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According to a report by Morningstar, the potential impact of U.S. President Donald Trump's proposed tariffs on pharmaceuticals and efforts to reduce drug prices is expected to be manageable for major U.S. and European drugmakers. The analysis suggests that while companies may face higher long-term taxes and costs associated with relocating manufacturing to the U.S., the immediate risk from price reductions is "exceedingly low." The report estimates that an initial 15% tariff on pharmaceuticals could peak at about 4% of core profit for the companies examined, after mitigation strategies are implemented.

 

Reuters

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Boeing Defense and the International Association of Machinists and Aerospace Workers have reached a tentative deal to end a five-week-long strike in the St. Louis area, according to officials at the machinists union who said a vote on Boeing's five-year contract offer is scheduled for Friday. “We’ve found a path forward on a five-year contract offer that grows wages by 45% on average," Boeing Defense Vice President Dan Gillian said. "It remains the best deal we’ve ever offered to IAM 837, and we encourage our team to vote yes so we can get back to work building amazing products for our customers.”

 

Reuters

The Supreme Court agreed Tuesday to hear a case on the legality of President Donald Trump's slate of global tariffs in early November, with a ruling potentially coming before the end of the year. The justices took up the Justice Department's appeal of a lower court's ruling that Trump overstepped his authority in imposing most of his tariffs under a federal law meant for emergencies. That ruling stemmed from two challenges: one brought by five small businesses that import goods, including a New York wine and spirits importer and a Pennsylvania-based sport fishing retailer, and the other filed by 12 U.S. states - Arizona, Colorado, Connecticut, Delaware, Illinois, Maine, Minnesota, Nevada, New Mexico, New York, Oregon and Vermont. The Supreme Court also agreed to hear a separate challenge to Trump's tariffs brought by a family-owned toy company, Learning Resources.

 

CNN

Politico

Reuters

Wall Street Journal

The Labor Department's Producer Price Index (PPI) for final demand, which measures input costs across a broad array of goods and services, dropped 0.1% in August from July, its first drop in four months. On an annual basis, it was up 2.6%. Goods prices excluding food and energy rose 0.3%. Services costs fell 0.2%. Within services, margins at wholesalers and retailers fell 1.7%, matching the biggest drop in data going back to 2009. The release comes a week ahead of the Federal Reserve's release of its decision on the key overnight borrowing rate, and is considered by some to increase the pressure for a decrease. Separately, the Commerce Department reported Tuesday that U.S. wholesale inventories edged up 0.1% in July, instead of rising 0.2% as estimated last month. Economists polled by Reuters had expected last month's estimate would be unrevised. Sales at wholesalers jumped 1.4% in July after rising 0.7% in June. At July's sales pace it would take wholesalers 1.28 months to clear shelves, down from 1.29 months in June. 

 

Bloomberg

CNBC

Reuters

The nonpartisan Congressional Budget Office (CBO) reported Wednesday that U.S. population growth will significantly decelerate over the coming decades, due to factors such as declines in fertility rates and net immigration. It found that by 2035, there will be 320,000 fewer people in the U.S. subject to Social Security and 280,000 fewer people in the noninstitutionalized population, the group of U.S. people who aren’t in prison, the military or in long-term medical care. The CBO also estimates that 50,000 immigrants on average will be detained each day between 2026 and 2029 due to heightened border security, restricted access to asylum designations, the revocation of temporary deportation protections, and increased US Immigration and Customs Enforcement arrests and deportations.

 

The Hill

Bloomberg

Wall Street Journal

At its 2025 Investor Day on Wednesday, Tapestry said that it expects to fully mitigate the impact of current U.S. tariffs by fiscal year 2028. Last month, the firm said that tariffs are set to cost it around $160m in fiscal 2026. "We have a number of actions over time that will even make bigger impacts against those tariff costs . . . So we have great confidence in our ability to grow gross margins, even with the impact of tariffs", said chief executive Joanne Crevoiserat. Tapestry forecast full-year revenue to increase by mid-single digits in fiscal 2027 and fiscal 2028, and adjusted profit per share to grow by low double-digits each year.

 

Nasdaq

Reuters

Chicago-based sandwich shop chain Potbelly is set to be acquired by RaceTrac for $566m in an all-cash deal, making it a private company once again. Founded in 1977, Potbelly operates over 445 locations and aims to reach 2,000. RaceTrac, which operates more than 800 convenience stores, plans to close the transaction in the fourth quarter, pending regulatory approvals. This acquisition follows a challenging period for Potbelly during the pandemic, but the company has recently returned to profitability, having reported adjusted earnings of 30 cents per share in 2024, compared with 15 cents per share the year prior. 

 

Chicago Sun Times

Chicago Tribune

Wall Street Journal

Deloitte's 2025 holiday retail sales forecast predicts retail sales will increase by 2.9%-3.4%, totalling $1.61tn-$1.62tn. This growth is attributed to rising disposable income and resilient consumers, contributing an additional $40-$45bn in spending. However, this forecast is lower than last year's 4.2% increase. Akrur Barua, an economist at Deloitte, noted that steady income growth can mitigate economic uncertainties. E-commerce sales are expected to rise by 7%-9%, reaching $305bn-$310.7bn. Brian McCarthy from Deloitte emphasised the need for retailers to adapt their strategies in response to changing consumer behavior.

 

Forbes

The Office of the Comptroller of the Currency (OCC), the primary regulator for the largest banks in the U.S., is to issue new guidelines to discourage banks from cutting off, or "debanking," customers on political and religious grounds. Comptroller of the Currency Jonathan Gould said he wanted to stop the "weaponization" of the financial system. "Individuals may have been targeted and surveilled based on where they shop or what they believe in and, in some cases, unlawfully debanked," Gould said.

 

Reuters

U.S. regulators have targeted professional services firms alleged to have ties to suspected Chinese “pump and dump” scams as part of a fresh crackdown on cross-border fraud, the Financial Times reports.

 

Financial Times

Microsoft is to require its employees to work from the office at least three days a week beginning next year. The company said the new mandate will go into effect in Puget Sound, which includes its headquarters outside of Seattle, starting in February. It will then expand to other U.S. locations before moving to international offices. “As we build the AI products that will define this era, we need the kind of energy and momentum that comes from smart people working side by side, solving challenging problems together,” Amy Coleman, Microsoft’s human resources chief, wrote in a memo. CNBC notes that Microsoft has held several rounds of layoffs this year, but Coleman wrote that “this update is not about reducing headcount,” and instead is “about working together in a way that enables us to meet our customers’ needs.”

 

CNBC

Reuters

Walmart has said it will launch its first Walmart-branded stores in South Africa this year, expanding its presence in the country where it already owns local retail group Massmart. The South African Walmart stores will offer a wide range of merchandise, fresh groceries, household essentials, apparel and technology products, said president and chief executive Kath McLay, who added: "Walmart will also offer a variety of locally sourced products. By partnering with South African suppliers and entrepreneurs, we aim to bring our signature every day low prices and global standards to the market while celebrating the country's rich culture". Several sites are under development, with official opening dates to be announced next month.

 

Business Insider Africa

Reuters

Zawya

Novo Nordisk, the maker of weight-loss drug Wegovy, is to cut 9,000 jobs, or about 11.5% of its workforce, in a restructuring that aims to save 8bn Danish crowns ($1.26bn) annually. "Novo Nordisk today announced a company-wide transformation to simplify its organisation, improve the speed of decision-making, and reallocate resources towards the company's growth opportunities in diabetes and obesity," the company said. Novo, which has 78,400 roles globally, said about 5,000 of the job cuts will be in its native Denmark.

 

Reuters

7-Eleven Japan has launched a trial of worker robots in a Tokyo convenience store to address labour shortages. The robots will handle tasks like stocking drinks and cleaning floors. The initiative aims to support store operators facing rising wage costs. Additionally, the store has implemented a remote service screen to reduce cashier workloads during late-night shifts. The company believes by using robots it will be able to cut 20%-30% of daily in-store tasks.

 

NHK