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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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The Central Bank of Sweden has kept the rate at 3.75% and expects 2-3 reductions in the second half of the year

The Central Bank of Sweden (Riksbank) kept its key interest rate at 3.75% per annum at its meeting on Thursday. This decision coincided with analysts' expectations.

It is noteworthy that in May, the regulator lowered the rate for the first time in eight years.

Riksbank noted that inflation is approaching the target 2%, and long-term inflation expectations are stabilizing. There is also a moderate increase in salaries.

The regulator’s management plans, while maintaining the current trajectory of inflation, to reduce the rate two or three times in the second half of the year.
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Bitcoin rises on the news of the assassination attempt on Trump

The bitcoin exchange rate is rising on Monday – market participants continue to evaluate the news about the assassination attempt on Donald Trump that occurred on Saturday.

According to CoinDesk, the current quote of the crypto asset is $62,603.50. Last Friday, the BTC/USD pair was trading near the level of $57 thousand. Overall, despite the 6.4% loss over the last month, bitcoin has grown by about 50% since the beginning of the year.

Donald Trump was injured at a campaign rally in Pennsylvania, but later said he felt fine. Analysts believe that the assassination attempt could increase Trump's chances of winning the election.

«Trump is considered a supporter of cryptocurrency, and there is an opinion that his position in the election race has strengthened. Traders are looking for assets that will benefit if Trump returns to power,» said Dan Coatsworth, an investment analyst at AJ Bell brokerage.
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The growth of public debt in the world's largest economies worries financial markets

The victory of the left-wing coalition in the French elections forced investors to pay attention to the country's financial problems. The budget deficit remains high at 5.5% of GDP, and the EU forecasts debt growth to 139% of GDP by 2034.

In the United States, the national debt is expected to grow from 97% to 122% by 2034. Donald Trump's popularity on the eve of the election is also worrying investors. They fear that his victory, especially under a Republican Congress, could lead to an increase in budget deficits and inflation.

Italy is facing EU disciplinary measures due to a budget deficit of 7.4%, which is the highest in the EU.

In the UK, the 2022 tax cuts caused the pound sterling and government bond prices to fall, forcing the central bank to intervene. The new Labour government, promising economic growth under tight control, is facing the problem of public debt, which is close to 100% of GDP.

Japan's national debt is more than twice the size of its economy – 261% of GDP. However, the bulk of the debt belongs to domestic investors, which reduces the risk of massive capital outflows.
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