U.S. Markets closed

News Summary: ASEAN makes progress on trade

The Associated Press

AMBITIOUS PLAN: Southeast Asian leaders were upbeat about progress made on an ambitious plan to weld the region into a European Union-style economic community as a counterweight to Asian powerhouse China.

GETTING THERE: About 77 percent of the work to turn the bustling region into a single market and production base, first laid out in 2007, has been done, according to the leaders.

SEA DISPUTES: But efforts were stalling on South China Sea disputes. Leaders attending the Association of Southeast Asian Nations summit in Brunei had hoped China would soon agree to start talks on a nonaggression pact. But China has given no clear indication when it would agree to negotiate such a stopgap accord.