As FY22 gets underway, markets are focused on an important week of US updates that could impact the ‘money printer goes brrrr’ machine.

US inflation data for June beat expectations overnight as annual US CPI growth held at decade-plus highs throughout the June quarter.

Investors largely digested it though, as US stocks finished slightly lower while there were no major reactions in the bond market.

Tonight will see US Fed Chair Jerome Powell front up for his two-day testimony to Congress.

And with inflation rising through the middle of the year, he’ll be tasked with convincing lawmakers that the Fed’s views around transitory inflation forces and supportive monetary policy are the right ones.

On the domestic front, Sydney-siders will have nothing to do until August after lockdowns were extended for another two weeks with plenty of COVID-19 cases still kicking about.

Local markets were fairly upbeat despite a weaker US lead, with the ASX200 up by around 0.25% into midday trade.

WINNERS

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Shareholders in Bathurst Resources (ASX:BRL) breathed a sigh of relief this morning, after the company announced the conclusion of a five-year legal battle that saw the New Zealand Supreme Court ultimately rule in its favour.

Stockhead’s Nick Sundich summarised the details of the case here. Shares in BRL shot up by around 50% in morning trade to their highest level since January.

Also rising strongly in morning trade was Infinity Lithium (ASX:INF), which benefitted from a regulatory update after announcing the Spanish government has pledged a multi-billion euro funding package to support the country’s EV transition.

INF said its 75%-owned San Jose lithium project is now positioned to “cornerstone Spain’s lithium-ion battery value chain” with its status as the country’s “largest JORC compliant lithium resource”.

LOSERS

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