Europe and the Asia-Pacific (APAC) region. The switch from T+2 to T+1 settlement tightens the post-trade processing timeline significantly. For global firms operating in different time zones, that translates into after-hours work, FX execution under time pressure, and growing risk of settlement failure.
Franco-Kazakh venture launches key uranium plant in southern Kazakhstan. The plant is located at the South Tortkuduk deposit and is operated by KATCO, a Kazakh-French joint venture in which France’s Orano Mining holds a 51% stake and Kazatomprom owns the remaining 49%. The new facility has an annual uranium production capacity of 2,000 tons. The facility was constructed over three years, strictly adhering to international standards.
The US stock market closed Wednesday's trading higher. At closing time on the New York Stock Exchange, the Dow Jones index rose 0.49%, the S&P 500 index rose 0.61%, and the NASDAQ Composite index rose 0.94%. Treasury 10-year yields decreased 7 basis points to 4.34%. Gold futures rose 0.12% to $3321. Crude oil Brent futures rose 0.06% to $70.19. Of the 11 S&P sectors 2 ended in the red. Energy was the weakest, while Technology topped the gainers.
Wall Street rises as Fed minutes put rate cuts in focus, Nvidia hits $4 trillion milestone. The minutes for the mid-June meeting showed that most Fed officials said they expect rate cuts will be appropriate later this year, with price shocks from Trump's import taxes expected to be "temporary or modest." However, there was little support for a rate cut at the end of July meeting.
Turkey Raises Taxes on Lira Deposits and Funds to Bolster Budget. The tax on deposits with maturities of up to six months was increased to 17.5% from 15%, according to a presidential decree published on Tuesday. For deposits of up to one year it rose to 15% from 12%. Mutual fund earnings, excluding equity-heavy and long-term real estate or venture capital funds, will be taxed at 17.5%, up from 15%. The budget deficit reached 650 billion liras ($16 billion) in the first five months of 2025, up 38% from the same period last year. Spending rose 44%, driven in part by an increase in interest payments. The government is targeting a full-year deficit of 1.93 trillion liras, with its medium-term program projecting a shortfall of 3.1% of GDP. Meanwhile, the amount of money parked at investment funds stood at 6.25 trillion liras ($156 billion) as of July 8.
From 2026, Emirates airline tickets will be able to be paid for with cryptocurrency. In Emirates, it is already used in real estate transactions and in payment for telecommunication services, and 650 cryptocurrency companies are currently operating in Dubai. In May this year, Air Arabia announced the possibility of booking tickets using AE Coin - it is pegged to the dirham and approved by the central bank of the UAE. Thus, the company became the first in history to make payment for tickets with digital assets available to its customers.
Canadians to build liquefied gas plant in Kazakhstan, the first in Central Asia. Condor Energies Inc., a Canadian-based energy transition company, will build methanol and liquefied natural gas (LNG) plants in Kazakhstan. During the meeting, the parties discussed ongoing investment projects in the Mangystau region, including an LNG plant with a planned capacity of 145,000 tons per year, to be built on a 16-hectare site near the port of Kuryk on the Caspian Sea. The LNG plant is expected to launch in 2027. A second project involves building a methanol production plant adjacent to the LNG site. With a capacity of 100,000 tons per year, this plant is also scheduled to begin operations in 2027.
The US stock market closed Wednesday's trading higher. At closing time on the New York Stock Exchange, the Dow Jones index rose 0.43%, the S&P 500 index rose 0.27%, and the NASDAQ Composite index rose 0.09%. Treasury 10-year yields increased 1 basis points to 4.35%. Gold futures rose 0.14% to $3326. Crude oil Brent futures fell 2.21% to $68.64. Of the 11 S&P sectors 2 ended in the red. Communication Services was the weakest, while Basic Materials topped the gainers.
Wall St, European futures skid after Trump announces tariffs on Canada, EU; dollar up. U.S. and European stock futures slid in Asia on Friday after President Donald Trump stepped up tariff threats against Europe and Canada, snuffing out an early rally in regional share markets. The dollar gained on the euro and the Canadian currency as Trump announced late on Thursday a 35% tariff rate on all imports from Canada from August 1, adding that he planned to impose blanket tariffs of 15% or 20% on other nations.
China Brokerage Stocks Surge on Optimism Over Crypto-Trading. A Bloomberg Intelligence gauge of brokerage shares listed in Hong Kong surged as much as 15%, the most since October 18. Central China Securities Co. rallied as much as 75%, while Guolian Minsheng Securities Co. rose as much as 46%. Investors are betting on more brokerages to get license upgrade to offer virtual asset trading services.
Yandex Bank is preparing a new deal on loan securitization. The bank plans to securitize 10 billion rubles. The deal will be the second issue of collateralized bonds secured by Yandex-bank's portfolio of consumer loans issued to retail clients. The Bank of Russia registered SFO Split Finance's bond program with a total volume of 100 billion rubles at the end of June. Under the five-year program, bonds can be placed for up to five years. Currently, there is an issue of Yandex Bank bonds with cash collateralized by cash claims for 7.7 billion rubles in circulation, the issuer of which is SFO split finance 1.
China and South Korea may step into Kazakhstan’s thermal power plant projects. In April 2024, the governments of Kazakhstan and Russia signed an agreement to construct three thermal power plants in Kokshetau, Semey and Ust-Kamenogorsk, with a combined capacity of 1 gigawatt. The project was to be implemented on a turnkey basis by Russia’s Inter RAO, with the Kremlin also promising preferential financing. The estimated cost of the project was $2.4 billion.
The US stock market closed Thursday's trading lower. At closing time on the New York Stock Exchange, the Dow Jones index fell 0.63%, the S&P 500 index fell 0.33%, and the NASDAQ Composite index fell 0.22%. Treasury 10-year yields increased 8 basis points to 4.42%. Gold futures rose 1.15% to $3364. Crude oil Brent futures rose 2.51% to $70.36. Of the 11 S&P sectors 9 ended in the red. Healthcare was the weakest, while Energy topped the gainers.
Wall St slips with Asia stocks as US trade policy confounds. Losses in Wall Street futures dragged Asian stocks lower on Monday as the latest round of threats in the U.S. tariff wars kept investors on edge, though the fallout was limited by hopes this was mainly bluster by President Trump. Trump on Saturday said he would impose a 30% tariff on most imports from the EU and Mexico from August 1, even as they are locked in long negotiations. Futures for the Federal Reserve funds rate edged higher as markets priced in a little more policy easing for next year.
China’s Growth Seen Outpacing Target, Easing Stimulus Pressure. Official figures due Tuesday are expected to show gross domestic product rose 5.1% year-on-year in the quarter ended June, according to a Bloomberg survey. While slower than the first quarter, it would still put first-half growth at 5.3%, comfortably above Beijing’s annual target of around 5%, the survey shows.
How a low birthrate caused Japanese elevator company's stock to surge 6000%. Investors are attracted by a “proven strategy” of expansion. The firm seeks out and buys out local competitors left without a founder or heirs. It has announced 21 takeovers since listing in 2017, more than doubling its market share to 10%. The company forecasts further growth to 13% by fiscal 2027.
Kazakhstan’s Akashi signs agreement with Chinese Telecom giant. The document covers cooperation in the development of intelligent infrastructure for data centers, the artificial intelligence (AI) industry and the construction of a computing power network in Kazakhstan. Akashi Data Center is the largest data center project in Kazakhstan, aimed at doubling the country’s computing capacity and establishing a strong foundation for its digital infrastructure. China Mobile is a Chinese telecommunications company and the largest mobile operator in the world.
World Federation of Exchanges
The WFE calls on UK to remove VAT on carbon credits and classify them as financial instruments. Exchanges will play a critical role in enabling fair, transparent, and effective carbon and nature markets by providing secure infrastructure for trading, better price discovery, and greater investor protection. The WFE supports the Government’s principles-based approach to developing these markets and efforts to align with international standards and best practice.