NEWSLETTER
Thursday / September 29Sep 29
Market Watch: The Last Week and Key Events to Watch This Week
WHAT HAPPENED ON FRIDAY ?
North Korea sanctions
The United States on Friday imposed fresh sanctions on North Korea over its development of weapons of mass destruction and ballistic missiles, a day after China and Russia vetoed a UN Security Council resolution to slap tougher sanctions on Pyongyang.
The US Treasury Department said two banks, one trading company and one individual are the targets of the new sanctions for their support of North Korea’s weapons development programmes.
So far this year, North Korea has launched 23 ballistic missiles, including six intercontinental ballistic missiles, with every launch in violation of multiple UN Security Council resolutions, the department said in a press release.
Ukraine about to lose the east
Ukraine said on Friday its forces may need to retreat from their last pocket of resistance in Luhansk to avoid being captured by Russian troops pressing an advance in the east that has shifted the momentum of the three-month-old war.
A withdrawal could bring Russian President Vladimir Putin closer to his goal of capturing Ukraine's Luhansk and Donetsk regions in full.
Luhansk's governor, Serhiy Gaidai, said Russian troops had entered Sievierodonetsk, the largest Donbas city still held by Ukraine, after trying to trap Ukrainian forces there for days. Gaidai said 90% of buildings in the town were damaged.
US stocks
On Friday the Dow jumped 575.77 points, or nearly 1.8%, to 33,212.96. The S&P 500 rose about 2.5% to 4,158.24. The tech-heavy Nasdaq Composite, helped by strong earnings from software companies and a fall in the 10-year Treasury yield, ended the day up 3.3%, reaching 12,131.13.
All three of the major averages closed the week higher. The Dow finished up 6.2% for the week and snapped its longest losing streak, eight weeks, since 1923. The S&P 500 is 6.5% higher and the Nasdaq is up 6.8% on the week. Both indexes ended seven-week losing streaks. Dow Jones Industrial Average and the S&P 500 rallied to close their best weeks since November 2020.
THIS WEEK
* US markets closed for Memorial Day
* EU leaders start a two-day special meeting in Brussels Monday with the war in Ukraine, defense, inflation, energy and food security on the agenda
* Bullard speak at separate events
* OPEC+ virtual meeting
* Cleveland Fed President Loretta Mester discusses the economic outlook
* US May employment report
* The UN’s Food and Agriculture Organization releases its monthly food price index at a time of maximum concern about global supplies
North Korea sanctions
The United States on Friday imposed fresh sanctions on North Korea over its development of weapons of mass destruction and ballistic missiles, a day after China and Russia vetoed a UN Security Council resolution to slap tougher sanctions on Pyongyang.
The US Treasury Department said two banks, one trading company and one individual are the targets of the new sanctions for their support of North Korea’s weapons development programmes.
So far this year, North Korea has launched 23 ballistic missiles, including six intercontinental ballistic missiles, with every launch in violation of multiple UN Security Council resolutions, the department said in a press release.
Ukraine about to lose the east
Ukraine said on Friday its forces may need to retreat from their last pocket of resistance in Luhansk to avoid being captured by Russian troops pressing an advance in the east that has shifted the momentum of the three-month-old war.
A withdrawal could bring Russian President Vladimir Putin closer to his goal of capturing Ukraine's Luhansk and Donetsk regions in full.
Luhansk's governor, Serhiy Gaidai, said Russian troops had entered Sievierodonetsk, the largest Donbas city still held by Ukraine, after trying to trap Ukrainian forces there for days. Gaidai said 90% of buildings in the town were damaged.
US stocks
On Friday the Dow jumped 575.77 points, or nearly 1.8%, to 33,212.96. The S&P 500 rose about 2.5% to 4,158.24. The tech-heavy Nasdaq Composite, helped by strong earnings from software companies and a fall in the 10-year Treasury yield, ended the day up 3.3%, reaching 12,131.13.
All three of the major averages closed the week higher. The Dow finished up 6.2% for the week and snapped its longest losing streak, eight weeks, since 1923. The S&P 500 is 6.5% higher and the Nasdaq is up 6.8% on the week. Both indexes ended seven-week losing streaks. Dow Jones Industrial Average and the S&P 500 rallied to close their best weeks since November 2020.
THIS WEEK
* US markets closed for Memorial Day
* EU leaders start a two-day special meeting in Brussels Monday with the war in Ukraine, defense, inflation, energy and food security on the agenda
* Bullard speak at separate events
* OPEC+ virtual meeting
* Cleveland Fed President Loretta Mester discusses the economic outlook
* US May employment report
* The UN’s Food and Agriculture Organization releases its monthly food price index at a time of maximum concern about global supplies
