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Apple again became the most expensive company in the world

After the worldwide developers conference last Monday, Apple's plans to integrate artificial intelligence have increased expectations for updates to its new iPhone models. This led to an increase in the company's market capitalization to $3.285 trillion, overtaking Microsoft and returning Apple to the status of the most expensive company in the world.

The market capitalization increased after a three-day increase in the company's shares by 11%. Previously, Apple was in third place in terms of capitalization after NVIDIA Corporation. Apple's stock growth was driven by optimism and investor confidence that the company would benefit from the use of AI. Analysts predict that Microsoft, Apple, and Nvidia will grow in leaps and bounds in the near future.

Meanwhile, Apple's revenue declined 4.3% in the second quarter of the fiscal year, marking the fifth decline in the last six quarters. However, the AI functionality provided by the Apple Intelligence system, according to experts, will create opportunities for a multi-year update cycle by quickly replacing older iPhone models.

Apple also recently announced a $110 billion share buyback plan.
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Paris lost the title of Europe's largest stock market to London

Political turmoil in France has led to London once again becoming Europe's largest stock market, overtaking Paris.

President Emmanuel Macron's surprise announcement of early elections sparked a wave of unrest, leading to the loss of about $258 billion in market capitalization of French companies last week.

The largest French banks such as Societe Generale, BNP Paribas and Credit Agricole, which are significant holders of government debt, have lost more than 10% of their value. As a result, the total share price of French companies now stands at about $3.13 trillion, slightly behind the British with $3.18 trillion.

The CAC 40 index, which reached record highs a month ago, has now returned to the levels of the beginning of the year. At the same time, the FTSE 100 index in the UK reached record highs due to the growth of shares of export-oriented companies such as Shell and Unilever. Over the past three months, Paris has lagged significantly behind the Euro Stoxx 50 index, while shares of companies such as Rolls-Royce Holdings have contributed to London's growth.

Globally, the UK is now the sixth largest stock market.
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The Bank of England left the rate at 5.25% per annum

The Bank of England kept the base interest rate at 5.25% per annum at the end of the June meeting, according to the British Central Bank.

The decision coincided with the forecasts of the market and analysts. Seven of the nine members of the Monetary Policy Committee (MPC) voted to keep the rate, while Matchmakers Dingra and Dave Ramsden proposed lowering it by 25 basis points.

Most experts predicted that the regulator would make just such a decision, despite the fact that inflation in May fell to the 2% target for the first time since 2021.

The Monetary Policy Committee of the Bank of England has left the rate unchanged for seven consecutive meetings, maintaining it at its highest level in the last 16 years. The market expects that the regulator will start lowering the rate no earlier than November.
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The EU bans its companies from using the Russian payment system

As part of the 14th package of anti-Russian sanctions, the European Union banned its companies operating outside the Russian Federation from using the Bank of Russia's Financial Messaging System (SPFS).

SPFS, the Russian equivalent of SWIFT, provides the transmission of financial messages both inside and outside Russia. The use of SWIFT within the Russian Federation was banned by the Central Bank of the Russian Federation in October 2023.

In a statement, the EU Council said: «Today's package significantly strengthens our financial sanctions by banning EU banks operating outside Russia from using the SPFS.» This also allows the EU to compile a list of non-Russian banks of third countries connected to the SPFS – these banks will be prohibited from doing business with EU operators.

In addition, the EU has imposed a ban on transactions with banks and suppliers of crypto assets in Russia and third countries that facilitate transactions supporting the Russian military-industrial base.

Recall that the SPFS was created in response to the first wave of anti-Russian sanctions in 2014. By the end of 2023, 556 organizations had become users of the SPFS, of which more than a quarter (159) non-residents from 20 countries made up the list. The Central Bank previously published a list of SPFS participants on its website, but hid it in April 2022 after a new wave of sanctions affected the largest Russian banks.
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