Morocco Mourning, G-20 Anger, Fuel Crisis: Sunday Asia Briefing

A guide to the week ahead

(Bloomberg) — Morocco is grieving as rescue workers search for survivors of an earthquake that killed more than 2,000 people. The G-20 is wrapping up and Joe Biden is heading for Vietnam. Novak Djokovic is angling for his 24th major tennis title. Here’s what’s coming up this week.

The big compromise. G-20 leaders agreed on a watered-down communique that angered Kyiv as global leaders gave in to pressure from Russia’s Vladimir Putin and China’s Xi Jinping — neither of whom attended the meeting — on wording describing Russia’s invasion of Ukraine.

The big cut. Expect China’s central bank Governor Pan Gongsheng to trim 10 basis points from the one-year, medium-term lending rate on Friday, the second cut since he took the helm in July. Credit, activity and price data will hopefully show the economy on the mend, though still needing more policy support. 

The big hike. In South Asia, Pakistan’s central bank is likely to hike rates by another 100 bps, Inflation and production in India should indicate a robust economy, and Sri Lanka’s GDP may shrink more slowly.

The big phone. On Tuesday, Apple will unveil the iPhone 15, new smartwatches and the latest AirPods in its most important new product launch of the year.

The big pact. Oil prices look set for extended gains after the agreement by Russia and Saudi Arabia to restrict supply pushed crude above $90 a barrel.

The big outage. Worse still, scorching temperatures have led to a spate of breakdowns at oil refineries, exacerbating an already strained global fuel supply. 

The big roadblock. Singapore will begin the annual road closures on Wednesday to prepare for its Formula 1 street race with a reduced capacity this year that caused most tickets to sell out early.

The big liftoff. The US Space Force is scheduled to launch today the first units of a new constellation of satellites dubbed “Silent Barker” that is designed to track Chinese or Russian spacecraft that could damage orbiting US systems.

And finally, after Coco Gauff’s comeback victory over Aryna Sabalenka made her the first American teenager to win the US Open since Serena Williams in 2001, Novak Djokovic will take on Daniil Medvedev in the men’s final today in pursuit of his 24th major singles title.

Have a safe week.

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