The Bank of Mexico on Thursday lowered its benchmark interest rate by half of a percentage point in a split vote and left the door open for further cuts, the Wall Street Journal reported. The five-member board of governors voted 4-1 in favor of cutting the overnight interest-rate target to 8% from 8.5%. It is the bank’s fourth straight half-point reduction, and brought the rate to its lowest level in almost three years. Deputy Gov. Jonathan Heath voted to leave the rate at 8.5%. “Looking ahead, the board will assess further adjustments to the reference rate,” the central bank said.

Hundreds of abuse victims linked to a long-running insolvency case involving a Catholic archdiocese in Newfoundland and Labrador will soon be receiving more cash after a court approved the disbursement of more than $14 million raised through the sale of churches and other assets, CBC.com reported. Cheques are expected to be distributed sometime in July to nearly 360 claimants who endured abuse at the hands of Christian Brothers at the notorious Mount Cashel orphanage in St. John's, and members of the clergy and other religious orders.

The European Union is considering lowering tariffs on a range of U.S. imports in a bid to clinch a speedy trade deal with President Trump, the Wall Street Journal reported. EU leaders are set to debate how much they are willing to sacrifice to win over Trump at a meeting in Brussels on Thursday evening. Other concessions under consideration include lowering nontariff barriers, buying more American products including liquefied natural gas, and offering to cooperate with the U.S. to tackle its economic concerns about China.

Mexico's banking regulator will temporarily step in to replace the administration of two banks sanctioned by the U.S. for alleged involvement in money laundering linked to organized crime, it said on Thursday, Reuters reported. The nation's banking and securities commission said it will intervene in the operations of CIBanco and Intercam Banco to protect the banks' creditors and depositors. The move comes a day after the U.S. Treasury prohibited certain transactions with the banks, as well as brokerage firm Vector Casa de Bolsa, under new fentanyl sanctions.

The European Union plans to impose retaliatory tariffs on US imports, including on Boeing Co. (BA) aircraft, if President Donald Trump puts a baseline levy on the bloc’s goods as many expect, Bloomberg News reported. EU officials expect the US to keep some duties in place, even after trade negotiations are concluded. Until now, the European Commission, which handles trade matters for the EU, hasn’t indicated if that would trigger retaliation from the bloc.

Inflation in Canada steadied in May as drivers paid less at the pump and hefty rent increases continued to cool, though the central bank may still lack a clear enough signal to cut interest rates again, the Wall Street Journal reported. The consumer-price index rose a slightly hotter-than-anticipated 0.6% for the month to leave annual inflation unchanged at an as-expected 1.7%, a second straight month below the Bank of Canada’s 2% target, thanks in large part to the scrapping of a carbon tax in April, Statistics Canada data released Tuesday showed.

Mexico's headline inflation rose in line with expectations in the first half of June, reinforcing expectations that the central bank should continue to steadily bring down interest rates in Latin America's second-largest economy, Reuters reported. Mexican consumer prices rose 0.10% during the first half of June, data from the national statistics agency showed on Tuesday, in line with the 0.11% increase projected by economists in a Reuters poll. The closely watched core price index, which strips out some volatile food and energy prices, climbed 0.22% in early June compared to the prior month.

The U.S. bombing of Iran's nuclear sites injected fresh uncertainty into the outlook for inflation and economic activity at the start of a week chock full of new economic data and central banker commentary, Reuters reported. The downside of the attacks may be the easiest to see: the potential for a spike in energy prices, a continuation of the hesitancy that has gripped households and businesses and could crimp spending, and the possibility of a response from Iran that materializes well outside the Gulf. With the U.S.