South Korea's KOSPI index extended gains to 5.00% intraday, trading at 8,059.52, led by Samsung Electronics and SK Hynix, each up more than 9%.

Canada plans to jointly announce about 10 founding members of a proposed Global Defence Bank at next week’s NATO summit in Turkey, Canada’s chief negotiator said. Prime Minister CARNEY is pushing to establish a Defence, Security and Resilience Bank (DSRB) as part of a push this year to build a middle-power alliance. “We are using the NATO summit as the deadline… we intend to announce the list of founding members,” said Isabelle Houghton, chief negotiator and CEO of the Business Development Bank of Canada. The bank aims to raise up to £100bn ($133bn) of low-cost financing to bolster allies’ defence. Houghton said the inaugural members will likely be European states but declined to name them.

BofA data show Japanese equities recorded their largest inflow in seven weeks, $1.9bn.