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Federal Reserve Bank of St. Louis President Alberto Musalem said he sees upside risks to inflation, but it’s too early to know whether tariffs will have a persistent impact on prices.

“It’s going to take time for the tariffs to settle,” Musalem said Thursday during a discussion in St. Louis organised by the Official Monetary and Financial Institutions Forum. “There’s a scenario where we could be in Q4 this year, or Q1 or Q2 of next year, where tariffs are still working themselves into the economy,” he added, referring to calendar quarters.

Policymakers have held borrowing costs steady this year, though a divide has emerged over how many rate cuts officials expect in the second half of 2025.

Puerto Rico’s finance watchdog is refusing to OK a $20 billion natural gas supply deal that it said would give New Fortress Energy Inc. a near monopoly over the island’s energy future.

The Financial Oversight and Management Board has “profound concerns” about a proposed 15-year contract between Genera PR — a New Fortress subsidiary that operates the territory’s power plants — and the company unit that delivers liquefied gas, according to a letter to Puerto Rico’s energy czar, Josue Colon.

Approving the contract would “lock the island into a long-term commitment with a single supplier, potentially undermining market competition and limiting flexibility,” the board wrote, saying the deal would create a “monopolistic arrangement that would ultimately jeopardise energy security.”

New Fortress Energy did not respond to a request for comment. Colon’s office declined to immediately comment on the letter.

Mexico’s central bank signalled that the pace of interest rate cuts is likely to slow after last month’s half percentage-point reduction.

Two of the five-member board argued that the June move should be the last of that size during the current easing phase, according to the minutes of the meeting published Thursday.

Another member said that “adjustments of lesser magnitude to the reference rate could be considered,” while one, Jonathan Heath, voted to pause the reductions to borrowing costs.

Canada Goose Holdings Inc.’s controlling shareholder, Bain Capital, is considering a sale of its stake in the luxury parka-maker, according to people familiar with the matter.

Bain is working with advisers as it considers selling part or all of its holding in Canada Goose, the people said. It has been gauging early interest from potential buyers, including other private equity firms, said the people, who asked not to be identified because the information is private.

Shares of Canada Goose jumped as much as 4.9% on Thursday morning, reaching the highest intraday level in more than a year, after the Bloomberg News report on Bain’s potential plans. The company has a market value of $1.3 billion.

Nissan Motor Co. has attracted at least $10.9 billion in investor demand for a potential $4 billion junk-bond sale, its first foreign-currency securities offering in about five years as the struggling automaker seeks to turn around its business and refinance its debt burden.

Nissan’s latest foray into the bond market comprises a two-part euro-denominated deal, worth at least €500 million ($585 million) each, maturing in 2029 and 2033. Investors had ordered more than €2.3 billion for the four-year notes, while €1.8 billion in demand was recorded for eight-year securities, according to people familiar with the transaction.

Demand for a three-part dollar issue, with maturities in five, seven and 10 years, and minimum tranche sizes of $750 million, had reached just over $6 billion by 9:50 a.m. New York time Thursday, said the people, who requested anonymity to discuss non-public information.

Huawei Technologies Co. is trying to export small quantities of AI chips to the Middle East and Southeast Asia, an effort to establish a foothold in markets dominated by Nvidia Corp. despite ongoing manufacturing challenges.

The hardware giant — China’s strongest competitor to leading US chipmakers — has reached out to potential customers in the United Arab Emirates, Saudi Arabia and Thailand about purchasing its older-generation Ascend 910B processors, according to people familiar with the matter.

The two Gulf nations recently struck deals for well over a million Nvidia and Advanced Micro Devices Inc. chips over several years. Thailand’s artificial intelligence efforts similarly rely on Nvidia.

Autodesk Inc. is weighing an acquisition of rival engineering-software provider PTC Inc., according to people familiar with the matter.

Autodesk has been working with advisers to evaluate a cash-and-stock deal for Boston-based PTC, said the people, who asked not to be identified because the matter isn’t public. PTC, with a market value of about $23 billion, is also drawing interest from other industry players, the people said.

No final decision has been made, and Autodesk could opt against pursuing a deal for PTC, the people added. A representative for PTC declined to comment. A representative for Autodesk couldn’t be reached for comment.

Ferrero International SA agreed to acquire WK Kellogg Co. for an enterprise value of $3.1 billion, pushing the Italian family-owned candy business further into the lucrative US market.

Ferrero will pay $23 per Kellogg share in cash, according to a statement Thursday, representing a premium of about 31% from Kellogg’s closing price on Wednesday.

The deal combines the maker of chocolate nut spread Nutella with the company behind Froot Loops and Frosted Flakes cereals, expanding Ferrero’s empire of comfort foods and diversifying its chocolate-heavy portfolio at a time of higher cocoa prices.

Shares in WK Kellogg rallied 31% to $22.86, slightly below the offer price from Ferrero. The stock had surged as much as $27.90 in premarket trading after initial reports about the deal.

US regulatory actions to ensure oil and gas pipeline safety have plummeted to a record low for the start of a presidential administration as Donald Trump pushes to streamline the government and cut red tape.

The Pipeline and Hazardous Materials Safety Administration opened 40 enforcement cases between January 20 and the end of June, according to filings from the regulator. That’s the least for the beginning of any presidential term in data going back two decades and a 68% slide compared with Trump’s first months in office eight years ago.

The drop-off in enforcement comes as the White House backs fossil fuels in pursuit of “energy dominance” and moves to reverse regulations imposed by former President Joe Biden, arguing that they burden companies with unnecessary costs. It also coincides with an exodus of senior officials from PHMSA earlier this year amid a move to shrink the federal government.

US Secretary of State Marco Rubio said he’s working on setting up a meeting with his Chinese counterpart at a summit in Malaysia this week, the first in-person session between the two and a possible prelude to a presidential summit.

“We’re working on that,” Rubio told reporters in Kuala Lumpur when asked about a potential meeting this week with Chinese Foreign Minister Wang Yi. Both officials are attending a gathering of the Association of Southeast Asian Nations, which ends Friday.

Rubio’s comments came at a news conference following a meeting with Russian Foreign Minister Sergei Lavrov. Rubio said that in that conversation, he had echoed President Donald Trump’s disappointment and frustration with a lack of progress toward peace and flexibility from the Russian side.

The Port of Vancouver, Canada’s main trade gateway to Asia, kicked off the search for a company to build a new wharf to handle 70% more cargo, as the country looks for ways reduce economic reliance on the US.

The work is expected to cost at least C$3 billion ($2.2 billion), Victor Pang, the port’s chief financial officer, said in a phone interview. The Roberts Bank Terminal 2 Project has been in the works for more than a decade, but the port’s move to send out a request for qualifications to build it shows that it’s moving ahead.

Canada is searching for “nation-building projects” to boost growth and diversify trade away from the US after President Donald Trump launched a global trade war and repeatedly talked about absorbing the country as the 51st US state. Prime Minister Mark Carney’s government recently passed a law that’s designed to speed up government approvals for such projects.

US dollar volatility may have settled down in recent weeks, but analysts at Goldman Sachs Group Inc. see plenty of reasons to think it may start trading like a “riskier” currency again.

Analysts Karen Reichgott Fishman and Lexi Kanter list elevated policy uncertainty related to trade tariffs and Federal Reserve independence, fiscal fears and diversification away from US assets as potential triggers.

A steep slide in the dollar this year triggered by President Donald Trump’s threats to impose harsh levies against global trading partners has fueled speculation about a permanent shift in the dollar’s status as a safe-haven asset. While the Goldman analysts don’t predict that will happen, things could still be pretty bumpy in the short term.

Tesla Inc. is aiming its driverless taxis for the San Francisco Bay area as the carmaker plots an expansion on the heels of last month’s limited rollout in Austin.

Chief Executive Officer Elon Musk predicted on his social media service X that Tesla robotaxis could launch in California’s tech capital “probably in a month or two,” pending regulatory approvals. The carmaker also plans to broaden its service area in Austin this weekend, he said.

Musk is reorienting Tesla around futuristic pursuits like driverless vehicles and humanoid robots as its traditional car business struggles. The CEO has a long track record of offering timelines related to autonomous-driving ambitions that the company fails to meet.

Treasuries slipped ahead of a sale of 30-year US bonds that will provide a fresh test of demand for the type of long-dated government debt that has been under pressure globally.

US 10-year yields were two basis points higher at 4.36% Thursday morning in New York, trimming a decline of seven basis points the previous session that was driven by strong demand for an offering of the notes. Longer maturities rose slightly as the Treasury prepared to sell $22 billion of 30-year debt at 1 p.m. New York time.

The auction should be “digested smoothly,” according to JP Morgan Chase & Co. strategists led by Jay Barry, who cited supportive valuations and low volatility. The market’s ability to absorb relatively large orders has improved to levels seen prior to “Liberation Day,” they added.

Brazil’s annual inflation ticked up further above target as US President Donald Trump rattled Latin America’s largest economy with plans to impose 50% tariffs on all its goods and services.

Official data released Thursday showed consumer prices accelerated to 5.35% in June from a year ago, above the 5.30% median estimate of economists surveyed by Bloomberg. Monthly inflation hit 0.24%.

Interest rate swaps with contracts due in January 2027, which are a gauge of market sentiment about monetary policy, gained 9 basis points in morning trading following the worse-than-expected inflation print and Trump’s announcement to slap Brazil with import taxes.

CoreWeave Inc.’s blistering rally has lost steam as the artificial intelligence infrastructure play faces a growing tangle of bearish catalysts that threaten to further unravel its meteoric rise.

Shares of the Nvidia Corp.-backed company have tumbled 17% in less than a month after a nearly five-fold increase following its March initial public offering as investors soured on its ballooning valuation.

Now it faces a wall of pressure with a series of share lockups expiring starting next month, allowing early shareholders to cash out. Meanwhile, its deal to buy Core Scientific Inc. for $9 billion drew mixed reviews, spurring at least three analysts downgrades. CoreWeave shares slipped 1% in early trading on Thursday.

Developers in Dubai are expanding abroad in search of growth, a move that helps them use the cash piles they’ve built up and offers a cushion in case of any potential slowdown at home.

Sobha Realty, a Dubai-based developer owned by a tycoon from India, is preparing to construct about 800 single-family homes in Dallas as part of a broader expansion in the US. The company, which made billions selling apartments and townhouses near the world’s tallest tower in Dubai, is also looking to expand to Australia and the UK.

“As a group with such a large-scale operation, it makes sense for us to deploy capital in different regions across the world rather than deploying all the capital in one region,” Managing Director Francis Alfred said in an interview in his Dubai offices. “It’s absolutely a diversification play,” he added.

The Nasdaq Composite touched a fresh record on Thursday as traders tried to shake off the tariff tumult.

The tech-heavy benchmark hit an all-time high shortly after the open before easing slightly. The Dow Jones Industrial Average lost 33 points, or 0.1%. The S&P 500 hovered around the flatline.

The US Food and Drug Administration is starting to publish letters the agency sent to pharmaceutical companies when their drugs were rejected, detailing information that until now has mostly been hidden from investors and the public.

To kick off the initiative, the FDA published more than 200 letters Thursday morning related to drug applications submitted years ago that were eventually approved. The letters were redacted to protect confidential business information.

“We had a long set of meetings with our lawyers to determine that we can do this,” FDA Commissioner Marty Makary said in an interview with Bloomberg Television’s Wall Street Week with David Westin.

French authorities raided the local headquarters of Nestlé SA near Paris on Thursday, as the scandal into the Swiss company’s treatment of bottled mineral waters deepens.

The evidence-gathering inspections, first reported by Radio France, were confirmed by the country’s anti-fraud office, known as DGCCRF. The case concerns Nestlé’s use of prohibited filtering methods for natural mineral waters.

The inquiry followed a complaint lodged by consumer rights group Foodwatch against Nestlé and Nestlé Waters, the DGCCRF said. Nestle didn’t immediately respond to requests for comment.

Applications for US unemployment benefits fell for a fourth week to the lowest in two months during a period that included the Independence Day holiday.

Initial claims decreased by 5,000 to 227,000 in the week ended July 5. The median forecast in a Bloomberg survey of economists called for 235,000 applications.

Continuing claims, a proxy for the number of people receiving benefits, rose to 1.97 million in the previous week, still the highest since late 2021, according to Labor Department data released Thursday. That was in line with the median forecast in a Bloomberg survey of economists.

US dollar volatility may have settled down in recent weeks, but analysts at Goldman Sachs Group Inc. see plenty of reasons to think it may start trading as a “riskier” currency again.

Analysts Karen Reichgott Fishman and Lexi Kanter list elevated policy uncertainty related to trade tariffs and Federal Reserve independence, fiscal fears and diversification away from US assets as potential triggers.

Stock futures were little changed Thursday as traders continued to try to shake off the tariff tumult a day after Nvidia led the Nasdaq Composite to a fresh record.

S&P 500 futures traded 0.1% lower, while Nasdaq-100 futures were around flat. Futures tied to the Dow Jones Industrial Average were down 75 points, or 0.2%.

Brazil spent months flying under the radar as Donald Trump upended global trade. Now that it’s in the spotlight, President Luiz Inacio Lula da Silva may stand to benefit from the attention.

Hours after the US president threatened to hit Brazil with 50% tariffs, the leader known universally as Lula announced that, rather than rush to appease Trump, his government would retaliate with measures of its own.

It’s a decision that sets Brazil on a path of escalation with its No. 2 trading partner at a time when Lula is already confronted with a slowing economy, a fragile fiscal outlook, limping voter approval going into an election year — and the prospect of another currency selloff after the real sank sharply on Wednesday’s news. The real fell another 0.8% against the dollar when markets opened Thursday.

Delta Air Lines Inc. reinstated a profit outlook for the year and said travelers are coming back, prompting its stock to surge amid a fresh sense of confidence in the beaten-down US consumer. The carrier expects an adjusted profit of $5.25 to $6.25 a share this year, according to a statement on Thursday as Delta reported better-than-expected second-quarter results.

Travel in the US is climbing back after approval of US President Donald Trump’s tax-cut and spending package and progress in tariff discussions, Chief Executive Officer Ed Bastian said in an interview. Corporate travel is strengthening, and consumers have become “a little numb” to the ongoing trade disputes, choosing to book travel again in the latter part of the year.

Peso traders were expecting the Argentine currency to strengthen as soybean exporters exchanged record amounts of dollars after selling their harvest. Instead, the opposite happened: The peso, which has been weakening against the US currency since April, slid another 4%.

Three months after President Javier Milei lifted Argentina’s currency controls, early investor optimism has given way to growing caution. With midterm elections looming in October and mounting concerns over the country’s current account deficit, many are now hedging against a potential decline in the peso and other local assets, including JPMorgan, which started unwinding its position in Argentine peso-denominated Treasury notes.

Blackstone Inc. has raised its offer to buy UK landlord Warehouse REIT Plc, topping the one announced last month by Tritax Big Box REIT Plc.

The alternative asset manager has offered 113.4 pence a share in cash for the company, valuing Warehouse at £489 million ($666 million), according to a statement Thursday. Including a dividend due to be paid later this month, the revised offer represents a total consideration of 115 pence a share, Blackstone said in the statement.

The offer represents a 3.6% premium to the cash-and-share bid made by Tritax, a proposal that Warehouse’s board had recommended shareholders accept, it added.

Portugal plans to sell a 49.9% stake in TAP SA, kicking off another attempt to privatise Europe’s largest wholly state-owned airline. Of the stake being sold, 5% will be for TAP workers, Prime Minister Luis Montenegro said at a press conference in Lisbon on Thursday.

Europe’s largest full-service airlines — Air France-KLM, Deutsche Lufthansa AG and British Airways owner IAG SA — have all gone public with their interest in TAP.

TAP stands out among a small batch of state-owned carriers still up for grabs in Europe, a region now dominated by the three major airline groups. Lufthansa in January completed the acquisition of a minority stake in Italian carrier ITA Airways, while Air France-KLM last year purchased a stake in SAS AB.

Nigeria secured a $747 million syndicated loan for a controversial highway that will link the nation’s commercial capital to a key coastal city.

The funding, led by Deutsche Bank AG, will finance construction of the first phase of the Lagos-Calabar highway, a 700-kilometer (435-mile) project initiated by President Bola Tinubu, the finance ministry said in a statement on Thursday.

The $10 billion project was criticised by opposition leaders when it was first awarded in 2023 to a company that belongs to Gilbert Chagoury, a close confidante of the president. The presidency defended the project as vital to providing economic opportunities to coastal communities in the southern part of the country.

Shares of Delta Air Lines jumped about 11% premarket after the company reinstated its 2025 profit outlook and CEO Ed Bastian said bookings have stabilised.

Delta had pulled its outlook for the year in April. The airline now expects adjusted earnings of between $5.25 and $6.25 a share in 2025, down from a January forecast of more than $7.35 a share.

The carrier’s outlook for summer travel beat Wall Street expectations, with Bastian saying bookings have stabilised albeit at a lower level than the start of the year.NewsLive TVMarketPopular CategoriesCalculatorsTrending NowLet's Connect with CNBCTV 18Network 18 Group :©TV18 Broadcast Limited. All rights reserved.