SOUTH ASIA

India and Pakistan fight their sharpest conflict in decades, and step back from the brink in four days

India struck Pakistan; Pakistan struck back; drones, missiles and jets crossed the border for four days as two nuclear powers traded blows. Then, abruptly, a ceasefire. The world exhaled at a war that came terrifyingly close to something worse.

India launched military strikes on Pakistan on May 7, an operation it named Sindoor, hitting what it called terrorist infrastructure in retaliation for the Pahalgam massacre, and touching off the most serious military confrontation between the two nuclear-armed neighbours in decades. For four days the subcontinent held its breath as the two air forces clashed, drones and missiles crossed the border in both directions, each side claimed to have downed the other's jets, and the exchanges crept up the escalation ladder toward strikes on military bases, the kind of tit-for-tat that between nuclear powers has no reliable ceiling. Civilians on both sides of the border in Kashmir fled or sheltered; the world's capitals, belatedly alarmed, scrambled to mediate. And then, on May 10, as abruptly as it had begun, a ceasefire, which Washington claimed to have brokered and Delhi pointedly insisted it had reached bilaterally, halted the fighting with both sides claiming victory and the fundamental quarrel entirely unresolved.

The four days were a reminder, quickly forgotten by a distracted world, of how close to catastrophe the subcontinent lives. Two states with some 300 nuclear weapons between them, a permanent territorial quarrel, deep mutual hatred, and a history of four wars had just traded direct military blows for the first time in this intensity in a generation, and the mechanisms that stopped it, exhaustion, external pressure, and the mutual terror of what lay a few rungs further up the ladder, were not guarantees but contingencies that happened, this time, to hold. The ceasefire ended the fighting; it resolved nothing, restored no treaty, healed no wound, and left in place every condition that produced the crisis. The world moved on within days. But for four days in May, two nuclear powers fought, and the distance between a four-day clash and something no one could walk back from had been, once again, terrifyingly thin.

ROME

A pope from Chicago: the Church chooses its first American

The Catholic Church, in a conclave that lasted barely a day, chose as its 267th pope an American, Cardinal Robert Prevost of Chicago, who took the name Leo XIV, the first pontiff in history from the United States. A missionary who spent decades in Peru before rising through the Vatican, seen as a bridge between the reforming instincts of Francis and the institutional caution of his critics, Leo signalled continuity with his predecessor's concern for the poor and the migrant, a pointed choice given the American administration's posture on exactly those questions. In choosing his name, he reached back to Leo XIII, who confronted the upheavals of the industrial revolution, and explained that he saw in artificial intelligence a comparable challenge to human dignity and labour, a striking declaration that the Church intended to engage the defining technology of the age.

IN BRIEF

A truce in the trade war; a downgrade; a president's diagnosis

The United States and China stepped back from their economic duel on May 12, agreeing to a 90-day truce that sharply cut the punishing tariffs each had imposed, sending markets soaring in relief, though the underlying decoupling continued. Trump toured the Gulf states from May 13, collecting more than a trillion dollars in announced deals and an offer of a luxury jet from Qatar, lifting sanctions on Syria and meeting its new leader. Moody's stripped the United States of its last top-tier credit rating on May 16, citing swelling deficits. And former president Joe Biden was diagnosed with an aggressive prostate cancer, the announcement on May 18 drawing a rare moment of cross-partisan sympathy.

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The Ledger

Pope Leo XIV's choice to name artificial intelligence as the defining challenge to human dignity in our age, invoking the Church's response to the industrial revolution, is a remarkable marker: the world's oldest institution declaring that it will contest the meaning and governance of the newest technology. Watch whether it follows through.

Data centers & power

The US-China tariff truce eases, for 90 days, the threat to the chip supply the build-out depends on. A reprieve, not a resolution; the decoupling continues beneath the pause.

Rates

Moody's downgrade of US credit, the last agency to strip the AAA, formalises what markets knew: American fiscal governance has deteriorated. The tariff truce cheered markets, but the deficit and the chaos remain.

Real estate

US 30-year mortgage 6.81 percent (May 15), ticking up after the downgrade. The cost of American debt, and thus of American mortgages, rises as the world reprices the reliability of the US government.

India tech

India emerged from the four-day conflict with its economy intact and its resolve tested; the crisis passed without the catastrophe, and the technology sector, briefly holding its breath, exhaled. The deeper lesson, of how thin the margin was, will fade fast, as such lessons do.

What we called wrong

Nothing to retract. The India-Pakistan clash confirmed, and mercifully limited, the escalation dynamics this paper has tracked; the restraints held this time, barely, and the world moved on without absorbing how close the margin ran.

The Back Page

Leo, and the machine

The new pope, the first American in the Church's 2,000-year history, explained this fortnight why he chose the name Leo, and the answer was unexpected and, for a paper like this one, arresting. He reached back to Leo XIII, the pope who in 1891 wrote a famous letter confronting the upheavals of the industrial revolution, the exploitation of workers, the vast new inequalities, the way a transforming technology was reshaping human dignity and labour, and who insisted that the Church had something to say about it. Leo XIV said he saw in artificial intelligence a challenge of the same kind and the same magnitude: a technology remaking work, dignity and the human person, demanding a moral response the Church intended to provide. It is a striking thing, that the oldest continuous institution on Earth, having chosen an American pope at the moment America turns inward and cruel, would announce as one of its first priorities the intention to grapple with the newest and most disruptive technology of the age, and to grapple with it on behalf of the workers and the vulnerable it might displace. This paper spends its life at the intersection of the newest technology and its human consequences, and it is not often that we find the Vatican staking out the same ground. Whether the Church can say anything useful about artificial intelligence remains to be seen; institutions this old move slowly, and the technology moves fast. But there is something in a 2,000-year-old institution declaring, in the voice of a new pope, that the machine now reshaping human labour is a moral question and not merely a technical one, that this paper, in its small secular way, finds heartening. The oldest institution and the newest technology, meeting on the question that matters: not what the machine can do, but what it does to us. Leo XIII took on the factory. Leo XIV, it seems, intends to take on the algorithm. It will be worth watching whether the argument he brings is any match for the machine.