U.S. Federal Reserve Chair Jerome Powell will testify before Congress as a week packed with economic data releases lies ahead.
are the only ones in the MSCI World Index to have seen positive yearly returns, according to screening done by CNBC Pro.Good morning. This is Jihye Lee writing to you from Singapore. I'm sitting in today for Yeo Boon Ping, who is on leave.
All eyes will be on Powell testifying today and Wednesday. What he says will guide traders as well as lawmakers on how the U.S. central bank is viewing the state of inflation and how far its campaign of aggressive hikes has come – and most importantly, where markets go from here.Powell is almost certain to face tough questions from Congress. He'll likely be asked how badly high interest rates have hurt the economy, as global markets face a slowing business environment.
Iran claims it's discovered the world's second-largest known lithium holdings, after Chile's. Iran says it found a deposit of 8.5 million tons of the metal. But whether the EV industry will benefit from that claim is very much in question. While a deposit that large could drive down lithium prices, bringing that commodity to market would depend on Iran's capacity to export. The country's economy has been crushed by heavy sanctions and a plunging currency.
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