Turkish presidential elections look set to head to a run-off after as neither candidate garners enough support outright but President Erdogan believes he will win another 5-year mandate. In the U.S., the debt ceiling wrangling intensifies as congressional leaders attempt to arrange a deal. President Biden believes a default will be avoided this week. G-7 finance ministers meet in Japan and target Russian energy and trade with tighter sanctions in a bid to blunt Moscow’s war efforts in Ukraine. Meanwhile, Ukrainian president Volodomyr Zelenskyy performs a whistle-stop tour around European capitals in a bid to bolster the region’s military support for his country. In financial news, insurer AXA posts a 1 per cent revenue jump to €32bn in the first quarter but AUM drops by 7 per cent.

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