Title: Chinese President Xi Jinping’s Warning to Putin and the Impact on Global Dynamics
Introduction:
In a recent development, Chinese President Xi Jinping privately warned Russian President Vladimir Putin against the use of nuclear weapons in Ukraine during his state visit to Russia in March. While publicly expressing support for Russia, Chinese officials have privately claimed credit for preventing Russia from launching nuclear threats. This warning by Xi Jinping has had significant ramifications on global dynamics and has raised concerns among Ukrainian officials regarding the safety of Europe’s largest nuclear power plant, which Russia has occupied since March 2022.
Backlash for Putin:
Xi Jinping’s visit to Russia did not yield any significant victories for Putin, signaling a setback for the Russian leader. Beijing has not yet given approval for the Power of Siberia 2 gas pipeline, which would have provided Moscow with an outlet for gas that previously flowed to Europe. This denial of approval from China puts Putin in a challenging position, hindering Russia’s plans for energy exports.
Impact on Nuclear Threats:
Since China’s intervention, Russia has issued fewer threats to use nuclear weapons. However, Ukrainian officials remain concerned about the potential for an accident at Zaporizhzhia, the largest nuclear power plant in Europe. This fear stems from Russia’s occupation of the plant and its implications for the safety of the region.
Key Developments to Watch:
1. US Federal Reserve: The release of the minutes from the Federal Open Market Committee meeting last month will shed light on the central bank’s outlook and policies.
– Federal language: John Williams, chairman of the Fed’s New York branch, will participate in a discussion at the 2023 Annual Meeting of the Central Bank Research Association in New York City.
2. Factory Orders in the US: Given the recent lackluster performance of the US manufacturing sector, the focus will be on the factory orders data. Economists expect a 0.8% rise in May, following a rise in defense spending that contributed to a 0.4% increase in April.
Top Stories:
1. Israeli Army Withdraws from Jenin Camp: The Israeli army has announced its withdrawal from the Jenin camp in the West Bank, while also conducting an airstrike in the Gaza Strip. The recent violence raises concerns about a potential escalation of the Israeli-Palestinian conflict, with this year already being one of the deadliest in recent history.
2. Trading Bed Bath & Beyond’s Worthless Stock: Investors have traded nearly $200 million of theoretically worthless stock in Bed Bath & Beyond since the home improvement retailer went bankrupt in May. The company’s bonds are also trading below 2 cents on the dollar, indicating a challenging financial situation.
3. CVC Raises $800 Million for Loan Fund: Asset manager CVC has raised $800 million for a loan fund, signaling a potential shift away from strict corporate lending. The fund aims to provide capital for $10 billion in secured loan obligations, as interest rates have risen and volume in this sector has declined.
4. People’s Bank of China’s New Head: Pan Gongsheng, the newly appointed head of the People’s Bank of China, is expected to take on the role of governor as well. His appointment comes at a crucial time for China’s economic recovery, although significant policy shifts are not anticipated due to recent reforms limiting the bank’s decision-making capabilities.
5. Cash Buyers Snapping Up Luxury Properties in London: Despite rising mortgage rates, cash buyers are increasingly acquiring luxury properties in London. Data from real estate agency Savills shows that stock buyers purchased 71% of homes in the city’s prime central locations between January and May, up from 60% during the same period last year.
Insights:
– S&P 500 Audit Fees Vs. Inflation: S&P 500 companies paid only 3.2% more in audit fees last year compared to a 6.5% overall inflation rate in the US. This defied predictions that taxes could rise to accommodate higher wages in the accounting profession, highlighting the industry’s supply-demand dynamics.
– Film Critic’s Picks: Film critic Danny Leigh lists his six best films of the year so far, providing readers with a chance to explore noteworthy movies and share their own favorites in the comments section.
Conclusion:
Chinese President Xi Jinping’s warning to Russian President Vladimir Putin about the use of nuclear weapons in Ukraine has had a significant impact on global dynamics. The visit by Xi Jinping to Russia resulted in setbacks for Putin, as China has not yet approved the Power of Siberia 2 gas pipeline. This warning from China has led to a reduction in Russia’s nuclear threats, although concerns persist regarding the safety of Europe’s largest nuclear power plant, which Russia has occupied. Other key developments to watch include the US Federal Reserve’s meeting minutes, factory orders in the US, and various international events shaping global dynamics.
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Chinese President Xi Jinping personally warned Vladimir Putin against the use of nuclear weapons in Ukraine privately while publicly offering glimmers of support for Russia, according to officials inside and outside China.
The warning was sounded during a trip by Xi to Russia in March, his first state visit in nearly four years. Since then, Chinese officials have privately taken credit for preventing Russia from launching nuclear threats.
For Putin, the Chinese leader’s visit was a setback as it yielded no significant victories. Above all, Beijing has not yet given approval for the Power of the Siberia 2 gas pipeline this would give Moscow an outlet for gas that previously flowed to Europe.
Even though Russia has issued fewer threats to use nuclear weapons since China’s intervention, Ukrainian officials still fear Moscow could cause an accident at Zaporizhzhia, Europe’s largest nuclear power plant, which Russia has occupied since March 2022.
Here’s what I’m watching today:
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US Federal Reserve: The Federal Open Market Committee releases the minutes of its meeting last month.
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federal language: John Williams, chairman of the Fed’s New York branch, will participate in a moderated discussion at the 2023 Annual Meeting of the Central Bank Research Association in New York City.
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Factory Orders: Activity in the US manufacturing sector has been lackluster of late, with Monday’s data showing June activity was at its lowest lowest level in three years. That should help keep factory orders data in sharp focus today, with economists expecting a 0.8% rise in May after a rise in defense spending helped push a 0.4% rise at April.
Five more top stories
1. The Israeli army has said it has withdrawn its forces from the Jenin camp in the West Bank. The army also said it conducted an airstrike inside the Gaza Strip, targeting an underground weapons manufacturing facility. The recent flare-up of violence has fueled fears that the Israeli-Palestinian conflict could escalate. This year is already on track to be one of the deadliest since the United Nations began collecting data in 2005.
2. Investors spent nearly $200 million trading theoretically worthless stock in Bed Bath & Beyond since the home improvement retailer went bankrupt in early May, while the company’s bonds are trading below 2 cents on the dollar. Bondholders typically get paid before shareholders at the end of bankruptcy proceedings. Here’s more on the latest manifestation of the meme stock craze.
3. Asset manager CVC has raised $800 million for a loan fund that may signal that strict corporate lending is starting to fade. The fund will provide capital for $10 billion in secured loan obligations which have experienced a decline in volume as interest rates have risen. CVC is one of the largest players in the market and expects companies to begin seeking corporate acquisition finance in the second half of the year.
4. The People’s Bank of China has a new head, Pan Gongsheng, who is also expected to be appointed governor of the bank. Your appointment arrives at a pivotal moment for China as it attempts to shrug off the lingering impacts of the country’s post-Covid recovery. But many expect Pan’s appointment won’t mark a radical shift in policy, not least because the bank has lost many of its decision-making tools in a series of recent reforms.
5. Cash buyers able to avoid rising borrowing costs are snapping up more luxury properties in London, with stock buyers buying 71 percent of homes in the city’s prime central locations between January and May this year, up from 60 percent during the same period last year, according to data from real estate agency Savills. The rise comes despite increased pressure on homebuyers from higher mortgage rates.
FT survey
Sir David Adjaye © FT Montage/Shutterstock/Getty Images
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Chart of the day
Last year, S&P 500 companies paid just 3.2% more in audit fees than in 2021, compared to an overall inflation rate of 6.5% in the US, defying predictions that taxes could rise to accommodate higher wages in a profession where qualified accountants are in short supply.
Take a break from the news
Film critic Danny Leigh lists his six best films of the year so far. What are your favorites of 2023? Share your picks in the comments below the article.
Scarlett Johansson in ‘Asteroid City’
Additional contributions of TeeZhuo AND Benjamin William
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