Swedish mining company LKAB has announced that it has discovered a large deposit of rare earth metals in the north of the country. The deposit is believed to contain significant amounts of neodymium, dysprosium, and praseodymium, which are used in a wide range of high-tech products, including electric vehicles, wind turbines, and smartphones. The find is significant because these metals are typically only found in a few countries, such as China, and their extraction often involves sustainability or political concerns. LKAB says that it plans to extract the metals in an environmentally friendly and sustainable way.
Bitcoin has reached a two-month high, trading above $19,000, following the release of the December U.S. inflation data. The cryptocurrency has been on a steady upward trend since late December, and the recent inflation data, which showed a further deceleration of price increases, has further fueled investor interest. The Federal Reserve’s monetary policy, which is expected to remain accommodative, has also had a positive impact on the price of Bitcoin as markets gain appetite for risk. Other risky assets, including Bed Bath & Beyond stocks, have found support from investors in recent times.
ECB Expected to Cut Rates in July 2023
The European Central Bank (ECB) is expected to raise interest rates to a peak of 3.25% before cutting them in July, as per a Bloomberg poll. The bank’s Governing Council is expected to start raising interest rates in April, with a rate increase of 0.25% each quarter, reaching the peak by June. The move is a response to the risk of inflation caused by rising commodity prices, supply chain disruptions and a recovery in domestic demand. The interest rate is predicted to be cut in July with a 0.25% decrease, to reach a new low of 3%, a number that is forecast to be maintained until the end of the year.