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Daily Briefing

G7 leaders step up sanctions on Russia, Syria's Assad ends his regional isolation, and stocks rise on US debt ceiling hopes.

Plus, is China laying tracks for another global health crisis? Read more from our investigation into the link between bats and potential pandemics.

By Linda Noakes

Today's Top News

World leaders attend a 'family photo' session at Itsukushima Shrine during the G7 summit in Hiroshima, Japan, May 19, 2023

WAR IN UKRAINE

Leaders of the world's richest democracies agreed to stiffen sanctions against Russia and pledged financial support for Ukraine as its president, Volodymyr Zelenskiy, prepared to join them in the Japanese city of Hiroshima.
Zelenskiy landed in Saudi Arabia today to attend an Arab League summit ahead of his trip to the G7 meeting.
Russia launched a new wave of overnight air strikes on Ukraine, setting ablaze several buildings in Zelenskiy's hometown.
Ukraine said Russian forces were trying to recapture land they had lost around the devastated eastern Ukrainian city of Bakhmut, but that Ukrainian troops were repelling the attacks.
Russian military forces have been enhancing defensive positions in and around the Zaporizhzhia nuclear power plant in southern Ukraine in recent weeks, witnesses said, ahead of an expected counteroffensive in the region.

IN OTHER NEWS

Syrian President Bashar al-Assad is in Saudi Arabia to attend the Arab summit where he will rub shoulders with leaders who shunned him for years, in a major policy shift. But there will be a price to pay for re-engagement, as today's Reuters World News podcast explains.
Chinese President Xi Jinping unveiled a grand plan for Central Asia's development, from building infrastructure to boosting trade, taking on a new leadership role in a region that has traditionally been a Russian sphere of influence.
Pakistani police plan to search the Lahore home of former Prime Minister Imran Khan, a provincial government official said, an operation that could trigger more violence as the country grapples with political and economic instability.
Heavy air strikes pounded southern areas of Sudan's capital as clashes flared near a military camp, witnesses said, in fighting that has displaced more than 1 million people and left residents of Khartoum struggling to survive.
Mexican authorities canceled in-person classes for more than 100,000 students in multiple towns clustered around one of the country's most active volcanoes as its fiery activity intensified in recent days, raising health concerns.

Markets

Traders work on the floor of the New York Stock Exchange, May 16, 2023

Global shares hit a one-month high as markets reflected increased hopes of a US debt ceiling deal that could avoid a potentially calamitous default.
The moves came after Democratic negotiators told President Joe Biden they were making "steady progress" on a deal to lift the debt ceiling and avoid a default.
Bank of Japan Governor Kazuo Ueda said the central bank is unwavering in its stance of patiently maintaining ultra-loose monetary policy, reassuring markets Japan will be a dovish outlier as its global peers combat stubbornly high inflation.
Big European companies have delivered significantly stronger than expected first-quarter results, defying a challenging economic backdrop that includes surging inflation and rising interest rates. But there are clouds on the horizon.
A dearth of deals, banking sector ructions and most recently the aftershocks of the demise of Credit Suisse have rapidly redrawn the European financial services industry jobs map. We look at how rival banks are pursuing an unexpected chance to recruit top talent.

The Week Ahead

There's no shortage of events, data and high drama for markets in the days ahead.
Wrangling over the debt ceiling in Washington continues, Greek voters head to the polls and data from the United States to China and Europe could show just how quickly inflation and economic growth are easing.
Critical US inflation data will allow investors to gauge whether the Federal Reserve will be able to pause its interest rate hiking cycle, as many on Wall Street expect.
Politicians vying for votes in Greece's election on Sunday have turned to YouTube and TikTok to win over a younger generation who have long felt that years of crises have cost them their youth.
Florida Governor Ron DeSantis is likely to file paperwork declaring his candidacy for the US presidency on Thursday. DeSantis has been locked in an increasingly acrimonious battle with Disney, which yesterday canceled plans to build a $1 billion campus in Florida.

The Bat Lands, Part 3

Deep through the forests of landlocked Laos, China has built a state-of-the-art high-speed railway. The link is supposed to bring prosperity. Some scientists fear it could also bring out something else: a new pandemic.

Read the third instalment of our special investigation: China, birthplace of the COVID pandemic, is laying tracks for another global health crisis.

And Finally...

Fabrizio Fidati attends a presentation of bionic technology at the Swiss Federal Institute of Technology in Geneva, April 19, 2023. REUTERS/Denis Balibouse

Fabrizio Fidati, who lost his right hand in an accident 25 years ago, had not experienced the sensation of temperature in his missing digits until trials for a new technology unlocked the cool of iced water and heat of a stove burner for him.

Eventually, the researchers hope it could lead to a more natural feeling for amputees when touching loved ones with a prosthetic.

Read more about the new bionic technology

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