Overview

• Federal Reserve Chair Jerome Powell is set to reinforce his stance against rushing to cut interest rates in upcoming Congressional testimony.
• Recent inflation data in the US and euro-zone remains elevated, supporting the decision to maintain current interest rates.
• China's factory activity contracts for the fifth consecutive month, indicating ongoing demand challenges.
• Global diesel exports from Russia are expected to decrease, potentially impacting European markets already facing supply disruptions.
• Indonesia plans to propose a wider budget deficit to accommodate new policies, raising concerns about fiscal health.