AP News Summary at 10:08 p.m. EDT | National

• During the Shangri-La Dialogue on May 30, US official Pete Hegseth praised several Asian partners for increasing their security and defense spending. • Hegseth specifically recognized Australia, Indonesia, Japan, Malaysia, the Philippines, South Korea, Singapore, Thailand, and Vietnam for their contributions.

• Finance ministers from the E6—Germany, France, Italy, Spain, the Netherlands, and Poland—have agreed to a joint EU capital market supervision framework. • The agreement supports a European Commission proposal to shift the oversight of joint capital markets to the European Securities and Markets Authority (ESMA) based in Paris.

• Germany has rejected warnings from the U.S. regarding a proposed law that would require streaming services to invest in local content. • Government spokesperson Stefan Kornelius dismissed claims that the plan violates the Turnberry Agreement, arguing the obligations are "very moderate by European standards."

• A new analysis by the MCC Brussels suggests that EU sustainability mandates and restrictive building regulations are contributing to extreme indoor heat during heatwaves. • In countries including Belgium, France, Germany, the Netherlands, and Austria, the installation of fixed air-conditioning is hindered by a complex web of noise limits, heritage controls, and environmental permits.

• Global investment banks are abandoning expectations for a Federal Reserve rate cut this year, signaling a hawkish shift in U.S. monetary policy. • A strengthening U.S. dollar is siphoning critical capital away from Asian markets, threatening their ability to fund development, manage bond yields, and support equities.

• Vietnamese President To Lam advocated for the Asia-Pacific region to take a leading role in resolving global crises during the Shangri-La Dialogue. • He emphasized the critical importance of maintaining a rules-based international order to ensure stability in an increasingly unstable world.

• President Ferdinand Marcos Jr. officially assumed the leadership of the Association of Southeast Asian Nations (ASEAN) after receiving the gavel from Malaysia's Anwar Ibrahim in October. • The Philippines faces a challenging tenure focused on managing South China Sea diplomacy, finalizing a regional digital economy agreement, and executing a dense administrative agenda.

• The Wrestling Federation of India (WFI) has restricted star wrestler Vinesh Phogat to competing solely in the women’s 50kg category for the Asian Games selection trials. • This decision escalates an ongoing stand-off between the national federation and Phogat, signaling a potential new flashpoint in their contentious relationship.

• US Defense Secretary Pete Hegseth announced at the Shangri-La Dialogue forum on Saturday that the Trump administration will prioritize cooperation with "model allies" in Asia. • Hegseth praised these regional partners as being the most capable and clear-eyed in their readiness to defend their interests.

• President Trump is meeting with aides to make a "final determination" regarding whether to move forward with the Iran deal. • International rescue teams from Laos, Thailand, Japan, and Malaysia are collaborating to locate missing villagers after a group was discovered by divers on Wednesday.

• The Karnataka Congress Legislature Party has scheduled a meeting for Saturday at 4 p.m. at the Vidhana Soudha conference hall in Bengaluru to elect a new leader. • This move follows Governor Thaawarchand Gehlot's decision on Friday to accept Chief Minister Siddaramaiah’s resignation and dissolve his Council of Ministers.