Weekly Market Overview:
June 30 - July 3
June 30 - July 3
The US stock market closed Monday's trading higher. At closing time on the New York Stock Exchange, the Dow Jones index rose 0.63%, the S&P 500 index rose 0.52%, and the NASDAQ Composite index rose 0.47%. Treasury 10-year yields decreased 5 basis points to 4.23%. Gold futures rose 0.61% to $3308. Crude oil Brent futures fell 1.52% to $66.74. Of the 11 S&P sectors 2 ended in the red. Consumer Cyclical was the weakest, while Technology topped the gainers.
Asian shares rise, dollar weaker as US bill debate lingers; gold jumps. Asian shares crept higher and the dollar languished near multi-year lows on Tuesday as markets awaited a vote over U.S. President Donald Trump's landmark tax and spending legislation. Global shares reached an intraday record on Monday on trade optimism, but a marathon debate in the Senate over a bill estimated to add $3.3 trillion to the United States' debt pile weighed on sentiment.
Russian Banks Fear Debt Crisis Is Coming as War Strains Economy. One estimate showed that the corporate loan portfolio by Russian banks in the first two months of 2025 decreased by 1.5 trillion rubles ($19 billion) before stabilizing. Strains within the banking system could raise wider questions for President Vladimir Putin’s ability to sustain Russia’s war in Ukraine that’s already in its fourth year, especially if Kyiv’s US and European allies were to target the Russian financial sector with harsher sanctions. The European Union is currently discussing fresh restrictions on more Russian banks.
The National Bank of Kazakhstan will begin to receive reports on bank account holders. Financial organizations will have to provide four types of reports: on the owner of the bank account (deposit), on the contract of the bank account (deposit), on the bank account and on transactions on the account. The last one will be submitted monthly, the others - within 10 days after receiving or changing the data on the account holder, the agreement or the account itself. The IIN of an individual or a private entrepreneur will be presented in the form of a depersonalized identification number (DIN).
Kazakhstan’s National Bank plans to establish a state crypto reserve. «International practice shows that the sources for such a reserve may include confiscated crypto-assets, as well as cryptocurrencies mined by a crypto miner partially owned by the government,» Suleimenov said in response to a parliamentary inquiry. The ARDFM and the AIFC Committee have created a list of unlicensed crypto services, which is distributed quarterly to banks. In Q1 2025 alone, 15,800 transactions worth approximately $3.07 million were blocked.
BNP Paribas expands its Securities Services activity through the acquisition of HSBC’s custody and depositary bank business in Germany. Through this acquisition, the Securities Services business, a leading global custodian with EUR 14.3 trillion in assets under custody, part of the broader BNP Paribas Corporate and Institutional Banking division, will also build out its client franchise by expanding its products and services for insurance companies in Germany.
The US stock market closed Tuesday's trading with mixed results. At closing time on the New York Stock Exchange, the Dow Jones index rose 0.91%, the S&P 500 index fell 0.11%, and the NASDAQ Composite index fell 0.82%. Treasury 10-year yields increased 2 basis points to 4.25%. Gold futures rose 1.27% to $3350. Crude oil Brent futures rose 0.55% to $67.11. Of the 11 S&P sectors 2 ended in the red. Technology was the weakest, while Basic Materials topped the gainers.
DOGE now targeting SEC policy, eyes SPAC rules. President Donald Trump's Department of Government Efficiency initiative has pushed the U.S. markets watchdog to loosen Wall Street rules around blank-check companies and confidential reporting by private investment funds.
Poland to Weigh Green Bond Potential After €1.2 Billion Sale. The Finance Ministry sold €1.2 billion ($1.4 billion) in 12-year securities this week, seizing on “good market conditions” and “increased investor demand”. Proceeds will be used mostly on energy efficiency, clean transportation and renewable sources. In addition to the green debt, the eastern European country sold €1.75 billion of regular seven-year bonds on Monday after tapping debt investors in January and February with issues in the common European currency and dollars.
Putin has signed a decree on guarantees for new investments by non-residents. The President of Russia by his decree introduced guarantees for a number of transactions made in the country by foreign investors.
Kazakhstan government and Harvest Group plan to sign an investment agreement. The parties discussed the implementation of an investment project in the field of agriculture, aimed at the gradual conversion of 300 thousand hectares of distant and fallow lands into irrigated farmland with the use of groundwater and modern water-saving technologies. The project covers Zhambyl, Almaty, Zhetysu, Aktobe, Pavlodar, Kyzylorda and East Kazakhstan regions, the total investment in the first phase is $500 mln. Earlier it became known that with Fufeng Group signed an agreement on the project of deep processing of corn. At the first stage of construction of the plant company will invest $350 mln, the total cost of the project is estimated at $800 million dollars. In the next three years in Kazakhstan plans to implement more than 600 investment projects in the agro-industrial complex for $4.8 bln.
The US stock market closed Wednesday's trading with mixed results. At closing time on the New York Stock Exchange, the Dow Jones index fell 0.02%, the S&P 500 index rose 0.47%, and the NASDAQ Composite index rose 0.94%. Treasury 10-year yields increased 4 basis points to 4.29%. Gold futures rose 0.30% to $3360. Crude oil Brent futures rose 2.98% to $69.11. Of the 11 S&P sectors 2 ended in the red. Utilities was the weakest, while Basic Materials topped the gainers.
Asian shares tick up ahead of US payrolls test; Trump's tax bill in focus. Asian shares edged higher on Thursday as investors braced for a key U.S. jobs report that may justify imminent rate cuts by the Federal Reserve and waited on the passage of a massive U.S. tax and spending bill in Congress. Wall Street climbed overnight to close at new record highs after President Donald Trump announced that the U.S. has struck a trade deal with Vietnam, including a 20% tariff on exports to the U.S. That fuelled hopes that more deals will be forthcoming, with negotiations underway for a trade agreement with India.
London’s New Listings Hit 28-Year Low as AstraZeneca Weighs Exit. With companies going where liquidity is abundant, a steady drip of firms being taken private, and too few initial public offerings coming along to replace them, pressure is mounting to reverse the slow but inexorable shrinking of London’s historic trading venue. More than $100 billion worth of London-listed companies have announced or executed plans to move to New York in recent years.
World Central Banks bought 20 tons of gold in May. This is more than in April, but below the average level for the last 12 months (27 tons). The leaders are Kazakhstan, Turkey and Poland. The main seller was Singapore. According to the WGC, the largest buyer of gold in May was the National Bank of Kazakhstan, which added 7 tons to its reserves - up to 299 tons. The central banks of Turkey and Poland purchased 6 tons each, with Poland retaining the status of the largest buyer of gold in 2025: since the beginning of the year its gold reserves increased by 67 tons. In annual terms, the largest seller remains Uzbekistan, which reduced its reserves by 27 tons, followed by Singapore (minus 10 tons).
World Federation of Exchanges
Exchanges double down on sustainability efforts amid global ESG divergence: The WFE Publishes 11th Annual Sustainability Survey. Key findings from the 2025 survey, based on responses from 57 exchange groups, show strong momentum across environmental, social, and governance (ESG) priorities: 82% of exchanges offer sustainability-related products, predominantly green bonds and sustainability indices. 68% of exchanges that responded disclose their carbon emissions, with 72% of those covering Scope 1, 2 and 3 emissions.
Cryptocurrencies: experts warn of a finishing spurt before the downturn. The market's approach to a potential overheating point requires investors to be cautious and have a sound asset management strategy. CryptoQuant's analytical division reported that the MVRV indicator, which reflects the ratio of bitcoin's current market price to its realized capitalization, has stopped strengthening as rapidly as before. Since the beginning of the year, cumulative inflows have reached $17.8 billion, approaching last year's $18.3 billion level recorded by the end of June. Funds now have $184.4 billion under management.
The US stock market closed Thursday's trading higher. At closing time on the New York Stock Exchange, the Dow Jones index rose 0.77%, the S&P 500 index rose 0.83%, and the NASDAQ Composite index rose 1.02%. Treasury 10-year yields increased 6 basis points to 4.35%. Gold futures fell 0.50% to $3343. Crude oil Brent futures fell 0.45% to $68.80. Of the 11 S&P sectors 1 ended in the red. Energy was the weakest, while Technology topped the gainers.
BRICS to launch guarantee fund to boost investment in member nations. The BRICS group of developing nations is set to announce a new guarantee fund backed by the New Development Bank (NDB) to lower financing costs and boost investment. The initiative, modeled on the World Bank's Multilateral Investment Guarantee Agency (MIGA), aims to address global investment shifts amid uncertainty surrounding U.S. economic policy.
Treasuries Get Hit as Stocks Jump on Jobs Surprise. Bonds fell and the dollar rose as stronger-than-forecast employment growth soothed concern the US economy is poised to slow, stanching speculation the Federal Reserve will need to cut interest rates any time soon. Stocks hit fresh all-time highs. We have been encouraged by the rapid recovery of the stock market these past three months, but are concerned that valuations are high and that a lot of the good news is already priced in. So the market is much more vulnerable to negative surprises at this point.
Russia needs to introduce normative regulation of the IPO market. The market of initial public offerings will not be able to do without normative regulation, as investors need additional guarantees. IPOs for two years, 2023-2024, were sufficient in number, but there were few best practices. And, perhaps, we need to create these best practices. In January, the Central Bank proposed to introduce mandatory disclosure of forecast values in the IPO prospectus and the establishment of joint and several liability of the placement organizer for the content of the prospectus.
What Putin and Trump talked about on the phone for the sixth time. Of course, the Ukrainian issue was discussed. Trump again raised the issue of an early cessation of hostilities. Putin noted that we continue to seek a political negotiated solution to the conflict. The presidents did not discuss holding a third round of talks between Ukraine and Russia. Earlier, Putin said that the sides were trying to agree on the time and place of such consultations, and they could again take place in Istanbul.