Federal Reserve’s preferred inflation gauge shows price pressures eased last month. An inflation gauge that is closely watched by the Federal Reserve barely rose last month in a sign that price pressures cooled after two months of sharp gains. (AP) 

Biden ratchets up AI chip war with China. The Biden administration is readying dramatic last-minute steps to preserve a crucial advantage in its AI arms race with China: supply of the world’s most advanced chips. (Axios) 

US economy grows at 3.1% pace in third quarter, an upgrade from previous estimate. The American economy grew at a healthy 3.1% annual clip from July through September, propelled by vigorous consumer spending and an uptick in exports, the government said in an upgrade to its previous estimate. (AP) 

Bank of England warns of ‘heightened uncertainty’ as it keeps interest rates on hold. The U.K.’s central bank warned Thursday of “heightened uncertainty” as it kept interest rates on hold after inflation moved further above target, even at a time when the British economy is flatlining at best. (AP) 

China retail sales slow as consumers hold back, while home prices fall. Chinese retail sales slowed in November and housing prices fell, the government said Monday, with demand still lackluster despite a flurry of stimulus measures over the past few months. (AP) 

Top State Dept. official to visit Syria in sign of US reengagement. This will be the first visit by a State Department official to Syria in many years. The visit is part of a resumption of U.S. diplomatic engagement with the transitional government in Syria after the toppling of the Assad regime. (Axios) 

Trump threatens tariffs if EU doesn’t buy more oil and gas from US. EU spokesman says 27-nation bloc, which already buys most US oil and gas exports, open to talks with president-elect. (Al Jazeera) 

Russia holds interest rates at 21% amid inflation. Russia’s central bank has announced the decision to maintain the benchmark interest rate at 21 percent, resisting pressure for further increases despite surging inflation. (Newsweek) 

An inflation gauge tracked by the Bank of Japan just jumped to a seven-month high. An inflation gauge in Japan that is closely watched by the Bank of Japan (BOJ) came in at a seven-month high in November, which could prompt the central bank to raise rates early next year. (CNBC) 

Ocean carriers plan Panama Canal surcharges. MSC and CMA CGM will implement fees for cargo traveling through the major waterway on certain trade lanes to offset increased costs. (Supply Chain Dive) 

Malaysian inflation likely to hit lower end of target range in 2025, Minister says. Consumer price inflation has hovered around the 2% mark since mid-2023. (WSJ) 

Singapore’s low inflation not enough for a January easing, analysts say. Slowing inflation has created room for Singapore’s central bank to ease monetary policy in January but it may wait until later in 2025 so it can assess incoming U.S. President Donald Trump’s policies, analysts said ahead of key data next week. (Reuters)