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Federal Reserve Governor Christopher Waller said the US central bank should be able to lower the level of bank reserves to around $2.7 trillion, from the current level of $3.26 trillion.

That, combined with Fed holdings for currency and the US Treasury’s general account balance, would put the overall balance sheet at $5.8 trillion, compared to the current $6.7 trillion.

Waller, who is reportedly on the short list of candidates being considered by President Donald Trump to be the next Fed chair, emphasised the Fed should continue reducing the size of its balance sheet, but not as much as some Fed watchers and economists have suggested.

President Donald Trump’s budget chief on Thursday said that Federal Reserve Chairman Jerome Powell “has grossly mismanaged the Fed” and suggested he had misled Congress about a pricey renovation of the central bank’s headquarters.

The broadside by Office of Management and Budget Director Russell Vought opened up a new front in Trump’s war of words against Powell. Trump has repeatedly called on the Fed chairman to cut interest rates, without success.

“While continuing to run a deficit since FY23 (the first time in the Fed’s history), the Fed is way over budget on the renovation of its headquarters,” Vought wrote in a post on the social media site X.

Indeed and Glassdoor — both owned by the Japanese group Recruit Holdings Co. — are cutting roughly 1,300 jobs as part of a broader move to combine operations and shift more focus toward artificial intelligence.

The cuts will mostly affect people in the US, especially within teams including research and development and people and sustainability, Recruit Holdings Chief Executive Officer Hisayuki “Deko” Idekoba said in a memo to employees.

The company didn’t give a specific reason for the cuts, but Idekoba said in his email that “AI is changing the world, and we must adapt by ensuring our product delivers truly great experiences.”

Tesla Inc. is aiming to bring its driverless taxis to California and Arizona 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 the San Francisco Bay area “probably in a month or two,” pending regulatory approvals. The carmaker also plans to broaden its service area in Austin this weekend, he said.

Tesla has also contacted the Arizona Department of Transportation to begin the certification process for autonomous vehicle ride-sharing, the state agency told Bloomberg in an emailed statement.

The automaker didn’t immediately respond to a request for comment on the Arizona discussions, which have not been previously reported.

Morgan Stanley is sounding out investors for $950 million of leveraged loans to refinance software platform BetaNXT Inc.’s debt, according to people familiar with the matter, the latest example of activity shifting between private credit and the broadly syndicated market.

The proposed loans would refinance debt initially secured from private creditors, including BC Partner,s after a group of banks led by Goldman Sachs Group Inc. were unable to syndicate the debt in 2023.

The new pricing is expected to be lower than the private credit financing, which was priced at 5.75 percentage points over the benchmark, said the people, who were not authorised to speak publicly. BetaNXT’s financial performance has improved since the 2023 debt financing, which should help it secure a better rate, they added.

Ukrainian President Volodymyr Zelenskiy said a meeting with US and European allies in Rome stoked optimism that Donald Trump’s administration will resume military aid to the war-battered country.

The Ukrainian leader said he’d had a “positive dialogue” with Trump over the delivery of Patriot air-defense batteries. The meeting of the so-called coalition of the willing — which included a senior Trump envoy — came after Russia’s latest drone-and-missile assault and Kyiv’s increasingly urgent demands for air defense.

Revolut Ltd. is in discussions to raise a combination of primary and secondary funding at a blended $65 billion valuation as the fintech looks to raise funds for its US expansion.

The London-headquartered fintech is holding talks to raise around $1 billion of funding led by Greenoaks Capital, according to people familiar with the matter.

Revolut has grown rapidly and served more customers than HSBC Holdings Plc last year, helping the British fintech to boost revenue 72% to $4 billion. The firm now has 60 million customers.

Morgan Stanley is coordinating the raise and share sale, another person said. A document circulated to investors projected the firm would have $5.9 billion in revenues in 2025 and $9.3 billion in 2026.

An EU-US tariff framework “needs to get done,” JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said.

“The goal should be to make Europe stronger and keep America and Europe together. That should be the ultimate goal,” he said at an event in Dublin with Deputy Prime Minister Simon Harris.

His comments come as the European Union is seeking to conclude a preliminary trade deal with the US that could allow it to lock in a 10% tariff rate beyond an Aug. 1 deadline as they negotiate a permanent agreement.

On how markets are reacting to tariff news, he said that “unfortunately, I think there is complacency in the markets and a little desensitised.”

YZi Labs, the family office of Binance co-founders Changpeng Zhao and Yi He, will back investment firm 10X Capital’s plan to set up a publicly traded company in the US to invest in BNB, a token linked to the crypto exchange the pair started.

YZi Labs, which oversees about $10 billion in assets, will “support” 10X Capital in establishing the BNB treasury company, 10X Capital said in a statement, without giving further details on the arrangement. YZi Labs said in an email that details on the size of the fundraising “are not available for disclosure at this time,” while 10X Capital didn’t respond to a request for comment.

The new entity will be focused “exclusively” on the BNB Chain ecosystem, the blockchain that supports the BNB token, and 10X Capital will serve as asset manager, the statement said. YZi Labs said the new firm, called BNB Treasury Company, is “intended to pursue a public listing on a major U.S. stock exchange.”

Bank of England Deputy Governor Sarah Breeden said some asset prices are already starting to reflect growing climate risks, warning that extreme shocks could speed up that process.

Breeden, who oversees financial stability for the central bank, pointed to sovereign and corporate bond prices as evidence of such assets, according to the text of a speech due to be delivered at the Annual Chapman-Barrigan lecture in London on Thursday. However, current prices don’t fully account for risks emerging from net-zero transition efforts or, in their absence, from extreme weather events, she added.

“Rapid repricing could occur if markets start pricing in severe physical climate risks or a disorderly transition, perhaps following acute physical disasters,” Breeden said.

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.NewsLive TVMarketPopular CategoriesCalculatorsTrending NowLet's Connect with CNBCTV 18Network 18 Group :©TV18 Broadcast Limited. All rights reserved.