Stocks closed lower Friday to cap a volatile week that finished with losses after Fitch downgraded its U.S. credit rating below the top AAA level, which launched U.S. Treasury yields on a wild ride. Friday marked the final day of the busiest week in the second quarter earnings season, with Amazon jumping more than 8% to its highest in nearly a year following a strong beat and raise, while Apple fell nearly 5% after reporting lower revenue than the year-earlier quarter.

One of the largest investment platforms in Georgia and a 100% subsidiary of Georgia Capital PLC (Group), JSC Georgia Capital (Georgia Capital, GCAP, the Company) - with the help of Galt & Taggart and TBC Capital, successfully placed US$150 mln. 5-year sustainability-linked bonds on the Georgian capital market. The bonds represent the largest corporate transaction in the regional market.

Stocks finished mixed Friday but scored solid gains for the week, as surprisingly moderate U.S. inflation data prompted hopes that the Federal Reserve could soon stop its pattern of interest rate hikes. With June consumer prices and producer prices showing smaller than expected increases, investors are now considering whether a strong economy could push stocks higher by the end of the year.

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Tegeta Holding, with the support of Galt & Taggart, has successfully placed bonds worth 20 million USD and 5 million EUR. The bonds will be issued for a period of two years, with interest payments made every six months at an annual rate of 8.5 percent for bonds denominated in US dollars and 7.0 percent for bonds priced in Euros.

Geosteel LLC successfully placed its first bond issue, in the amount of 15,000,000 USD, with the assistance of Galt & Taggart. This transaction is the first tranche of the planned total of up to USD 30,000,000. The issuance of the second tranche is planned for the second half of 2023.

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Stocks slumped Friday after U.S. data showed a decline in consumer sentiment combined with expectations for higher inflation. The University of Michigan's index of consumer sentiment in May sank to a six-month low while its five-year outlook for inflation spiked to its highest reading in more than a decade. For the week, the leading stock market averages turned in a mixed performance, with the Nasdaq adding 0.4% while the S&P 500 slipped 0.3% and the Dow Jones average ended down 0.3%.

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