Get ready for the new week
(Bloomberg) — Monday is a holiday so why not spend a few hours focusing on personal finance, and yes that includes taking a crack at your taxes if you haven’t started them yet. A shortened week means there will be five days of economic and market excitement jammed into four. Here’s a look at what’s ahead.
The Big Bummer: The S&P 500 fell for two straight weeks, freaking out investors who worry a bear market is on the way. There are red flags: Inflation is still a problem and it looks like the Fed is leaning toward another rate increase. This week’s data dump on manufacturing, the health of the consumer and economic output may help confirm the obvious.
The Big Reveal: But before you despair, remember that consumer discretionary stocks have surged this year on the strength of retail sales despite margin-shredding inflation pressures. For clues on whether this might continue, look to earnings announcements from Walmart Inc. and Home Depot Inc. on Tuesday.
The Big Strain: It sounds like Secretary of State Antony Blinken and China’s top diplomat had a less-than-genial meeting in Munich on Saturday, their first since the balloon furor. Chinese State Councilor Wang Yi ridiculed the US for its “incomprehensible and almost hysterical” decision to shoot down what he says was a harmless weather device and definitely not something that was spying on Americans.
The Big Crime: Blinken also warned China against arming Russia in its fight against Ukraine, a war that started one year ago as of Feb. 24. Meanwhile, Vice President Kamala Harris said Russia has committed “crimes against humanity” in its invasion and vowed that Moscow would be held accountable.
The Big Trip: President Biden will head to Poland on Monday to mark the first year of the invasion. Biden will meet with Polish President Andrzej Duda and leaders of the so-called Bucharest 9 group of eastern-flank NATO allies. German Chancellor Olaf Scholz will travel to the White House on March 3 for discussions on security issues, including the challenges presented by China.
The Big Stocktake: Governments around the world have been reassessing everything from ammunition stocks to weapons systems and supply lines, according to current and former defense officials as well as open source records in 10 countries and NATO. For politics closer to home, the Big Take Podcast will help you sift through some of the noise.
ICYM our Big Take: Glaxo says its blockbuster heartburn drug Zantac doesn’t cause tumors. But the company was warned by its own scientists and independent researchers about the potential danger and is now facing tens of thousands of lawsuits from consumers, the first of which could get underway this month.
And lastly, the Big Diet: Eat less, advises Bloomberg Opinion columnist Faye Flam. Even reducing your daily intake by as little as 300 calories can mean healthier cells that age more slowly, according to a clinical study called Calerie (and no, that’s not a typo).
Thanks for checking in with us, see you on the other side.
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