Live news: Biden and Erdoğan focus on defence and economy in ‘first step’ meeting

Events: In South Korea, the trial of former Samsung CEO Choi Jin-seok, who is accused of stealing sensitive information to help set up a chip factory in China, has begun. The Tokyo District Court is set to deliver a ruling in the case of Shinichi Ueno, former head of advertising agency ADK, over the 2020 Olympic Games bribery scandal. Reserve Bank of Australia Governor Philip Lowe gives a speech on the economy, while the Reserve Bank of New Zealand conducts a review of monetary policy.

Company results: India’s Tata Advisory Services releases first-quarter business update.

economic data: Japanese instruments require May data to be released by the Cabinet Office. The country’s producer price index is also expected. Malaysia releases its industrial production and retail sales figures, while India releases its latest consumer price index and industrial production figures. The Philippines releases foreign investment data for May and New Zealand reports visitor arrivals for that month.

Markets: Futures rose in Hong Kong and Tokyo on Wednesday morning. The S&P 500 added 0.7 percent and the Nasdaq Composite rose 0.5 percent on Tuesday, ahead of inflation data that traders will look to for clues about the future path of higher US interest rates.

US President Joe Biden discussed bilateral relations with his Turkish counterpart Recep Tayyip Erdogan and praised his decision to support Sweden’s bid to join NATO, at a meeting at the military alliance summit in Vilnius, Lithuania.

The leaders discussed their defense and economic priorities, and common interests such as their support for Ukraine against a Russian invasion, and “preserving stability in the Aegean Sea,” according to the White House.

The Turkish leader said the meeting with Biden was a “first step” in repairing the strained relations between the two countries. “Our meetings before were just warm-ups, but now we’re starting a new process.”

Salesforce posted its biggest one-day gain in four months after the software group announced price hikes for some of its products, the first increase in seven years.

The San Francisco-based company said it will raise prices for its list of products, which include Sales Cloud and Tableau, in August by an average of 9 percent.

The shares closed up 3.9 percent on Tuesday, their biggest jump since mid-March. This has led to a continued rebound that has left them about two-thirds since the beginning of the year.

Salesforce has taken steps to focus on profits in an effort to appease activist investors. The group called a truce with Elliott Investment Management in March.

President Volodymyr Zelensky told a rally in Vilnius that “Ukraine will make the alliance stronger” after NATO leaders agreed in a summit statement to give Kiev an invitation to join.

Zelensky said he arrived in Vilnius “with faith in the decision” to offer Ukraine to join the defense bloc, “with faith in our partners, faith in a strong NATO that does not hesitate, wastes no time and does not look back at any aggressor”.

Speaking to a massive crowd on Tuesday night, Zelensky said he believes fighting Ukraine is a defense of all of Europe.

UK postal workers backed a deal over wages and changes to working practices at Royal Mail, leading to a dispute that has massively disrupted mail services and led to one of the biggest crises in the organisation’s 507-year history.

The Telecom Workers’ Union said on Tuesday that more than three-quarters of the 67 percent of members who voted supported its deal agreed with Royal Mail in April.

The announcement comes after 18 days of strike action during the last quarter of 2022, amid a dispute centered on Royal Mail’s plans to adapt working practices in response to growing demand for online shopping operations and competition from the likes of Amazon.