| US uncovers failures at Indian medicine factories. Musk to unveil new Tesla Model 3. Apple tests new high-end Macs. Here's what you need to know today. US inspectors have uncovered wide-ranging lapses at factories run by some of India's biggest pharmaceutical firms, as the world's top supplier of cheap medicine faces increased scrutiny after a spate of deadly incidents. Dozens of drugmakers were issued notices and warning letters by the US Food and Drug Administration, which increased visits to Indian factories after the lifting of Covid-19 restrictions last year. Inspectors detailed unsanitary conditions in manufacturing plants, poorly trained staff and evidence of exporting contaminated drugs to the US. India is the largest supplier of generic drugs to the US and dozens of other countries. Tesla plans to give an early glimpse of its revamped Model 3 sedan as part of CEO Elon Musk's first visit to the carmaker's Shanghai factory in years, sources say. The updated Model 3 is slightly longer and sportier than the earlier version and has a sleeker interior design. Meanwhile, Elon Musk is once again the world's richest man, after shares of Bernard Arnault's LVMH fell 2.6% in Paris trading. Musk and the 74-year-old luxury brands tycoon have been neck-and-neck for the top spot this year in the Bloomberg Billionaires Index, but faith in the luxury sector's buoyancy is starting to fade. As frustration over China's equity performance increases, some of Asia's other major stock markets are emerging as more attractive alternatives for global investors. Bullish Wall Street calls on China — dominant until a few months ago — are falling flat as a faltering economy and geopolitical tensions turn key gauges into global laggards. This week one key Chinese stock gauge saw losses from its recent peak reach 20%, just as South Korea's Kospi flirted with a bull market and benchmarks in India neared all-time highs. Japanese stocks hit a three-decade high earlier in May. Apple is testing a pair of new high-end Macs and their accompanying processors ahead of its Worldwide Developers Conference next week, suggesting that it's nearing the release of professional-focused desktop computers. The company is planning two new Mac models that run the M2 Max processor announced in January and a yet-to-be-unveiled M2 Ultra chip. Next week's developer expo kicks off Monday with the debut of the company's mixed-reality headset, while a new 15-inch MacBook Air is expected, along with updates to the software that runs on the iPhone, iPad, Apple Watch and Mac. Asian stock futures fell after Wall Street closed lower, as investors looked beyond the debt ceiling to focus on the path for interest rates. Contracts for benchmarks in Japan, Hong Kong and Australia all slid, adding pressure to the region's equities against the backdrop of worries about Chinese growth. Manufacturing data for China due Thursday is forecast to show a further contraction in activity. In the US, the debt-limit deal struck by House Speaker Kevin McCarthy and President Joe Biden cleared a major hurdle, lining the compromise legislation up for passage Wednesday night. China's economy looks to be turning from a potential tailwind for the world into a possible headwind. Wednesday's brutally disappointing PMI data are just the latest releases to signal that the much-anticipated reopening boom after Covid-Zero policies were scrapped may already have run out of steam. Declines in global commodity prices had already underscored concerns that demand was weakening from the biggest buyer of raw materials. Demographic decline — remember China's population started shrinking last year — along with sustained tensions with the US and the impact of local policy flip-flops are among the hurdles that the economy faces. Unless the authorities can find a way to turn things around, that adds to the risks for a global economy that faces a double whammy from persistently high inflation and the wave of monetary policy tightening deployed by central banks to cool cost pressures. Garfield Reynolds is Chief Rates Correspondent for Bloomberg News in Asia, based in Sydney. | 
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