RBNZ: Future official cash rate (OCR) decisions will depend on incoming data, pricing behaviour and the degree to which the strength of economic activity feeds through to medium-term inf pressures.

The Korean Development Institute (KDI) said Korea’s economy remains on a recovery track as a chip boom offsets broader manufacturing weakness. Strong AI-related demand drove exports, with June shipments rising to $102.25bn, up 70.9% YoY and a record high — the first month above $100bn. Semiconductor export value nearly tripled to $44.82bn, and monthly semiconductor exports topped $40bn for the first time; KDI noted semiconductor volume growth has slowed but price rises have kept export values strong. Manufacturing output edged down as semiconductor momentum cooled and other sectors stayed weak. KDI warned higher oil prices and a weaker won could sustain upward price pressure, increasing the risk of further rate hikes and weighing on consumer recovery.

NATO Secretary-General Rutte said by next year NATO will have the capacity to produce roughly 4 million artillery shells annually.