(Bloomberg) -- World leaders will arrive in Asia this week for a series of political and economic events against a backdrop of the war in Ukraine, soaring global inflation and growing geopolitical tensions in the region. Rarely in recent history has there been a greater need for meaningful dialog.

The big heat: More than 100 heads of state and some 45,000 other delegates will descend on the Egyptian seaside town of Sharm el-Sheikh this week to argue over probably the most pressing topic affecting the future of humanity: money. COP27, the latest edition of the United Nations’ annual climate summit, is shaping up to be a battle between poor and rich nations over the cost of the damage we’ve caused to the environment and, more importantly, who will pay? To navigate the maze of jargon and hidden agendas and to see what part you can play, check out the latest edition of Bloomberg Green magazine.

The big hug: Many of those leaders and executives will then head straight to Southeast Asia, which is set to enjoy a cornucopia of conferences in the region’s tourist hotspots. In the next couple of weeks we will have meetings of the Association of Southeast Asian Nations in Phnom Penh, Cambodia,  the Asia Pacific Economic Cooperation forum in Bangkok, Thailand, and the Bloomberg New Economy Forum in Singapore, while the Indonesian island of Bali will host the G-20 summit.

The big shift: Inflation and recession fears are top of voters’ minds as they decide on control of the US Congress in midterm elections on Tuesday. With most pundits now expecting the Republican party to retake control of at least one of the houses of Congress, we look at the issues that could put the elephant in the room.

The enormous splurge: Only five days remain till the world’s biggest shopping event. Singles’ Day in China has gone from being a marketing gimmick for Alibaba Group, to a national extravagance bonanza, to a measure of global retail sales. This year’s may reflect a slowing domestic economy and ongoing Covid restrictions. But where does all this stuff end up? Here’s one answer.

The big data: A slew of data from China will likely show a deepening slowdown. Export growth should weaken, while factory prices may drop for the first time since late 2020 and consumer inflation could soften further, all signs of weaker demand at home and abroad. On the flip-side, GDP readings from Indonesia, Malaysia, and the Philippines are likely to show Southeast Asia’s growth holding up. Still, the biggest data for the week will come from the US, with the latest inflation reading and the weekly employment report giving an indication of how much effect the Federal Reserve’s rate hikes are having.  

The big eat: On Thursday, the United Nations publishes its “Food Outlook” report against a backdrop of supply disruptions caused by the war in Ukraine and a production system  increasingly stressed by changing climate and weather patterns.

The big earnings: Traders will be looking for something to lift a generally gloomy outlook this week as well as a steer on the effect of the growing US-China tech war. SoftBank Group, which is expected to return to profit after a record loss the previous quarter, could give a hint about listing plans for semiconductor unit Arm Ltd. and its exposure to Chinese assets, while mainland chipmaker SMIC could update investors on a shortage of manufacturing tools.

And finally: If you’re not looking forward to the morning commute now that traffic in many cities in the region is returning to its congested norm, spare a thought for the truck drivers in our Big Take, who can spend two weeks in a traffic jam.

Have a parsimonious week.

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