Turkey election goes into runoff | Ukraine: Black Sea grain deal uncertain; no talks planned
A group of former Soviet republics has emerged as a major transshipment hub for U.S. and European computer chips, lasers and other products with civilian and military uses headed for Russia, according to Western officials and data compiled by the Wall Street Journal. More in Russia/Ukraine section. Meanwhile, the U.S.
The presidential election between Turkish President Recep Tayyip Erdogan and challenger Kemal Kilicdaroglu appears headed for a May 28 runoff. Neither candidate has reached the 50% threshold required to avoid a second round of voting, though both sides claimed to be in the lead. • China's retail sales, industrial output and fixed-asset investment figures for April are due out at 10 p.m. ET.
• The cost of insuring against a U.S. sovereign default has shot up to its highest since 2009, at around $7.40 for every $100 worth of Treasuries, according to S&P Global Market Intelligence. • The number of wildfires rose in Canada's main oil-producing province over the weekend as a heat wave brought hot, dry conditions, prompting officials to warn of more blazes to come. Canadian oil and gas company Pipestone Energy said wildfires have disrupted oil production at its facilities in the Grand Prairie region of Alberta, leading to around 20,000 barrels per day of production to be temporarily curtailed. But other companies restarted production last week.
— Ukraine's president, Volodymyr Zelenskyy, arrived in London for talks with Rishi Sunak, Britain's prime minister. Ahead of the meeting, Britain's government said it would send hundreds of new long-range attack drones to Ukraine. Sunak said it was a"crucial moment in Ukraine's resistance" and vowed not to"let them down." Britain is the latest stop in Zelenskyy's tour of Europe, after visits to Italy, Germany and France.
— The number of migrants seeking to cross the U.S./Mexico border dropped 50% Friday and Saturday from earlier last week, Homeland Security Secretary Alejandro Mayorkas told CNN. Border agents reported about 6,300 encounters Friday and 4,200 Saturday.— China's central bank injected funds, and global investors get a new tool to help them hedge exposure to the nation's bond market.