- Xi Jinping and Vladimir Putin are building a coalition to counter the US-led west.
- Their bilateral ties represent an intensifying axis of authoritarianism.
- China and Russia did not call for a ceasefire in Ukraine or even mention withdrawal of Russian troops.
- China's credibility as a peacemaker has been discredited.
- Economic decoupling is accelerating, creating turbulence for companies operating in China.
Central banks around the world are pausing tightening campaigns as inflation eases and economies slow. Inflation-targeting regimes are keeping their own houses in order, while the US Fed's key inflation gauges fell to the slowest annual paces since late 2021.
Two massive earthquakes on Monday have devastated cities and towns across Turkey and Syria, with death toll of over 16,000. This is one of the worst natural disasters this century, alongside the 2004 Sumatran Tsunami, 2010 Haiti earthquake and 2008 Cyclone Nargis.
A raft of U.S. data and European inflation numbers will give guidance on how the world's top central banks will navigate the way ahead, including the hotly debated "no landing" scenario. Reports on U.S. durable goods orders, home prices, manufacturing and consumer confidence threaten to cement expec