Good morning, Quartz readers!
What to watch for today and over the weekend
G20 finance leaders meet in Germany. US treasury secretary Steven Mnuchin will meet his counterparts in Baden-Baden as they seek clarity about the Trump administration’s “America First” trade proposals. Germany is warning against trade barriers that would be “a lose-lose game for all of us” (paywall).
Donald Trump and Angela Merkel have a tête-à-tête. Two leaders with wildly divergent world views and temperaments will look for common ground when they meet at the White House. Germany’s chancellor plans to offer the US president a tutorial on trade.
Rex Tillerson visits South Korea and China. The US secretary of state continues his tour of the region, where tensions are high over North Korea’s missiles and US defenses. A South China Sea sanctions bill introduced this week by Florida senator Marco Rubio won’t make the talks in Beijing any easier for Tillerson, who is traveling with a sole US journalist from a right-leaning news outlet.
While you were sleeping
The Trump administration released a “hard power” budget. The White House proposed a big boost in defense spending, offset by major cuts in foreign aid and diplomacy. Other budget losers: mass transit, environmental regulations, climate-change monitoring, arts and culture, scientific research, and education spending other than charter school grants.
Cemex said it won’t help build Trump’s border wall. The Mexican cement giant has been under pressure to boycott the project, which according to estimates will require about $1 billion worth of concrete and cement. With operations on both sides of the border, Cemex is otherwise well placed to provide it—and to profit handsomely.
Indonesian stocks hit a record high. Investors are betting the nation, thanks to progress on fiscal reforms, will soon get a credit rating upgrade from Standard & Poor’s. That could help it lure $5 billion from Japan alone. Of the major ratings agencies, S&P is the only one that still classifies Indonesia’s sovereign debt one notch below investment grade.
The US Congress said Trump wasn’t wiretapped. The bipartisan leaders of the Senate Intelligence Committee said there were “no indications that Trump Tower was the subject of surveillance” by US intelligence agencies, before or after election day. Trump alleged in a series of tweets that the Obama administration had spied on him.
Canada Goose gave investors a toasty feeling. The luxury winter-jacket maker, known for its $900 parkas, posted a 27% increase on its first day of trading, for a market capitalization of about $1.7 billion.
Quartz obsession interlude
Lily Kuo on a looming ecological disaster: “Egyptians have for centuries depended on the nutrient-rich soil of the Nile River Delta. Now, the Nile barely meets Egypt’s water needs, providing just 660 cubic meters per person, one of the lowest per capita water shares in the world.” Read more here.
Markets haiku
A turtle slowly
Extends its head. Will rates move
Just as cautiously?
Matters of debate
South Korea needs to do some soul-searching. The May 9 presidential election is about more than just cleaning house after a scandal.
Big Beer should be worried about marijuana. Brewers are expected to lose up to $2 billion annually as people pass on alcohol in favor of cannabis.
The Dutch election shows the slow-motion implosion of the center-left. Disillusioned voters have tilted toward liberal candidates for decades.
Surprising discoveries
A US ally used a $3 million missile to destroy a $300 quadcopter. Using pricey Patriot missiles isn’t the best anti-drone strategy.
There are more than two jobs for every applicant in Tokyo. Japan’s job-to-applicant ratio is at a 25-year high thanks to a low birth rate and slowly recovering economy.
Norway’s crowdsourced currency design is stunning. Artist Terje Tønnessen turned the back of kroner into pixelated works of art.
The UK has an elaborate plan for Queen Elizabeth’s death. A carefully choreographed series of code words and alerts will disseminate the news to the world.
Singaporeans are becoming Uber drivers to skip the high cost of car ownership. They use weekly rentals, drive a bit for others to cover the cost, and then enjoy the wheels the rest of the time.
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