Philippine quake toll 41; GSK buys Nuvalent for $10.6 bln; Macron invites China to G7

The death toll from the magnitude-7.8 earthquake off Mindanao has risen to 41, with thousands displaced and over 450 injured, as outdoor hospitals serve cut-off communities. The quake struck near the southern Philippine island, triggering landslides and damaging infrastructure. Rescue operations continue, with four people still missing. Authorities have deployed medical teams to remote areas where access remains limited.

GSK agrees to acquire biopharmaceutical firm Nuvalent in a $10.6 billion deal

GSK has agreed to acquire biopharmaceutical firm Nuvalent in a deal valued at $10.6 billion. The transaction is expected to bolster GSK's pipeline in oncology and respiratory therapies. Nuvalent specializes in targeted therapies for cancer, including treatments for lung and breast cancer. The acquisition is subject to regulatory approvals and is expected to close in the second half of 2025.

Macron plans to invite China to online G7 meeting to tackle global trade imbalances, Politico reports

French Macron is planning to invite China to an online G7 meeting to address global trade imbalances, according to Politico sources. A phone call between Macron and Chinese Xi Jinping is expected Thursday ahead of next week's G7 summit. The move aims to coordinate on trade policy amid rising tensions over tariffs and supply chain disruptions. The invitation has not yet been formally confirmed by the French presidency.

Ukraine and Hungary reach deal on 10 of 11 demands tied to Kyiv's EU accession path

Ukraine and Hungary have agreed on 10 of 11 demands related to Kyiv's EU accession path, RBC-Ukraine reports. Hungary has agreed to open the first negotiation cluster, a key step in Ukraine's membership process. The sole unresolved issue is minority representation in Ukraine's parliament, which remains under discussion. The deal marks a significant breakthrough after months of bilateral tensions over language and education rights for Hungary's ethnic minority in Ukraine.

South Korea Q1 GDP grows 1.8% q/q, beating advance estimate

South Korea's economy grew 1.8% in the first quarter compared to the previous quarter, beating the advance estimate of 1.5%. The growth was driven by strong exports of semiconductors and automobiles, as well as a rebound in domestic consumption. The Bank of Korea had previously forecast a slower recovery, citing global trade uncertainties. The data provides a positive signal for Asia's fourth-largest economy amid ongoing geopolitical risks.

What to Watch

Rescue operations in the Philippines are expected to continue as authorities assess the full extent of damage from the earthquake. The GSK-Nuvalent deal will face regulatory scrutiny in multiple jurisdictions. The planned Macron-Xi phone call and the G7 summit next week will be closely watched for any announcements on trade policy. Ukraine and Hungary are expected to continue talks on the remaining minority representation issue.