Macro Briefing: 18 May 2023

* 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:

Americans expect gold will beat stocks as a long-term investment, according to a new Gallup poll. “The perception that gold is best has nearly doubled, rising from 15% in 2022 to 26% today. As a result, gold has overtaken stocks for second position.” Real estate is still projected to be the top performing asset, but its lead has fallen: 34% of Americans see it as the highest performer, down from a record-high 45% in 2022.