Your Sunday Asia Briefing: Ugly Earnings and a Crypto Spring

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(Bloomberg) — It promises to be an informative week for those looking for answers to questions about the health of the US banking sector, the resurgence of cryptocurrencies, the shifting fortunes of electric vehicle makers and their battery producers, as well as the state of the semiconductor supply chain. Here’s what’s coming up.

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The big gathering: G-7 foreign ministers head today to the Japanese mountain resort of Karuizawa to discuss how badly things are going in places such as Ukraine, the South China Sea and the Middle East, as part of a series of ministerial gatherings leading up to the leaders’ summit in Hiroshima in May. Meanwhile, the group’s energy chiefs have reached a deal to accelerate the phase-out ofunabated fossil fuels.

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The big thaw: “Seller exhaustion,” “wait-and-see,” “quiet progress” — could this really be the new world of digital currencies? It’s a cold springtime for crypto.

The big show: China is storming the electric vehicle market, with new entrants such as Nio, Xpeng and Li Auto challenging established players like BYD. The rising dominance will be on display this week at the nation’s biggest auto show in Shanghai. But one EV maker will be conspicuously absent: Tesla.

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The big results: Earnings to watch for this week in Asia include chip giant TSMC, China Telecom and battery maker CATL. But a lot of the attention will be focused across the Pacific with American banks large and small posting numbers that could indicate how resilient they are to further turmoil.

Read: Five Things to Watch in What Will Be an Ugly Earnings Season

The big recovery: China’s data on economic growth, industrial output, investment and retail sales this week are all likely to tell the same story, a recovery powered by consumption and stimulus. Bank Indonesia will probably pause on rates, while Japan’s March CPI data — the last nationwide inflation print before the Bank of Japan’s first policy meeting under new Governor Kazuo Ueda — is likely to show consumer price gains pulling back further.

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The big cure: The latest update to ChatGPT can get a perfect score on medical licensing exams. So how close are we to being cured by Dr. AI?

The big burn: S&P’s Debnil Chowdhury is assuming “one of the worst economic climates in recent memory.” What is making Mr. Chowdhury so pessimistic? A series of data points that track demand for a bellwether of global business: diesel fuel. 

The big review: Australia may be on the verge of a barley breakthrough, Trade Minister Don Farrell says. China is reviewing punitive tariffs on the grain and Farrell hopes that could be a precursor to ending the two nations’ long trade dispute. 

And finally, Jennie, Lisa, Rosé and Jisoo returned to the California desert this weekend. Four years ago, their debut at the Coachella Valley Music and Arts Festival was a milestone for K-pop, helping fuel the global craze for South Korean music. This time Blackpink, the world’s most popular girl band, is headlining.