Welcome to Your Week in Asia.
Japanese Prime Minister Fumio Kishida is on a trip to Africa as he seeks to chip away at Chinese and Russian influence in the "Global South" ahead of the Group of Seven summit in Hiroshima later in May. He will visit Egypt, Ghana, Kenya and Mozambique. The leader is also expected to make a stop in Singapore on his way back for a meeting with Prime Minister Lee Hsien Loong.
Separately, Philippine President Ferdinand Marcos Jr. will start his official visit to the U.S. where he will meet with U.S. President Joe Biden on Monday.
Many economies in Asia are celebrating Labor Day on Monday, while Chinese markets will remain closed until Thursday. In Japan, people will be off from Wednesday to Friday for the Golden Week holidays.
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U.S. President Joe Biden will meet with Philippine President Ferdinand Marcos Jr., who is on a state visit to Washington. The White House said Biden will "reaffirm the United States' ironclad commitment to the defense of the Philippines," which is embroiled in a maritime dispute with Beijing in the South China Sea. Marcos has granted the U.S. access to four more military bases, underlining stronger bilateral relations that faced headwinds during the administration of former president Rodrigo Duterte, who forged warmer ties with China.
ADB general meeting
The Asian Development Bank hosts its 56th annual Board of Governors meeting in Incheon, South Korea, under the theme of Rebounding Asia: Recover, Reconnect, and Reform. Policymakers, bankers and experts across the region will until Friday discuss a wide range of issues, from food security and climate change to the Russian invasion of Ukraine. The Manila-based multilateral development bank faces demands to introduce innovative climate financing, expand its lending capacity and restructure the organization to better meet the need of its developing member countries.
Earnings: Japan Airlines, DBS Bank
Monetary policy: Australia
Monetary policy: Malaysia
HSBC shareholders vote on spinoff plan
HSBC shareholders will vote on whether or not they support the breakup of the London-headquartered bank. Its largest shareholder, Chinese insurer Ping An, has been publicly advocating for an Asia spinoff as the bank gets caught in growing geopolitical tensions between China and the West.
SCO foreign ministers meet, Goa
India, the current chair of the eight-member Shanghai Cooperation Organization, hosts the foreign ministers of the regional security grouping in its western state of Goa.
Pakistan's foreign minister Bilawal Bhutto Zardari is among those attending the meeting, in the first such high-level visit from Islamabad in about a decade to its arch-rival neighbor, with which ties have long been strained because of their territorial dispute over Kashmir. Russian foreign minister Sergey Lavrov and Chinese counterpart Qin Gang are also expected to join.
SEA Games begin
Cambodia will host the Southeast Asian Games for the first time from May 5 to 17. More than 11,000 athletes from the region are expected to attend, competing across 37 sports. The buildup has been chaotic, with workers putting in overtime to build the 60,000-seat Chinese-funded $150 million Morodok Techo National Sports Complex in Phnom Penh.
Asian Champions League final
Japan's Urawa Reds soccer team takes on Saudi Arabia's Al Hilal in the second leg of the Asian Champions League final in Saitama, Japan, on Saturday. The first leg of the match was held in Saudi Arabia on April 29 local time, which ended in a 1-1 tie.