Weekly Market Overview:
October 13-17
October 13-17
The US stock market closed Monday’s trading higher . At closing time on the New York Stock Exchange, the Dow Jones index rose 1.29%, the S&P 500 index rose 1.56%, and the NASDAQ Composite index rose 2.21 %. Treasury 10-year yields decreased 10 basis points to 4.05%. Gold futures rose 3.31% to $4133. Crude oil Brent futures fell 0.94% to $63.32. Of the 11 S&P sectors 2 ended in the red. Consumer Defensive was the weakest; Basic materials topped the gainers.
Goldman Sachs loses senior bankers after leadership reshuffles, dealmaking pause. Goldman Sachs has lost more than a dozen senior investment bankers in 2025 amid internal reshuffles and a weak start to the year, Reuters reports. Many left the bank due to expectations of low bonuses and a lack of promotions, but Goldman still leads Wall Street in M&A deal volume, and investment banking revenue reached its highest level since 2021. The bank's clients include Electronic Arts and Holcim, which secured some of the largest deals of the year. The company has reshuffled its leadership, created a new finance unit, and reduced its workforce by 2%. Despite the attrition, analysts believe Goldman is poised to capitalize on the surge in M&A activity.
US stocks recovered from the collapse caused by trade tensions with China: The rally was supported by news of the US and China's readiness to resume negotiations and OpenAI's deal with Broadcom, whose shares jumped nearly 10%. The ceasefire between Hamas and Israel added to the positive sentiment. Investors are awaiting the start of the corporate earnings season, with major banks, including JPMorgan, Goldman Sachs, and Citigroup, set to report their results. Experts note that this season will be a test of the sustainability of the bull market and the effectiveness of AI investments.
Home Credit Bank shareholders will discuss changing the bank's name. The board of directors of Home Credit Bank, which is being acquired by businessman Bulat Utemuratov, has proposed considering a name change. The decision will be submitted to the annual shareholders' meeting on November 3, 2025. The acquisition of 100% of the bank's shares is being carried out through ForteBank, part of Utemuratov's group. The deal reflects Forte's strategy to expand its market share and combine Home Credit's technology and experience with its own capabilities. Initially, the bank will retain its autonomy and its own branch network, and integration into Forte's structure will take approximately one year. Home Credit Bank was founded in 1993 and has undergone a number of transformations, including the transfer of control to Czech entrepreneur Jiří Šmejc, who in 2025 owned 90.1% of the bank's shares.
OpenAI to begin producing its own AI chips. OpenAI announced the launch of its own AI chips in partnership with Broadcom Inc., Interfax-Kazakhstan reports. The companies will jointly develop and manufacture AI accelerators and systems that integrate OpenAI's developments directly into hardware. The solutions will be scalable using Broadcom technologies and deployed in both OpenAI's and partner data centers. The partnership will increase the data center's computing capacity to 10 GW. Deployment of racks with AI accelerators will begin in the second half of 2026 and be completed by the end of 2029.
The US stock market closed Tuesday’s trading higher . At closing time on the New York Stock Exchange, the Dow Jones index rose 0.44%, the S&P 500 index fell 0.16%, and the NASDAQ Composite index fell 0.76 %. Treasury 10-year yields decreased 3 basis points to 4.02%. Gold futures rose 0.74% to $4163. Crude oil Brent futures fell 1.47% to $62.39. Of the 11 S&P sectors 3 ended in the red. Technology was the weakest; Consumer Defensive topped the gainers.
Fed back on centre stage, for now. US Federal Reserve Chairman Jerome Powell stated that inflation and employment forecasts remain stable, but the risks of a decline in employment in the country have increased. This could lead to further rate cuts at the Fed meeting on October 28-29. He noted that layoffs and hiring remain low, and the perception of the labor market by households and businesses is deteriorating. Powell noted that rising prices in the US are primarily due to tariffs, not general inflationary pressures. New inflation data - the Consumer Price Index - will be released on October 24.
The White House promises to "wait out" the shutdown and continue layoffs. The government will continue to pay military and law enforcement salaries. More than 250,000 workers will not receive pay, and another 2 million will be without pay this week. These are the first such large-scale layoffs of federal employees during the funding crisis. The main point of contention between Republicans and Democrats remains tax breaks and healthcare subsidies, which more than 22 million Americans depend on. Meanwhile, stock markets have shown little reaction to the shutdown, focusing on corporate earnings reports and news about artificial intelligence.
Kazakhstan's largest dairy plant is preparing to reach full capacity. The Eurasian Milk plant in Petropavlovsk is reaching its design capacity and will become the largest dairy processing facility in Kazakhstan. Its complex will be able to process up to 350 tons of milk per day, and already produces over 51,000 tons of products annually, including cheeses and fermented milk products. The project is being implemented by Eurasian Foods Corporation, which invested $70 million in the first phase and created over 400 jobs. The company plans to replace imports and develop exports to Russia, Azerbaijan, Turkmenistan, and Mongolia. The holding is wholly owned by Swiss-based Ursem Holding AG, which owns 100% of the common shares and 29.53% of the preferred shares.
Jet increased profit by a quarter amid possible restrictions on scooters. Kazakhstani electric scooter rental company Jet posted a net profit of 374.5 million tenge in the first half of 2025, up 27.5% year-on-year. Revenue increased by 77% to 4.6 billion tenge, while service costs doubled, driving gross profit to 1.5 billion tenge. The company's assets increased by 35% over the first half of the year, to 8.6 billion tenge, while liabilities increased by 52% to 5.4 billion tenge. Jet operates not only in Kazakhstan, but also in Georgia, Uzbekistan, and Belarus. Amid increasing restrictions on electric scooters in Kazakhstan, the company's CEO, Musalav Alibekov, stated that kick-sharing is an important part of the urban transportation ecosystem and should be regulated based on data, not emotion..
The US stock market closed Wednesday’s trading higher . At closing time on the New York Stock Exchange, the Dow Jones index fell 0.04%, the S&P 500 index rose 0.40%, and the NASDAQ Composite index rose 0.66 %. Treasury 10-year yields increased 3 basis points to 4.05%. Gold futures rose 0.92% to $4201. Crude oil Brent futures fell 0.77% to $61.91. Of the 11 S&P sectors 1 ended in the red. Industrials were the weakest; Utilities topped the gainers.
News overload splits markets. Asian stock markets rose on Thursday, with indices from Taipei to Seoul and Sydney hitting new all-time highs amid continued excitement around artificial intelligence. Tech sectors saw particularly strong gains, with the US semiconductor index (SOX) up 3%. This was compounded by strong results from major US banks, which kicked off the earnings season and confirmed the resilience of the US economy despite the shutdown. However, currency markets are seeing the opposite trend: gold is hitting new records, and the dollar is weakening amid rising geopolitical tensions between Washington and Beijing. European stock futures point to a decline, which could signal the beginning of a market correction.
The Fed's Beige Book confirms the resilience of the US economy. According to the Federal Reserve's Beige Book report, economic activity in the US has remained stable in recent weeks, with employment levels unchanged. The impact of new tariffs on manufacturers was moderate and only partially reflected in final prices. Most regions reported weak or flat growth, while some reported a slight decline in activity. Employers report workforce reductions amid declining demand and rising investment in artificial intelligence.
Vyacheslav Kim purchased 20% of Alatau City Bank from Yesenov for 40.9 billion tenge. Kazakhstan's wealthiest man, Vyacheslav Kim, acquired 20.1% of Alatau City Bank shares from Galimzhan Yesenov for 40.9 billion tenge through First Heartland Securities, which he had previously acquired from Yesenov. The deal included 33 million shares of the bank at 1,238 tenge per share. Forbes estimates Kim's net worth at $7.1 billion, making him the richest person in Kazakhstan. The terms of the purchase by First Heartland Securities, which owned 79.9% of the bank's shares, were not disclosed.
The US stock market closed Thursday’s trading higher . At closing time on the New York Stock Exchange, the Dow Jones index fell 0.65%, the S&P 500 index fell 0.63%, and the NASDAQ Composite index fell 0.47 %. Treasury 10-year yields decreased 7 basis points to 3.97%. Gold futures rose 2.45% to $4305. Crude oil Brent futures fell 1.37% to $61.06. Of the 11 S&P sectors 9 ended in the red. Financial was the weakest; Basic materials topped the gainers.
Add credit risk to a bubble, and stand well back. Western Alliance Bancorp reported that it had issued loans to the same borrowers, and its shares fell nearly 11%. Stock futures in Asia and Europe declined as investors tried to balance expectations for the Federal Reserve's rate hikes with the risks of credit. The yield on two-year US Treasury notes fell to a three-year low of around 3.389%, fueling expectations of two Fed rate cuts before the end of the year.
Wall Street's rally slowed on Thursday due to concerns about US credit quality and China's imposition of new restrictions on rare earth metal exports. The S&P 500, Dow, and Nasdaq fell 0.6%, 0.65%, and 0.47%, respectively. Strategists at Citigroup and Morgan Stanley warned of potential market volatility and advised investors to focus on large, stable companies. Despite this, retail investors continue to buy stocks on dips, while institutional players are increasing their hedging positions.
US regional bank shares plunge amid Zion scandal. Shares of regional US banks fell sharply after Zions Bancorporation reported $50 million in losses on two loans at its California unit, raising concerns about hidden credit stress in the banking system. Zions shares plunged 13%, Western Alliance Bancorp shares fell 11%, and the KBW index posted its biggest drop in six months. The losses stemmed from defaults by borrowers such as Tricolor Holdings and First Brands Group. Analysts warn that further losses could lead to rating downgrades and further declines in regional banks' shares.
Former Senator Yuri Tskhai will launch an air taxi service between Almaty and Alatau. Former Senator Yuri Tskhai, through Alatau Advance Air Group, will launch an air taxi project connecting Alatau and Almaty. The construction of a network of vertiports is planned, with the project expected to launch by the end of 2028. The project will be part of the Alatau City development and is being implemented jointly with the Ministry of Transport of Kazakhstan and Korea Airports Corporation.
The US stock market closed Friday’s trading higher . At closing time on the New York Stock Exchange, the Dow Jones index rose 0.52%, the S&P 500 index rose 0.53%, and the NASDAQ Composite index rose 0.52 %. Treasury 10-year yields increased 3 basis points to 4.00%. Gold futures fell 2.12% to $4213. Crude oil Brent futures fell 0.38% to $61.29. Of the 11 S&P sectors 3 ended in the red. Basic materials were the weakest; Consumer Defensive topped the gainers.
The Takaichi trade makes a comeback. The Nikkei's rise, fueled by Sane Tachiichi's ascension to the leadership of Japan's Liberal Democratic Party, helped support Asian markets amid mixed data from China, where third-quarter GDP grew 1.1% qoq and 4.8% y/y. Meanwhile, the US government shutdown continues, increasing risks to the economy, although the market is not yet showing any signs of concern. The technology sector and large banks are becoming the focus of investor attention - the latest data will need to meet high expectations, otherwise, stocks could correct.
Investors are awaiting a major political event in China. This week, a four-day meeting of the Communist Party of China (CPC) Central Committee will be held in Beijing, where measures to support China's stock market are expected to be approved. Since the beginning of the year, the MSCI China Index has gained 30%, driven by optimism in the AI sector and expectations of government support for solar energy, steel, automotive, and consumer markets. China is still facing deflation and oversupply, to which the government is responding with administrative measures—for example, shares of Chinese lithium companies have risen after temporarily halting production. Meanwhile, shares of chipmakers, including Hua Hong Semiconductor (up 250%) and SMIC (up 117%), are soaring, and the tech sector is being hailed as a top investment choice.
ForteBank recognized as the best commercial bank in Kazakhstan by Global Finance. ForteBank was named the best commercial bank in Kazakhstan at the Best Bank Awards 2025 ceremony, organized by Global Finance during the annual World Bank-IMF meeting in Washington. Experts noted the bank's contribution to digital innovation, high-level customer service, and strategic leadership. Amid global economic challenges, ForteBank has demonstrated sustainable growth and is actively investing in the development of digital solutions and business products. Chairman of the Board of Directors Timur Isatayev emphasized that this award is the result of the team's systematic work and reflects the bank's confident outlook on the future.