(Bloomberg) — The dramatic events overnight in Russia have sent shockwaves far beyond the theater of war in Ukraine and Russia. Here’s what you need to know about the aborted Wagner mercenary rebellion and what it could mean, as well as the events coming up this week in Asia.
The big turnaround. Wagner mercenary leader Yevgeny Prigozhin halted his advance toward Moscow and pulled his fighters back, defusing what had become the biggest threat to Vladimir Putin’s grip on Russia in his almost quarter-century rule.
The big data. Expect more gloom from China this week, with PMIs and industrial profits indicating the need for stronger policy support. Lower fuel prices should help ease Australian inflation, while Tokyo’s CPI data may show price gains are peaking there, giving the Bank of Japan more cover for its stimulus. In Sri Lanka, inflation may halve as food and fuel shortages ease after the IMF’s bailout loans arrived.
The big risk. Bullish bets on high-yield corporate bonds are starting to unravel as sticky interest rates turn investors back to safer investment-grade notes.
The big meeting. Chris Hipkins is in China from today and will meet with President Xi Jinping (who Hipkins said is not a dictator) during his visit, the first by a New Zealand prime minister since 2019. The trip could be a springboard for deals for New Zealand’s biggest companies.
The big graze. Stung by high fuel costs and a labor squeeze, some clean-energy companies are turning to an unlikely ally to keep their solar panels out of the shade — sheep.
The big loan. Pakistan is running out of time to get an IMF bailout. Its current $6.7 billion program expires on Friday, with a new deal facing obstacles over issues such as the budget and the financing gap.
The big break. Indonesian President Joko Widodo announced two extra days of holiday at the end of this week in order to boost consumer spending. Not since Charles the Wise of France abolished taxes on his deathbed has economic policy been so popular. Other administrations please take note.
And finally, after a four-year hiatus, the Hong Kong International Dragon Boat Races returned this weekend, including an inaugural face-off between Hong Kong and Macau.
Have an harmonious week.
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