Welcome to a successful week.
(Bloomberg) — Success! Well nearly. The US government looks like it won’t run out of money after all, China’s homegrown passenger jet is taking off and India begins a new era for lawmakers. Here are our winners for the week ahead.
The big deadline. US President Joe Biden and House Speaker Kevin McCarthy spoke by phone on Saturday evening to help clinch a deal in principle on the debt limit, raising hopes that a catastrophic default will be avoided. Biden and McCarthy must now shepherd the agreement through final legislative passage over the objections of hardline lawmakers in both parties before June 5, the default date set by Treasury Secretary Janet Yellen.
The big opening. Indian Prime Minister Narendra Modi inaugurates a new parliament building today, part of his long-running Central Vista project to make over the heart of the nation’s capital.
The big data. China’s PMIs will probably show the manufacturing sector continuing to shrink and growth at service businesses losing steam, more evidence of a stalling recovery. In India, first-quarter GDP growth probably accelerated, helped by government subsidies for manufacturing, and a trend among multinationals to shift back-office work to India. Japanese data will likely show production increasing and the jobs market tightening as automakers untangle supply-chain snarls.
The big debut. China Eastern Airlines plans to fly China’s homegrown C919 jet on the aircraft’s maiden commercial flight between Beijing and Shanghai today as China starts to take on the virtual duopoly of Airbus and Boeing. Here’s how the new plane compares.
The big recession. Germany suffered its first recession since the start of the pandemic. The US treasury is low on funds. Singapore’s first-quarter GDP fell. Here in 11 charts is the state of the global economy.
The big vote. Turkish President Recep Tayyip Erdogan is aiming to drive home an election victory today to extend his rule well into a third decade.
The big hedge. One of the best hedges against inflation may actually be a hedge, or more specifically what the hedge surrounds: farmland.
The big match. Today’s IPL final will see whether CVC Capital’s Gujarat Titans can retain their title against four-time winner Chennai Super Kings in Ahmedabad. Much will depend on the sizzling form of Titans’ 23-year-old opener Shubman Gill. Either way, the booming cricket league is gaining some interesting investors.
And finally, Justine Triet became the third woman in 76 years to win the Palme d’Or, the top prize at the Cannes Film Festival, for Anatomie d’une Chute (Anatomy of a Fall.)
Have a victorious week.
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