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South Korean stocks opened sharply higher this week after President Trump announced a 'great settlement' with Iran, with the KOSPI jumping by as much as 7.81%. However, uncertainty over the final deal and signals from the Federal Reserve have introduced caution, prompting analysts to warn of short-term correction risks.
Australian Defence Minister Richard Marles's UK visit was disrupted when British Defence Secretary John Healey resigned hours before a joint AUKUS event. Healey cited insufficient UK defence spending, while experts suggest the resignation is unlikely to damage Australia-UK relations.
US President Donald Trump cancelled planned strikes on Iran, citing that negotiations had reached the highest levels of Iranian leadership and that final points of a deal were approved by all parties. The announcement came amid reports of Qatari mediation and expectations of a signing in Europe. Regional reactions and details of the proposed agreement continue to emerge.
The European Central Bank has raised its benchmark deposit rate by 0.25 percentage points to 2.25%, the first increase in nearly three years. The move aims to counter inflation fueled by the Iran war, which has pushed eurozone inflation to 3.2%. Analysts note the risk of weighing on an already weak economy.
During South Korean President Lee Jae Myung's state visit to Italy, the two countries agreed to elevate bilateral ties to a special strategic partnership, covering cooperation in semiconductors, AI, and other strategic areas. Lee received Italy's highest state decoration, and both sides signed agreements on technology, Africa development, and cultural exchanges.
OPEC+ nations implementing voluntary oil output cuts produced 21.717 million bpd in May 2026, missing their target by 7.646 million bpd, according to OPEC data. Separate IEA figures indicate a larger shortfall of about 9.44 million bpd for all OPEC+ countries, with Kazakhstan the only major producer above its quota.
Gulf Cooperation Council ministers condemned Iranian attacks on Arab countries, warning of threats to regional stability and global energy supplies. The GCC called for UN intervention and reserved the right to self-defense amid escalating US-Iran confrontations.
As One Nation surges in polls and fundraising, the Liberal Party faces internal divisions over whether to cooperate with Pauline Hanson's party, with leader Angus Taylor ruling out seat-sharing but some MPs and former PM Tony Abbott open to preference deals.
South Korea's job market contracted in May, with employment falling by 40,000 year-on-year, the first drop in 17 months. The decline was driven by losses in manufacturing and science-technology services, while the government attributed the downturn to economic uncertainties linked to the prolonged Middle East conflict. Youth employment also saw a sharp fall, with the employment rate for those aged 15-29 dropping to 43.8%.
Iranian armed forces announced the closure of the Strait of Hormuz following US strikes, but US Central Command says commercial vessels continue to transit. Reports of attacks on ships remain unverified, and oil prices rose slightly.
Iran's Revolutionary Guards say they have struck ships in the Strait of Hormuz after the US launched new strikes on Iran, prompting Tehran to declare the vital waterway closed. US Central Command says commercial traffic continues, while oil prices have risen and India has summoned the US envoy over an attack on a ship carrying Indian sailors.
Iran's military command has threatened to target any ship transiting the Strait of Hormuz, while the US military conducts new strikes. Amid the escalation, diplomatic efforts continue, with reports of a possible memorandum of understanding and discussions about tolls and reconstruction funding.
A second South Korean-operated vessel has successfully transited the Strait of Hormuz, reducing the number of stranded ships and sailors. An LNG carrier with eight Korean crew members departed after consultations between the shipper and a foreign charterer. Meanwhile, an earlier stranded oil tanker arrived in Ulsan, carrying Kuwaiti crude, as Seoul continues to seek alternative routes for oil imports.
TASS reported successive declines on the Moscow Exchange, with the MOEX Russia Index and RTS Index finishing lower on several trading days between late May and late June. Yuan-ruble moves varied by session, while analysts at BCS Investment World cited geopolitical pressure, commodity prices and limited positive news on Ukraine. Broker forecasts pointed to continued range-bound trading near recent levels.
Three Indian sailors were killed when the US military struck the tanker MT Settebello in the Gulf of Oman. The incident has prompted India to summon a senior US diplomat to protest. The US says the ship violated its blockade by attempting to transport oil from Iran.
Iranian President Masoud Pezeshkian said Iran will stand firm against any US pressure or threat, responding to President Trump's warning of continued strikes. Tensions rise as US forces target oil tankers, China urges restraint, and the UN seeks answers on Iran's nuclear program.
The United States and Japan have reiterated their commitment to the complete denuclearization of North Korea during defense talks in Tokyo, rejecting Russia's view that the issue is closed. Washington also stated it remains open to dialogue without preconditions, while G7 leaders echoed the same commitment and expressed concern over North Korea's nuclear programs.
As violence flares across the Middle East, US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu appear increasingly at odds over how to end the war. Analysts tell FRANCE 24 that Trump wants a deal with Iran while Netanyahu's war aims remain unmet, and that Washington still holds significant leverage over Israeli action.
Kenya's Energy Cabinet Secretary announced a Sh0.27 per kWh reduction in electricity costs for June, attributing it to lower fuel costs and increased hydropower generation. Meanwhile, the government withdrew a proposed tariff review, keeping current rates unchanged to shield consumers and businesses.
A new survey by the European Council on Foreign Relations shows only 11% of Europeans view the US as an ally, a historic low. Majorities in all surveyed countries doubt the US would come to their defense, fueling support for European defense autonomy. The findings come ahead of key G7 and NATO summits.