U.S. and China agree to work together on financial stability

The U.S. and China agreed to cooperate more closely on financial stability during meetings in Shanghai last week, the People’s Bank of China reported. Led by officials from both countries, they also shared contact lists for financial crises. Important financial regulators attended, but the U.S. Treasury hasn’t released a statement yet.

Thailand's economy gains momentum in Q2

Thailand's economy grew faster in the second quarter, driven by a boost in consumer spending, tourism, and exports. The country's GDP grew by 2.3% compared to last year, beating predictions of 2.1%. This is better than the 1.6% growth seen in the first quarter of 2024. However, when looking at growth from one quarter to the next, it slowed down a bit to 0.8% from 1.2%. Despite this, the government has raised its expectations for the year's overall growth.

European stocks rise, but defence and pharma shares slip

European stocks rose by 0.24% across most sectors in late morning trading in London, as indicated by the Stoxx 600 index. However, food and beverage stocks saw a slight decline of 0.15%, while mining stocks saw an increase of 1.1%. Rheinmetall's shares initially dropped by 5% due to reports that Germany might halt new military aid to Ukraine, but later recovered to a 1.8% loss. Similarly, other defence companies such as BAE Systems and Kongsberg Gruppen also experienced a decline of over 2%. Zealand Pharma's stock also dropped by 4.7% but later regained some of those losses as the CEO mentioned seeking a major partner to help market their weight loss drug.

Sources: Cnbc.com