Wall Street rebounds from recent lows, with tech stocks solidly in the green following Tuesday’s rout. Meanwhile, the U.S. heads towards a potential default if Congress cannot pass measures to raise the debt ceiling. U.S. Treasury Secretary Janet Yellen tells CNBC exclusively that delays failing to pay government debt could be “catastrophic”, warning of a potential recession. Gas prices soar once again in Europe and the U.S. causing fresh inflationary jitters. This as UK gilt yields hit two-year highs, with the driver shortage continuing to have knock-on effects in the economy. In Paris, OECD members have moved a step closer to agreeing a global tax deal, tweaking the wording of the draft. And a Facebook whistleblower testifies to the U.S. Senate saying the social media giant prioritises profits over user safety. CEO Mark Zuckerberg denies the claims.
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