European stocks are seen opening a tad higher on Wednesday after suffering steep losses in the previous session.
Asian markets fell across the board amid concerns around higher U.S. bond yields, the debt-ceiling impasse in Washington, China Evergrande's debt crisis and a power crunch in the country.
In their testimonies before a Senate Banking Committee hearing, both U.S. Federal Reserve Chairman Jerome Powell and U.S. Treasury Secretary Janet Yellen warned that a default due to a failure to raise the debt ceiling would have catastrophic consequences. The pair will also testify before a House Banking Committee hearing on Thursday.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.