What Major Diplomatic, Economic, and Corporate Events Shaped This Week?

Several diplomatic events are scheduled this week. On Monday, Indian Prime Minister Narendra Modi will travel to Moscow to meet Russian President Vladimir Putin, while on the same day Japan and the Philippines hold a meeting between top diplomatic and defense officials. A NATO summit marking the 75th anniversary of the military alliance will be held in Washington on Tuesday.

Samsung Electronics, South Korea’s largest company by market value, faces a possible strike by its biggest labor union on Monday.

MONDAY

India’s Modi visits Moscow

India’s Modi will travel to Russia for a two-day visit at the invitation of President Putin. The two countries have held annual summits since 2000, but the last such meeting took place in 2021, when the Russian leader visited New Delhi. This is Modi’s first foreign trip to visit a single head of state since he was sworn in for a third term in June. He traveled to Italy in mid-June to participate in the Group of Seven summit.

Samsung labor union gears up for strike

The biggest labor union of Samsung Electronics is set to begin a three-day strike in South Korea. The National Samsung Electronics Union asked its 28,000 members to stage a rally at the company’s office in Hwaseong, south of Seoul, demanding that it raise base pay by more than 3% and change its “opaque” bonus policy. The union asked Chairman Lee Jae-yong to meet workers’ demands, denouncing him as a “puppet” who refuses to face them.

Japan and Philippines hold 2-plus-2 talks

Philippine and Japanese defense and foreign ministers sit down in Manila for a series of talks meant to bolster their strategic partnership. The “two-plus-two” talks are the countries’ second such meeting, but the first for the government of Ferdinand Marcos Jr. They take place against a backdrop of rising tensions between Manila and Beijing in the South China Sea. At the top of the agenda will be the signing of a troop access deal between the Philippines and Japan, a pact that will facilitate joint military training and cooperation.

Second anniversary of Shinzo Abe’s assassination

Monday marks two years since former Japanese Prime Minister Shinzo Abe was gunned down while on the campaign trail for upper house candidates in 2022. A table has been set up at the scene of the murder in Nara, western Japan, for people to leave flowers. The trial of Tetsuya Yamagami, the man accused of killing Abe, is underway.

TUESDAY

NATO summit kicks off in Washington

U.S. President Joe Biden will host leaders from NATO at the Mellon Auditorium, where on April 4, 1949, the North Atlantic Treaty was signed, creating the international alliance. Japanese Prime Minister Fumio Kishida and South Korean President Yoon Suk Yeol will begin talks with NATO in Washington on how to deepen security collaboration with the group. Leaders from Australia and New Zealand will also attend. The three-day summit is expected to culminate in NATO’s first joint document with the four non-member states, clarifying cooperation on issues such as cybersecurity and battling disinformation in the Asia-Pacific. Kishida will travel to Germany after the summit for talks with Chancellor Olaf Scholz.

Monetary policy: Malaysia

WEDNESDAY

Japan-Arab Economic Forum

Japan and the Arab League will hold the two-day Japan-Arab Economic Forum in Tokyo, starting Wednesday. The forum includes a Ministerial Conference to discuss ways to strengthen economic ties between Japan and Arab countries, and a Public-Private Economic and Business Conference to promote business cooperation. The forum was established in 2009.

China CPI

China releases June inflation data as concerns over weak consumer demand haunt the world’s No. 2 economy. Prices inched up just 0.3% in May.

THURSDAY

Earnings: Fast Retailing (Uniqlo owner)

FRIDAY

China trade stats

China’s trade statistics provide a gauge of the country’s commercial dealings with the rest of the world as worries grow over a flood of Chinese exports.

GDP: Singapore Q2

Earnings: Ryohin Keikaku (Muji owner)