Key facts
- ASEAN foreign ministers are meeting in Manila starting July 21.
- Key agenda items include the civil war in Myanmar and regional conflicts.
- Bank Indonesia is expected to consider further interest rate hikes to stabilize the rupiah.
- South Korea will release Q2 GDP data, with growth anticipated due to semiconductor exports.
- The Wiki Finance Expo, a major fintech and crypto event, is scheduled in Hong Kong.
ASEAN foreign ministers are set to convene in Manila starting Tuesday for a series of meetings, with the ongoing civil war in Myanmar expected to be a primary focus. They will be joined by counterparts from the U.S., China, Russia, Japan, Australia, Canada, and the U.K. The group will also discuss ASEAN's approach to the energy crisis, the Thailand-Cambodia border conflict, and the South China Sea code of conduct.
In economic news, Bank Indonesia is scheduled to announce its benchmark interest rate decision on Wednesday. The central bank has been raising rates, including an emergency hike last month, to combat the weakening rupiah, which has hit record lows. Governor Perry Warjiyo has indicated that efforts to stabilize the currency will continue.
South Korea will release its second-quarter gross domestic product data on Thursday. The country's economic growth is expected to be bolstered by an artificial intelligence-driven chip boom, following a return to growth in the previous quarter largely due to semiconductor exports.
Meanwhile, Hong Kong will host the Wiki Finance Expo, a large fintech and cryptocurrency conference, starting Thursday. The event is anticipated to draw over 12,000 attendees and feature numerous speakers and exhibitors discussing financial innovations.
Other notable events include AirBorneo's inaugural flight on Monday and the commemoration of the anniversary of the Thai-Cambodia conflict on Friday.