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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 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’s 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.
Whether you’re running a marathon or not, I’ll be back next week.
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
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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
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Switzerland: The Bank of England’s deputy governor Sarah Breeden speaks at an event hosted by the Swiss National Bank in Zurich
Tuesday
Wednesday
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Financial markets are closed in countries across the Middle East, Africa and Asia
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Switzerland: World Trade Organization publishes its outlook and statistics report
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Ireland: Richard Ball is appointed the CFO of Cairn Homes
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Results: Delta Air Lines Q1, Tesco FY preliminary
Thursday
Friday
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UK: NIESR Monthly GDP tracker
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US: Vote by US Steel shareholders on whether to accept the acquisition offer by Nippon Steel
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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
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Eid al-Fitr festival marks the end of Ramadan
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South Korea: Parliamentary elections
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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
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France: Official selection announced for Cannes film festival
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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.
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Fifth anniversary of the arrest of Julian Assange in London
Friday
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Morocco: Marathon des Sables, better known as the sand marathon, starts
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US: First weekend of the Coachella music festival in California. Headline acts include Lana Del Rey, Tyler, the Creator and Doja Cat
Saturday
Sunday
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UK: Olivier Awards are held in London, recognising the year’s best talent in theatre
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US: Finals of US Masters golf tournament
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