Weekly Market Overview:
August 4-8
August 4-8
The US stock market closed Monday's trading higher. At closing time on the New York Stock Exchange, the Dow Jones index rose 1.34%, the S&P 500 index rose 1.47%, and the NASDAQ Composite index rose 1.95%. Treasury 10-year yields decreased 2 basis points to 4.20%. Gold futures rose 0.78% to $3426. Crude oil Brent futures fell 1.31% to $68.76. All the 11 S&P sectors ended with the gain. Communication Services topped the gainers.
Trump again threatens India with harsh tariffs over Russian oil purchases. In a social media post, Trump wrote, "India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine." Over the weekend, two Indian government sources told Reuters that India will keep purchasing oil from Russia despite Trump's threats.
Oil Majors Win $4.2 Billion Sulfur Dispute in Kazakh Court. Kazakhstan previously sought to fine the Kashagan oil field venture partners for about 2.3 trillion tenge, or $5.1 billion at the time but $4.2 billion at current exchange rates. The $55 billion Kashagan development in the Caspian Sea has been dogged by delays and cost overruns. Kazakh authorities have being pushing for higher revenue from the nation’s fields and sued the joint venture partners in international arbitration for more than $160 billion in damages.
The Central Bank of Russia is preparing new requirements for the securitization market. Central Bank analysts propose creating a state register of assets and transferring powers to an independent body. The Central Bank proposes creating a separate reserve fund for each issue of such securities to offset interest rate risk. This risk is associated with fluctuations in market rates, which may increase the likelihood of payment schedule violations. Funds for the formation of the fund will come from the excess spread — the difference between the rates on assets in the pool and the costs of servicing the securities issued. According to Expert RA, in 2020–2024, the volume of securitization issues exceeded 2.5 trillion rubles, with mortgage securitization accounting for the bulk of this amount.
Iran proposes slashing zeros from currency after decades of decline. The proposed reduction in digits is designed to simplify financial calculations and accounting, and lower the costs of printing banknotes. Iran is not alone in considering currency reforms. Over the past 25 years, countries including Turkey, Romania and Zambia have lopped zeros from their currencies after bouts of runaway inflation left citizens carrying unwieldy amounts of banknotes for daily transactions.
Kazakhstan launches potato cultivation for Lay’s chips. Kazakh agricultural company Altyn Dan, with the participation of international corporation PepsiCo, has started cultivating a potato variety for producing Lay’s chips in the Raiymbek district of the Almaty region. Altyn Dan was established as a service center in 2023. The company is currently cultivating potatoes on 150 hectares using a drip irrigation system. In addition, 1,500 hectares are seeded with cereals this season.
The US stock market closed Tuesday's trading lower. At closing time on the New York Stock Exchange, the Dow Jones index fell 0.14%, the S&P 500 index fell 0.49%, and the NASDAQ Composite index fell 0.65%. Treasury 10-year yields decreased 1 basis points to 4.20%. Gold futures rose 0.24% to $3435. Crude oil Brent futures fell 1.63% to $67.64. Of the 11 S&P sectors 8 ended in the red. Technology was the weakest, while Basic Materials topped the gainers.
Wall Street ends lower as investors consider tariff impact on results, economy. U.S. stocks ended lower on Tuesday as investors weighed the impact of tariffs after Yum Brands and other companies cited trade duties in their results or outlooks. The U.S. trade deficit narrowed in June on a sharp drop in consumer goods imports, and the trade gap with China shrank to its lowest in more than 21 years.
China’s Policy Banks Rush to Issue Bonds Before Tax Deadline. The Ministry of Finance said last week it would reinstate VAT on interest income from new debt issued by the government and financial firms from Aug. 8, ending an exemption in place since the 1990s. Bonds sold before that date will be exempt, as will later reopenings of these notes. The unexpected return of the tax has fueled concern investors will demand higher yields to cover their additional costs.
Uzbekistan and Kazakhstan were the main buyers of gold in June. In total, central banks around the world purchased 22 tons of gold during the month. In the first half of 2025, central banks around the world purchased 123 tons of gold, which is slightly less than the figure for the same period last year (130 tons). The National Bank of Poland remains the leader in net purchases for the current year with 67 tons, followed by the State Oil Fund of Azerbaijan (SOFAZ) with 35 tons and the National Bank of Kazakhstan with 22 tons.
Kazakhstan trials Chinese satellite internet. A test launch of satellite internet service by China’s Shanghai SpaceSail has been carried out in the Almaty region. According to the agency, Shanghai SpaceSail plans to commence operations in Kazakhstan in 2026. Earlier, a Kazakhstani delegation visited the company’s head office in Shanghai, where it was presented with technological solutions and industrial processes. In June, the ministry signed an agreement with SpaceX — the company behind the development and operation of Starlink — requiring it to comply with local legislation when providing satellite internet. Starting in the third quarter of 2025, Starlink terminals will be officially available for purchase by Kazakhstanis.
The US stock market closed Wednesday's trading higher. At closing time on the New York Stock Exchange, the Dow Jones index rose 0.73%, the S&P 500 index rose 0.49%, and the NASDAQ Composite index rose 1.21%. Treasury 10-year yields increased 2 basis points to 4.22%. Gold futures rose 0.24% to $3435. Crude oil Brent futures fell 1.63% to $67.64. Of the 11 S&P sectors 6 ended in the red. Healthcare was the weakest, while Consumer Cyclical topped the gainers.
Wall Street ends higher with Nasdaq up more than 1%, led by Apple. Shares of Apple jumped 5.1% and provided the biggest boost to all three of the major indexes after a White House official said the company would announce a $100-billion domestic manufacturing pledge. On Wednesday, U.S. President Trump imposed an additional 25% tariff on Indian goods, citing New Delhi's continued imports of Russian oil.
VietJet to Hire More Than 5,000 New Thai Staff for Expansion. VietJet Thailand, the Vietnamese airline’s Thai unit, this year will start new direct flights to major Asian cities to tap regional air travel growth, according to its statement late Wednesday. The new markets include Japan, South Korea and India.
Cross-border loans exceeded their pre-crisis peak of $34.7 trillion. Financial institutions in the Cayman Islands received twice as many loans as all developing countries combined. As noted by the BIS, this continued the trend of recent years. Since the beginning of 2021, yuan loans to developing economies have grown by a total of $373 bln, while dollar loans have declined by $257 bln, mainly due to developments in the Asia-Pacific region. The year 2022 marked a turning point in the transition from dollar and euro lending to yuan lending, in line with cycles of monetary tightening in the United States and the eurozone.
The $1 American dream: New service lets Kazakhs invest in Amazon and Google. The Tabys app, in its Pro mode, has launched fractional trading of U.S. stocks listed on the NASDAQ and New York Stock Exchange (NYSE). This means users can purchase a portion of a share based on the amount they invest. For example, if a stock is priced at $200, an investor can buy 0.5% of it for $1.
China tests out stablecoins amid fears of capital outflows. Hong Kong — China’s test bed for cryptocurrency as the industry is banned on the mainland — recently passed a law allowing licensed businesses to issue tokens backed by any fiat currency. But the territory’s de facto central bank has adopted a cautious approach, saying only a “handful” of licences will be granted starting next year.
The US stock market closed Thursday's trading with mixed results. At closing time on the New York Stock Exchange, the Dow Jones index fell 0.51%, the S&P 500 index fell 0.08%, and the NASDAQ Composite index rose 0.35%. Treasury 10-year yields increased 2 basis points to 4.24%. Gold futures rose 0.59% to $3454. Crude oil Brent futures fell 0.69% to $66.43. Of the 11 S&P sectors 4 ended in the red. Financial was the weakest, while Basic Materials topped the gainers.
S&P 500 eases with Eli Lilly; Nasdaq manages record closing high. Just before the session's end, U.S. President Donald Trump said he will nominate Council of Economic Advisors Chairman Stephen Miran to serve out the remaining term of Federal Reserve Governor Adriana Kugler. Eli Lilly which also raised its full-year profit and sales forecast, fell after the orforglipron drug data. The stock ended down 14.1%. Shares of Fortinet also fell, with the stock finishing 22% lower, after the cybersecurity firm gave a revenue forecast below Wall Street estimates.
Trump opens door for crypto in retirement accounts. On Thursday, he ordered regulators to look for ways to change rules that might discourage employers from including such offerings in workplace retirement accounts, known in the US as 401ks.
The market is up more than 4% after the announcement of the meeting between Presidents Putin and Trump. The Moscow Exchange Index rose 5% since the opening of trading. The MOEX also reported a historic high in daily trading of futures on the exchange's index. In total, investors concluded deals worth more than 247 billion rubles on MIX, MXI, and IMOEX contracts.
Azerbaijan and Kazakhstan to deploy first fiber-optic cable in 2026. The cable will run along the seabed of the Caspian Sea, from the Kazakh city of Aktau to the Azerbaijani city of Sumgayit. The project is expected to be completed by the end of 2026. The cable’s capacity is designed for many years to come and expected to be no less than 400 terabits per second.
The US stock market closed Friday's trading higher. At closing time on the New York Stock Exchange, the Dow Jones index rose 0.47%, the S&P 500 index rose 0.78%, and the NASDAQ Composite index rose 0.98%. Treasury 10-year yields increased 4 basis points to 4.29%. Gold futures rose 1.09% to $3491. Crude oil Brent futures rose 0.24% to $66.59. Of the 11 S&P sectors 3 ended in the red. Real Estate was the weakest, while Healthcare topped the gainers.
US Fed's Bowman: Latest jobs data stiffens support for three rate cuts in 2025. Bowman was one of two Fed governors to dissent last month against the U.S. central bank's decision to leave short-term borrowing costs in the 4.25%-4.50% range where they have been since December.
Singapore stock exchange seeks listings and deals for growth. The bourse recorded its strongest annual net profits in 25 years. Companies have been withdrawing listings from Singapore for years, as large south-east businesses favoured bigger US markets. The number of companies listed in Singapore fell to 608 in June, its lowest level for more than two decades. The dearth of listings has prompted the Monetary Authority of Singapore, the local financial regulator, to set up a group to look at ways to entice more companies and global investors to the city-state.
Large companies will lose access to Amazon and Microsoft clouds from 2027. The Russian Ministry of Digital Development has proposed introducing restrictions on the use of foreign software for processing personal data. The ban will not affect small and medium-sized enterprises, individual entrepreneurs, and individuals. “The president said: we will stifle them,” Shadaev recalled at the Tadviser Summit on May 29, 2025, when he first announced the possibility of phasing out access to foreign cloud services for businesses.
China's unemployed young adults who are pretending to have jobs. Chinese youth unemployment remains stubbornly high, at more than 14%. With real jobs increasingly hard to come by, some young adults would rather pay to go into an office than be just stuck at home.
Italy, Lebanon to build new gas processing plant at Kazakhstan’s Tengiz field. KMG PetroChem, has signed an engineering, procurement and construction (EPC) contract with Tecnimont S.p.A. of Italy and Consolidated Contractors International Company (CCIC) of Lebanon for the construction of a gas separation facility (GSF) at the Tengiz field. KMG will finance part of the construction through a loan to KMG PetroChem. $1.12 billion of the total $2.8 billion project cost will come from Kazakhstan’s National Fund. An additional $560 million is expected to be provided on preferential terms by KMG.