Right now, it’s all about deadlines, as lawmakers race to thrash out a deal on the U.S. borrowing limit, voters in Turkey head to the polls and time runs short for Russia and Ukraine to agree on how to keep key grain exports flowing.Bank of Japan Governor Kazuo Ueda, left, chats with U.S, Treasury Secretary Janet Yellen while walking on the way to a photo session as part of the G7 Finance Ministers and Central Bank Governors' Meeting at Toki Messe in Niigata on May 12.
That would complicate a reported side summit with Japan and South Korea on strengthening security cooperation. Host nation Japan has more at stake than many in this standoff: It is the largest foreign holder of U.S. debt.A person walks behind a flag with an image of Turkish President Tayyip Erdogan ahead of the presidential and parliamentary elections, in Istanbul, Turkey May 12.President Tayyip Erdogan has ruled Turkey with a firm grip for more than two decades.
Erdogan could yet prevail given a strong support base in the devout working-class Anatolian heartland. Even if he doesn’t, it’s hard to envisage the feisty politician quietly bowing out of office. Since Russia invaded Ukraine, wheat futures have dropped by more than 50% from record highs. World food prices have cooled off and the upcoming global harvest is projected to be healthy. That suggests an interruption might not have the same impact as the initial blockade.
Tuesday’s retail sales data will gauge the health of consumer spending, which accounts for more than two-thirds of economic activity. Retail sales fell more than expected in March, as consumers cut back on buying motor vehicles and other big-ticket items. Economists polled by Reuters expect to see the “flash” estimate will show the euro area eked out growth of just 0.1% in the three months to March. Some economists say stagnation has continued and could result in a recession later this year.
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