Weekly Market Report (26 June 23)

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News Last Week

Siemens Energy's shares dropped over 30% due to concerns about its wind turbine operations, with costs expected to exceed 1 billion euros.
The U.S. housing market saw the most significant year-on-year drop in home prices in over 11 years due to higher interest rates.
Amazon is facing a lawsuit from the Federal Trade Commission (FTC) over alleged "manipulative" tactics used to enroll users into its Prime subscription service.
The U.S. has increased its surveillance of Chinese telecom giants ZTE and Huawei at suspected Chinese spy sites in Cuba.
Business activity in Europe decreased sharply in June, largely due to weakening demand for services, suggesting a potential slowdown in the global economy.
Germany, once the powerhouse of Europe's economy, is now seen as a factor dragging it down due to a combination of short-term and structural issues.
European business confidence in China hit a record low due to China's sluggish economy and ongoing U.S.-China trade tensions.
The EU is proposing a $55 billion economic support package for Ukraine, demonstrating continued support for Kyiv.
European ride-hailing company Bolt announced plans to deliver food using self-driving robots provided by U.S. firm Starship Technologies.
The tiny Pacific island nation of Palau introduced a "Digital Residency" program, potentially providing a workaround for bans on cryptocurrency services.

The coming week marks the end of the month, quarter, and first half of 2023, with the S&P 500 currently up by 13.8%.