Stay informed with free updates
Hello and welcome to the working week.
US diplomacy is the name of the game, as US President Joe Biden hosts Japanese Prime Minister Fumio Kishida for a state visit to the White House on Wednesday, focusing on how the US and its allies should counter the growing influence of China.
On Thursday Biden and Kishida will be joined by President Ferdinand Marcos Jr of the Philippines for the first trilateral leaders’ summit between the three nations to talk about the growing security threat from China and how to counter it. At about the same time, Tokyo and Manila are expected to agree a reciprocal access agreement that could see Japanese troops deployed in the Philippines and conducting joint military exercises with the US.
In Europe Irish MPs return from their Easter recess on Tuesday. Chief among their priorities will be replacing Leo Varadkar, who unexpectedly stepped down as premier at the end of March. Simon Harris, the newly elected head of the ruling party Fine Gael, is expected to take up the mantle and become modern Ireland’s youngest taoiseach.
The European Central Bank is set to meet in Frankfurt on Thursday to debate interest rates. The consensus among economists is that it is a little too soon to start lowering them. However, inflation in Europe is dropping faster than other regions, making many think rates could go down before those in the US or the UK.
We are at the start of earnings season this week. Look out for the first of the large financial groups reporting their results, including JPMorgan, Citi, State Street, Wells Fargo, and BlackRock on Friday. Other company data includes Boeing reporting first-quarter deliveries on Tuesday.
Several countries, including Saudi Arabia, will close their financial markets on Wednesday until the end of the week, as Eid al-Fitr marks the end of Ramadan.
One more thing…
The London marathon is next Sunday, but before that the ultra Marathon des Sables takes place. It covers about 250km (that’s six regular marathons) across the southern Moroccan Sahara, where temperatures are about 30C.
If that sounds a tad too hot, there’s the North Pole marathon on Saturday, which on average takes place in a very cool minus 25C. Interesting fact: it’s the only marathon that is run entirely on water since there is no solid land at the North Pole.
Key economic and company reports
Here is a more complete list of what to expect in terms of company reports and economic data this week.
Monday
– UK: Deloitte releases the results of its survey of chief financial officers of large companies for the first part of 2024, gauging the executives’ outlooks and priorities for the year ahead
– Switzerland: The Bank of England’s deputy governor Sarah Breeden speaks at an event hosted by the Swiss National Bank in Zurich
Tuesday
Wednesday
– Financial markets are closed in countries across the Middle East, Africa, and Asia
– Switzerland: World Trade Organization publishes its outlook and statistics report
– Ireland: Richard Ball is appointed the CFO of Cairn Homes
– Results: Delta Air Lines Q1, Tesco FY preliminary
Thursday
Friday
– UK: NIESR Monthly GDP tracker
– US: Vote by US Steel shareholders on whether to accept the acquisition offer by Nippon Steel
– Results: BlackRock Q1, Citigroup Q1, JPMorgan Chase Q1, State Street Q1, Wells Fargo Q1
World events
Finally, here is a rundown of other events and milestones this week
Monday
Tuesday
Wednesday
– Eid al-Fitr festival marks the end of Ramadan
– South Korea: Parliamentary elections
– US: President Joe Biden hosts Japanese Prime Minister Fumio Kishida. On Thursday Kishida will address a joint meeting of Congress, the first Japanese leader to do so since Shinzo Abe in 2015
Thursday
– France: Official selection announced for Cannes film festival
– US: Joe Biden holds the first trilateral summit between the US, Japan, and the Philippines with the leaders of both countries. On the agenda will be the growing influence of China in the region.
– Fifth anniversary of the arrest of Julian Assange in London
Friday
– Morocco: Marathon des Sables, better known as the sand marathon, starts
– US: First weekend of the Coachella music festival in California. Headline acts include Lana Del Rey, Tyler, the Creator, and Doja Cat
Saturday
Sunday
– UK: Olivier Awards are held in London, recognizing the year’s best talent in theatre
– US: Finals of US Masters golf tournament
Recommended newsletters for you
– One Must-Read — The one piece of journalism you should read today. Sign up here
– Working It — Discover the big ideas shaping today’s workplaces with a weekly newsletter from work & careers editor Isabel Berwick. Sign up here
As we delve into the events and developments happening in the upcoming week, it becomes evident that US diplomacy is taking center stage. President Joe Biden will be hosting Japanese Prime Minister Fumio Kishida for a state visit at the White House, focusing on countering China’s growing influence. The two leaders will then be joined by President Ferdinand Marcos Jr of the Philippines for the first trilateral leaders’ summit, addressing the security threat posed by China and discussing potential countermeasures.
Meanwhile, in Europe, Irish MPs are returning from their Easter recess and the priority on their agenda is to find a replacement for Leo Varadkar, who unexpectedly stepped down as premier. All eyes are on Simon Harris, the newly elected head of the ruling party Fine Gael, as he is expected to become Ireland’s youngest taoiseach.
Across the continent, the European Central Bank is convening in Frankfurt to discuss interest rates. Economists believe it may be premature to lower them, but with inflation dropping faster in Europe compared to other regions, there is speculation that rates could still be reduced before the US or the UK.
This week also marks the beginning of earnings season, with major financial groups such as JPMorgan, Citi, State Street, Wells Fargo, and BlackRock reporting their results. Investors and analysts eagerly await these reports as they provide insights into the financial health and performance of these influential companies. Additionally, Boeing is set to disclose its first-quarter deliveries, shedding light on the aviation industry’s recovery and outlook.
It is worth noting that several countries, including Saudi Arabia, will observe the closure of their financial markets as Eid al-Fitr marks the end of Ramadan. This celebration signifies the end of a month of fasting and reflection for Muslims worldwide.
On a more adventurous note, marathon enthusiasts have exciting events to look forward to. The ultra Marathon des Sables, taking place in the southern Moroccan Sahara, will challenge runners to cover approximately 250km in scorching temperatures of around 30°C. For those seeking a different kind of extreme, the North Pole marathon presents a unique opportunity. With an average temperature of minus 25°C, contestants will brave the icy conditions and run on the frozen waters of the North Pole.
Moving beyond the immediate events, it is crucial to consider the implications and potential future trends related to these themes. The US focus on countering China’s influence highlights the ongoing power struggle between the two superpowers, with potential ramifications for global geopolitics and trade. As tensions persist, industries will need to navigate the shifting dynamics and adapt their strategies accordingly.
In terms of European interest rates, the debate surrounding potential decreases signifies the challenging economic climate facing the region. As inflation drops, central banks must carefully assess their policies to ensure economic stability. The decisions made in Frankfurt will not only impact Europe but also reverberate across the global financial landscape.
Earnings season provides an essential gauge of economic recovery and corporate performance. As these financial giants unveil their results, investors and market participants will be closely monitoring the data for signs of stability, growth, and potential investment opportunities.
The closure of financial markets during Eid al-Fitr serves as a reminder of the importance of cultural and religious observances. In an increasingly interconnected world, understanding and respecting diverse customs can foster stronger relationships and promote harmony across nations.
Lastly, the endurance of marathon runners in extreme conditions serves as a metaphor for the challenges we face in an ever-changing world. Just as these athletes push their boundaries, industries must continuously innovate and adapt to stay ahead. The ability to navigate uncertainty and embrace unique obstacles is a key factor in success.
As we reflect on the events and themes of the week ahead, it is clear that our world is characterized by rapid change, geopolitical tensions, and the need for adaptation. To thrive in this dynamic environment, individuals and industries must remain agile, open to new perspectives, and prepared to seize emerging opportunities.
In conclusion, the events and developments unfolding in the upcoming week offer us a glimpse into the complex and interconnected nature of our global society. Whether it’s the delicate balance of geopolitics, the resilience of financial markets, or the pursuit of personal and cultural achievements, each