China WEF Review | My Media Week | Global Credit Report | S&P Global Leadership Succession

Welcome to a short working week edition of Essential Economics! I had a whirlwind schedule at the World Economic Forum meetings in Dalian, China last week and share my takeaways. Back in New York, I stopped by the Yahoo Finance studios, and appeared on Kathleen Hays’s Central Bank Central podcast to talk about monetary policy and the risks to our soft-landing outlook. Our credit research leaders released their quarterly update, and we now are ready for our Credit Conditions seminar on July 9. S&P Global announced its leadership succession, naming Martina Cheung as the next President and CEO of the company and Yann Le Pallec as the new President of the Ratings division – congrats to both! Finally, Happy Independence Day to our US readers.?

China Recap

I spent last week at the World Economic Forum’s “Summer Davos” in Dalian, China. My official activities included participating on a panel on energy and macro, co-leading a hub session on demographic challenges and attending a salon dinner on supply chains. My unofficial activities included taking in as many sessions as possible and catching up with our Beijing-based China leadership team. On balance, the mood was optimistic as attendees discussed strategies to tackle the challenges of the three transitions: energy, digital and demographic. China’s Premier Li Qiang spoke on the need to continue multi-lalteralism and the global trading system, and stressed that China is still open for business.

My Media Week

This week I dropped by the Yahoo Finance studios in New York to discuss macro and monetary policy, PMIs and elections, including our forecast for the start of the Fed’s rate cutting cycle later this year. Separately, I joined Kathleen Hays on her Central Bank Central podcast, where we had a wide-ranging discussion about central bank policy, geopolitics, and the risks to global growth.

To watch my interview with Yahoo Finance, click here.

To watch the interview with Kathleen Hays on Substack, click here

Global Credit Report

?In our flagship report, Alexandre, Gregg and Nick write that on the back of strong growth, upgrades have outnumbered downgrades year-to-date among corporates, financial institutions, and sovereigns. This may prove a high point, since we forecast that growth will slow while rates remain elevated. ?A worsening geopolitical landscape, a more severe economic downturn, a longer-than-expected period of high rates, and growing threats to global trade could derail our base case.

?To read the full report, click here.

As a reminder, we wrap up our Credit Conditions Committee Round with a pair of webinars featuring our senior economists and credit researchers.

To register for the Americas webinar, click here.

To register for the Asia Pacific webinar, click here.

S&P Global Announces Leadership Succession

Big news on senior leadership succession. Martina L. Cheung, current President of S&P Global Ratings, will succeed Douglas L. Peterson as the S&P Global’s President and Chief Executive Officer. Yann Le Pallec, Executive Managing Director and Head of Global Ratings Services, has been appointed to succeed Martina as President of S&P Global Ratings. Huge congratulations to Martina and Yann, and a heartfelt thank you to Doug for his years of leadership.

Both appointments are effective on November 1.?

To read the press release on Martina’s promotion, click here.

To read the press release on Yann’s promotion, click? here. ?

Happy Independence Day To Our US Readers!

Essential Economics wishes all of our US readers a Happy Independence Day on July 4. May you spend lots of time enjoying friends, family and fireworks!

If you haven’t bookmarked it already, the latest research from the S&P Global Ratings Economics team can always be found here.