Oman's foreign minister said he discussed key regional issues, including the Strait of Hormuz and Yemen, with Pakistan's foreign minister.

South Korea’s national statistics office said a survey showed graduate employment continued to weaken: among 15–29-year-old graduates, employment fell 202k YoY to 2.76m in May, while unemployed rose 31k to 1.243m. Job-search duration has lengthened: 48.6% of unemployed youth have been jobless over one year, up 2ppt from 46.6% a year earlier and the highest since 2009 (51.7%). Those unemployed more than three years account for 19.4% of unemployed youth, the highest level since related records began in 2007. The share of graduates with prior work experience dropped to 84.8%, the lowest since 2004. The statistics office said weaker demand for private-sector jobs has pushed more applicants toward civil service posts, citing improved pay for local public servants and firms’ stronger preference for experienced or temporary hires.

U.S. initial jobless claims fell 22,000 to 187,000 in the week ended July 18, below the 212,000 consensus, the U.S. Labor Department said on Thursday. The report is the latest sign the labor market remains stable. The unemployment rate unexpectedly dropped to 4.2% in June, a one-year low, a decline driven more by a shrinking labor force than by payroll gains. Limited labor supply, slow job creation and few layoffs have kept unemployment at historically low levels. That dynamic is keeping Fed officials focused on suppressing inf that remains well above the Fed's 2% target.