By Lewis Krauskopf
Get ready for a day full of market-moving events as Federal Reserve Chair Jerome Powell testifies before the U.S. Congress, shifting the global markets spotlight from Paris to Capitol Hill on Tuesday.
On Monday, political surprises in France and U.S. debates dominated headlines, impacting market movements. French stocks dropped 0.6% following the unexpected results, while the euro fluctuated against the dollar amidst uncertainty.
Despite political turmoil, U.S. stock indices reached record highs on Monday. However, mainland China and Hong Kong stocks faced losses, highlighting the global market's mixed performance.
Investors are now eagerly awaiting Powell's testimony, looking for clues on future rate cuts. With a 75% chance of a cut in September, Powell's words will be closely watched for hints on the Fed's monetary policy direction.
Stay tuned for key developments on Tuesday, including Taiwan's import/export data, Australia's business confidence report, and Powell's testimony at the Senate committee.
Analysis: Powell's testimony and upcoming data releases will provide essential insights into the global economic landscape. Investors should monitor these events closely to make informed decisions about their portfolios and financial future.