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Turkey will sell 48 fighter jets to Indonesia in the coming decade, President Recep Tayyip Erdogan said, as Ankara pushes to build its defense industry and increase exports of military hardware.

The agreement to sell the Kaan fifth-generation planes, which Turkey is still developing, is a “record-breaking” military deal for the country, Erdogan said, without disclosing financial details. It “clearly reflects the progress and capabilities of our domestic and national defense industry,” he added.

A spokesperson for Indonesia’s defense ministry didn’t immediately respond to a request for comment. President Prabowo Subianto’s office said he witnessed the signing of a memorandum of understanding on fifth-generation jet procurement, without providing further details.

Billionaire investor Paul Tudor Jones said President Donald Trump is likely to appoint an “uber dovish” Federal Reserve chair to accommodate his growth agenda, adding he thinks US Treasury Secretary Scott Bessent would be his likely pick when Jerome Powell’s term ends.

Jones, 70, said in an interview with Bloomberg Television that two people being floated for the appointment — Bessent and Kevin Warsh, a former member of the Fed Board of Governors — are “fabulous names.” But Trump’s focus on growth and loyalty makes Bessent a stand-out candidate, Jones said.

Coco Robotics, a startup that operates a fleet of cooler-sized delivery robots on wheels, has raised $80 million in funding from OpenAI Chief Executive Officer Sam Altman and other backers, a sign that automated delivery technology is advancing.

The financing, which Coco Robotics plans to announce Wednesday, was led by venture capital firm SNR, with participation from investors including Pelion Venture Partners, Offline Ventures and one of Altman’s brothers, Max.

With the new funding, Coco Robotics, whose corporate name is Cyan Robotics Inc., has raised more than $110 million to date, including a prior round that was led by OpenAI’s Altman. The company declined to provide a valuation.

Protests over immigration raids stretched into a fifth night in Los Angeles and spread to other cities, including New York, Chicago and Milwaukee, prompting clashes between police and demonstrators.

California’s Democratic Governor Gavin Newsom accused President Donald Trump of misusing his power by mobilising troops in Los Angeles and warned other states to prepare for similar unrest.

Almost 380 people have been arrested in the greater Los Angeles area since the weekend amid clashes between police and demonstrators rallying in response to increasingly aggressive raids by Immigration and Customs Enforcement agents.

Chancellor of the Exchequer Rachel Reeves vowed to renew Britain’s infrastructure and public services as she outlined three years of spending plans to build roads, railways, houses and energy projects nationwide.

“We are renewing Britain,” Reeves said in the House of Commons on Wednesday. “I know that too many people in too many parts of our country are yet to feel it. This government’s task, my task as chancellor, and the purpose of this spending review is to change that. To ensure that renewal is felt in people’s everyday lives, in their jobs, and on their high streets.”

Consumer prices rose less than expected in May as President Donald Trump’s tariffs had yet to show significant impact on inflation, the Bureau of Labour Statistics reported Wednesday.

The consumer price index, a broad-based measure of goods and services across the sprawling U.S. economy, increased 0.1% for the month, putting the annual inflation rate at 2.4%. Economists surveyed by Dow Jones had been looking for respective readings of 0.2% and 2.4%.

Excluding food and energy, core CPI came in respectively at 0.1% and 2.8%, compared to forecasts for 0.3% and 2.9%. Federal Reserve officials consider core a better measure of long-term trends, with several expressing concerns recently over the impact that tariffs would have on inflation.

Record-high purchases and a blistering rally in prices have seen gold overtake the euro as the second-largest asset in the reserves of the world’s central banks.

The share of gold in global foreign reserves at market prices reached 20% at the end of 2024, surpassing the euro at 16%, the European Central Bank said in an annual assessment of the currency’s international standing. The US dollar extended a steady decline to reach 46% of global reserves.

DayOne Data Centers Singapore Pte. secured 15 billion ringgit ($3.5 billion) of multicurrency financing to support its green data centers in Malaysia’s Johor state, according to a statement from Oversea-Chinese Banking Corporation Ltd.

OCBC and its Malaysian unit OCBC Bank (Malaysia) Bhd. acted as joint coordinators for the syndicated financing, which comprises a 7.5 billion ringgit Islamic financing and a $1.7 billion offshore term-loan facility, the bank said.

United Overseas Bank Ltd. had also served as joint coordinator for the transaction, which the bank termed as one of the largest in Southeast Asia for data center and the biggest green Islamic syndicated facility in Malaysia. The syndication involved six other banks apart from UOB, it said.

Victoria’s Secret & Co. projected profit for the current quarter that trailed Wall Street’s expectations — a hit to the fledging turnaround being led by a chief executive officer in her first year.

The lingerie retailer expects adjusted net income to be between flat and 15 cents a share. Analysts on average projected revenue of $1.4 billion and adjusted earnings of 29 cents a share. Its sales forecast met estimates.

Shares fell less than 1% in premarket trading on Wednesday. The stock had declined about 46% this year through Tuesday’s close.

The guidance shows how CEO Hillary Super’s turnaround strategy to make the retailer’s brands more appealing with younger shoppers needs more time. One way Super, who started in September, is doing that is by trying to regain the company’s authority in bras by expanding the assortment and boosting marketing.

European banks’ wait time for regulatory approvals for their shareholder payout plans is about to get shorter, as the region’s top watchdog steps up efforts to boost efficiency.

The European Central Bank is making procedures “quicker and more risk-based, including through the use of digital tools,” Supervisory Board Chair Claudia Buch said on Wednesday in Berlin. “For banks, this will mean clearer expectations, more standardised templates and faster turnaround times.”

European banks have long criticised the ECB for what they view as its cumbersome oversight, while the bloc’s politicians have recently called on regulators to ease up on lenders so they can support economic growth. That’s increased the pressure on the ECB to show how a review it kicked off in 2022 will make it more effective while not sacrificing the industry’s hard-won resilience.

Platinum extended this year’s surge to almost 40%, as the market strains under signs of tightness.

The price of platinum — used in jewelry and autocatalysts, as well as in the chemical and glass industries — rose as much as 4.6% to $1,275.45 an ounce on Wednesday. After trading largely sideways at around $1,000 for the best part of a decade, that’s taken the white metal to the highest in more than four years.

New Jersey voters have chosen Mikie Sherrill to face off against Jack Ciattarelli, pitting a moderate Democrat against a Trump-endorsed Republican in the first gubernatorial election since last year’s presidential race.

Sherrill won the Democratic primary, while Jack Ciattarelli carried the Republican contest, according to the Associated Press.

New Jersey’s race has emerged as a barometer of public sentiment since President Donald Trump made deep inroads with voters in the historically blue state, losing by a far closer margin than four years earlier. The upcoming vote in November, along with the gubernatorial race in Virginia, will help define the political contours of next year’s midterm elections.

Quantum computing stocks saw gains in premarket trading after Nvidia CEO Jensen Huang described the sector as being at an inflection point.

Shares of Quantum Computing Inc. jumped 8%, while Rigetti Computing rose 4%. Huang made the comments during his appearance at the VivaTech conference in Paris.

The European Union believes trade negotiations with the US could extend beyond President Donald Trump’s July 9 deadline, even as the speed of the talks has increased over the past week.

The EU sees reaching an agreement on the principles of a deal by July 9 as a best-case scenario, which would allow further talks to work out the details, according to people familiar with the matter. The US is expected to respond to the latest round of negotiations in the coming days and provide clarity on the next steps.

The transatlantic allies have been rushing to clinch a deal before the July deadline, when Washington will hit nearly all the bloc’s exports with a 50% tariff, likely triggering retaliation. The EU estimates that the duties adopted by Trump now cover €380 billion ($434 billion), or about 70%, of its exports to the US.

BYD Co. and Zhejiang Geely Holding Group Co. joined several of China’s government-backed automakers in a pledge to standardize bill payment for their suppliers to 60 days as authorities’ scrutiny of the industry’s health shifts to supply chain financing.

At least three carmakers, including Dongfeng Motor Group Co., Guangzhou Automobile Group Co. and China FAW Group Co. issued similar statements on Tuesday saying their payment plans are aimed at promoting efficient capital flows across supply chains in the automotive industry. That was followed by other major industry names including Chongqing Changan Automobile Co. and Great Wall Motor Co., which also vowed to conform to the 60-day payment period.

Rounding out the flurry of pledges were US-listed startup Nio Inc., XPeng Inc., Li Auto Inc. and Stellantis NV’s partner Zhejiang Leapmotor Technology Co. Domestic tech giant Xiaomi Corp., which just launched its first model last year, also agreed to the standardized period.

Marelli Holdings Co., the struggling auto parts supplier for Nissan Motor Co., Stellantis NV and other carmakers, has filed for Chapter 11 bankruptcy protection in the US as it seeks to slash its debt burden and restructure under new ownership.

About “80% of the company’s lenders have signed an agreement to support the restructuring, which will deleverage Marelli’s balance sheet and strengthen its liquidity position,” Marelli said in a statement. It added it does not expect the process to have any operational impact on its business.

Marelli has received a commitment for $1.1 billion in debtor-in-possession financing from its lenders. Upon Court approval, this amount, coupled with cash generated from the company’s ongoing operations, is “expected to provide sufficient liquidity to support the company through the Chapter 11 process,” Marelli said.

Nvidia Corp. announced a raft of projects aimed at bolstering artificial-intelligence infrastructure across Europe, including an expanded partnership with French startup Mistral AI.

Chief Executive Officer Jensen Huang made the announcements during a joint Nvidia-VivaTech event in Paris, part of a globe-trotting campaign to promote the adoption of AI and his company’s products. A data center buildout is needed in Europe to help countries there catch up in deploying the technology, he said.

The chipmaker is trying to expand the market for AI accelerators — the processors used to develop and run artificial intelligence models. Nvidia is pushing for countries to deploy technology on a national level and trying to make it easier for individual companies to get the benefits from AI.

Power prices across Europe jumped as nuclear giant Electricite de France SA reported signs of “stress corrosion” at a reactor, renewing fears that generation may be curtailed once again.

The French utility in 2022 and 2023 was forced to halt part of its atomic fleet, the backbone of western Europe’s electricity market, to fix cracked pipes. That sent energy prices soaring as the repairs coincided with dwindling Russian gas supplies to the continent.

On Tuesday, the ASNR nuclear safety authority said “hints” of corrosion had again been found on pipes at the Civaux 2 reactor in central France. That drove French year-ahead power up as much as 8.4% on Wednesday, the most in two years, according to the European Energy Exchange.

North Korea appears to have constructed a new building within its main nuclear complex, satellite imagery showed, in what could be an additional enrichment facility to ramp up the country’s ability to produce nuclear weapons.

The new structure at Yongbyon, some 100 kilometers (62 miles) north of Pyongyang, resembles an enrichment facility at Kangson, another North Korean nuclear site near the capital, the satellite image analyzed by weapons expert Jeffrey Lewis showed.

Rafael Grossi, the director general of the International Atomic Energy Agency, said in a report to the board of governors this week that the nuclear watchdog is monitoring the construction of a new building at Yongbyon “which has dimensions and features similar to the Kangson enrichment plant.”

European natural gas prices reversed a three-day slide as above-normal temperatures started covering the continent, potentially driving up fuel use for air conditioning.

Benchmark futures gained as as much as 2.2% on Wednesday. Temperatures across Europe are set to remain above average during the next two weeks, with cooling demand set to spike to its highest level since July 2022, according to data from Atmospheric G2. In London, temperatures will reach the heat wave threshold, exceeding 30C.

With the approach of peak summer temperatures, gas markets in Europe and Asia risk tightening a limited pool of global fuel supplies. Citigroup Inc. analysts see an inconclusive outlook in parts of Asia, with eastern China being potentially milder and Japan and Korea likely hotter than normal, they wrote in a note.

Tech billionaire Elon Musk on Wednesday said he regretted some of the social media posts he made last week during an explosive public dispute with his formerly close ally, US President Donald Trump.

The feud dissolved a tight partnership that had propelled Musk to spearhead the budget-slashing Department of Government Efficiency under Trump’s second administration, fuelling market concerns over the outlook for the tech tycoon’s Tesla and SpaceX businesses.

“I regret some of my posts about President @realDonaldTrump last week. They went too far,” Musk said on the X social media platform.

Marelli Holdings Co., the struggling auto parts supplier for Nissan Motor Co., Stellantis NV and other carmakers, has filed for Chapter 11 bankruptcy protection in the US as it seeks to slash its debt burden and restructure under new ownership.

About “80% of the company’s lenders have signed an agreement to support the restructuring, which will deleverage Marelli’s balance sheet and strengthen its liquidity position,” Marelli said in a statement. It added it does not expect the process to have any operational impact on its business.

Marelli has received a commitment for $1.1 billion in debtor-in-possession financing from its lenders. Upon Court approval, this amount, coupled with cash generated from the company’s ongoing operations, is “expected to provide sufficient liquidity to support the company through the Chapter 11 process,” Marelli said.

The European Union believes trade negotiations with the US could extend beyond President Donald Trump’s July 9 deadline, even as the speed of the talks has increased over the past week.

The EU sees reaching an agreement on the principles of a deal by July 9 as a best-case scenario, which would allow further talks to work out the details, according to people familiar with the matter. The US is expected to respond to the latest round of negotiations in the coming days and provide clarity on the next steps.

The transatlantic allies have been rushing to clinch a deal before the July deadline, when Washington will hit nearly all the bloc’s exports with a 50% tariff, likely triggering retaliation. The EU estimates that the duties adopted by Trump now cover €380 billion ($434 billion), or about 70%, of its exports to the US.

BYD Co. and Zhejiang Geely Holding Group Co. joined several of China’s government-backed automakers in a pledge to standardize bill payment for their suppliers to 60 days as authorities’ scrutiny of the industry’s health shifts to supply chain financing.

At least three carmakers, including Dongfeng Motor Group Co., Guangzhou Automobile Group Co. and China FAW Group Co. issued similar statements on Tuesday saying their payment plans are aimed at promoting efficient capital flows across supply chains in the automotive industry. That was followed by other major industry names including Chongqing Changan Automobile Co. and Great Wall Motor Co., which also vowed to conform to the 60-day payment period.

Rounding out the flurry of pledges were US-listed startup Nio Inc., XPeng Inc., Li Auto Inc. and Stellantis NV’s partner Zhejiang Leapmotor Technology Co. Domestic tech giant Xiaomi Corp., which just launched its first model last year, also agreed to the standardized period.

The US and China capped two days of high-stakes trade talks with a plan to revive the flow of sensitive goods — a framework now awaiting the blessing of Donald Trump and Xi Jinping.

After some 20 hours of negotiations in London, US Commerce Secretary Howard Lutnick said both sides had established a framework for implementing the Geneva consensus that last month brought down tariffs. “First we had to get sort of the negativity out,” he said. “Now we can go forward to try to do positive trade, growing trade.”

Capping a marathon round of haggling that stretched over 12 hours on Tuesday, Lutnick said the Chinese had pledged to speed up shipments of rare earth metals critical to US auto and defense firms, while Washington would ease some of its own export controls — suggesting progress was made on two of the thorniest issues in bilateral ties.

Asia-Pacific markets climbed Wednesday as trade discussions between the U.S. and China led to an agreement, representatives from both sides said.

Mainland China’s CSI 300 index advanced 0.77% higher while Hong Kong’s Hang Seng Index rose 0.9%.

Japan’s benchmark Nikkei 225 added 0.45% while the broader Topix index was flat.

In South Korea, the Kospi index advanced 0.71%, briefly nearing its highest level in 42 months earlier in the session, while the small-cap Kosdaq popped 1.71%.

There’s no longer-term advantage to being a bully on global commerce, according to European Central Bank President Christine Lagarde.

“Coercive trade policies are not a sustainable solution to today’s trade tensions,” she said Wednesday in a speech at the People’s Bank of China in Beijing.

Lagarde, who served as French trade minister early in her career, spoke just hours after the US and China agreed to a preliminary plan to ease tensions in cross-border commerce, which are near an all-time high — primarily due to President Donald Trump’s on-again-off-again tariffs.

Oil fell for a second day, as traders digested a welter of headlines on US trade policy, including an appeal court ruling that US President Donald Trump can press on with his global tariffs.

Brent fell toward $66 a barrel, while West Texas Intermediate was near $65. Trump can continue to enforce his global tariffs for now, a federal appeals court held. Elsewhere, the US and China de-escalated tensions, agreeing to a deal on how to implement a consensus reached in Geneva in earlier talks.

Crude has dropped this year as the Trump administration’s aggressive trade agenda clouded the outlook for global growth and hurt appetite for risk assets, including commodities. At the same time, OPEC+ moved to restore idled capacity at a faster than expected pace, boosting concerns about a glut later this year.

Gold edged higher even after the US and China said they had agreed on a plan to ease trade tensions during talks in London.

Bullion traded near $3,330 an ounce, and is up modestly for the week. US Commerce Secretary Howard Lutnick and China’s trade representative Li Chenggang said the two sides had agreed in principle on a framework to implement the consensus they reached in Geneva.

The detente between the world’s two biggest economies should be negative for haven assets like gold, and the lack of downward movement in bullion suggests investors are waiting for more developments.

Donald Trump can continue to enforce his global tariffs for now, a federal appeals court held in a win for the president on one of his signature economic policies.

The order Tuesday by the US Court of Appeals for the Federal Circuit extends an earlier, short-term reprieve for the administration as it presses a challenge to a lower court ruling last month that blocked the tariffs. The Justice Department had argued that US officials’ concerns about ongoing trade negotiations outweighed the economic harm claimed by the small businesses that sued.

The Washington-based court put the case on an expedited track, citing the “issues of exceptional importance” at stake, and scheduled arguments for July 31. The court didn’t offer a detailed reason for siding with the administration at this stage, indicating in the order that the government had met its burden for showing that keeping the lower court’s injunction on hold was “warranted.” No judge noted a dissent.NewsLive TVMarketPopular CategoriesCalculatorsTrending NowLet's Connect with CNBCTV 18Network 18 Group :©TV18 Broadcast Limited. All rights reserved.