White House National Economic Council director Hassett said the Federal Reserve should not raise rates and there is room to cut; the Fed has fallen behind the curve and substantial scope for rate reductions remains.

Syria's foreign minister met with Algeria's energy minister to discuss strengthening cooperation in oil, gas and energy, including advancing joint projects and upgrading energy infrastructure.

After a global-leading rally, South Korea’s US$4.9 trillion equity market is showing strain. The KOSPI hit a record high on Tuesday even as only 2.6% of stocks traded at 52-week highs while 31% were at 52-week lows, signalling a narrow advance. Retail participation is cooling and surging margin loans face downside risk if the Bank of Korea raises rates in July. Investors warn that a market downturn could be as rapid as the prior rise. Ha Seok Keun, chief investment officer at Eugene Asset Management, said he is more worried by overheated positioning than by fundamental deterioration and expects heightened volatility and consolidation over the next one to two months.