Macro Briefing: 17 May 2023

* 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:

Japan stocks rise to highest level since 1990, based on the Tokyo Price Index, which holds about 2,000 firms. “Foreign investors are back – which says something about the nature of the equity market recovery in Japan,” write Societe Generale’s Asia equity strategists in a Tuesday note. “That is a less [of] a duration trade than a broad-based upturn based on fundamentals, robust domestic demand, and more generous distribution policy [share buybacks accelerate].”