* Biden says he’s “confident” US won’t default from debt-ceiling impasse
* G7 meeting in Tokyo will focus on Ukraine
* World’s largest semiconductor makers plan to expand in Japan
* China’s loans leave world’s poorest countries near brink of collapse
* Japan imports fall for first time in two years
* Global debt grew in first quarter to near-record high of $305 trillion
* Amazon Web Services announces plan for large investment in India
* US housing starts rise in April — gain suggests market is stabilizing:

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Warnings that the US economy is close to the tipping point for recession have endured for months, but the expansion keeps surprising on the upside. More of the same is likely for the immediate future, and perhaps longer.

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* US debt-ceiling talks continue but agreement still not imminent
* House Speaker McCarthy hints at debt-ceiling deal by next week
* Russia oil exports rise to post-invasion high in April
* China’s demand for oil growing at faster-than-expected pace
* Home Depot blocks Amgen’s takeover bid of Horizon Therapeutics
* European Union gives green light to Microsoft buying Activision Blizzard
* US industrial output bounces back in April
* US retail sales rebound in April, first monthly gain since January:

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The dominance of the US stock market over its foreign counterparts has for years been taken as a sign of the new world order for global asset allocation that forever and always favors American shares. But this year offers a compelling counterpoint to reconsider the received wisdom.

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* Biden and McCarthy set to meet today for more debt-ceiling talks
* Atlanta Fed President Raphael Bostic downplays rate-cut odds in 2023
* US household debt reaches new high in first quarter
* US will buy 3 million barrels of oil to refill emergency reserve stockpile
* China industrial output, retail sales rise less than forecast in April
* German economic sentiment falls in May, first negative print since December
* Argentina lifts interest rate to 97% to fight inflation
* NY Fed Manufacturing Index fell sharply in May:

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Losses took a toll on markets around the world, with US stocks and bonds posting the smallest setbacks last week, based on a set of ETFs representing the major asset classes. Commodities and property shares ex-US, by contrast, took heavy blows in the trading week through Friday’s close (May 12).

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* Biden and GOP House leaders to meet on Tuesday for debt-ceiling talks
* Plunging tax revenue brings debt-ceiling crisis closer
* Turkey’s presidential election in Turkey heads to runoff vote
* Ukraine’s Zelensky in UK for surprise meeting with prime minister
* Germany pledges ‘unwavering’ support for Ukraine as Zelensky visits
* Automakers rush to get into mining as electric-vehicle market grows
* Vice Media files for bankruptcy after years of financial troubles
* US consumer sentiment in May falls to lowest level since November:

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● Paved Paradise: How Parking Explains the World
Henry Grabar
Review via LA Times
The cost of parking requirements for new real estate developments is in the billions, passed on in the form of higher payments for mortgage and rent. This contributes, Grabar contends, to a housing crisis that renders great swaths of vibrant American cities unaffordable to younger generations, with increasing numbers living in tent encampments on public sidewalks (and parking lots!) in what still counts as the world’s most prosperous nation.

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The April update on US consumer inflation was widely reported as delivering another round of encouraging news. But a closer look at a broader set of inflation metrics suggests that further progress on disinflation could take longer than expected.

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* US cities prepare for surge of migrants after change of immigration rules
* House passes bill to restrict flow of immigrants into US
* Fed’s Bowman says more rate hikes needed if inflation, job market stay strong
* Debt ceiling meeting between Biden and congressional leaders postponed
* Uncertainty persists about exactly when Treasury will run out of cash
* Regional bank stock remain volatile as PacWest Bancorp shares sink
* Corporate bond market may offer opportunity in debt-ceiling crisis
* US wholesale inflation continues to ease in April
* US jobless claims rise to 1-1/2 year high:

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