Live News Updates on May 26: Yellen Cautions About Upcoming ‘X-Date’ on June 5, Turkish Lira Hits Unprecedented Low.

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  • European stocks rise as chipmakers boost markets and US debt ceiling negotiations show signs of progress. Nvidia’s better-than-expected quarterly earnings lift other AI-related stocks, helping the Nasdaq Composite finish 1.7% higher. US President Joe Biden signals progress in negotiations.
  • The Stoxx 600 gains 0.5%, Cac 40 adds 0.6%, and FTSE 100 picks up 0.7%. Bond yields rise as prices fall.
  • Investors remain cautious as the US government could run out of money when Treasuries mature in a month. Contracts tracking S&P 500 and Nasdaq 100 are flat ahead of New York open.

On May 26, live news updates revealed a potentially alarming warning from former Federal Reserve Chair Janet Yellen. According to Yellen, the United States may hit an “X-Date” on June 5, which means the country will no longer have enough money to pay its bills.

This warning comes at a pivotal time as the U.S. Congress is currently debating a proposal for a $6 trillion budget. Yellen’s warning puts a heightened level of concern on whether or not the budget will be approved.

Meanwhile, the Turkish lira reached an all-time low on May 26, hitting 8.85 against the U.S. dollar. The devaluation of the lira follows Turkey’s recent economic struggles, which have been exacerbated by the COVID-19 pandemic. The country’s inflation rate has reached near 18%, and unemployment has climbed to over 13%.

Despite these economic challenges, the Turkish government has remained steadfast in its efforts to revive the economy. However, it remains to be seen if these efforts will yield any significant results, given the current state of the global economy.

May 26 brings a somber reminder that the world’s economies remain fragile and uncertain, with economic challenges affecting both developed and developing countries alike, even as the world continues to grapple with the ongoing COVID-19 crisis.

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