Food companies are slowing price hikes and dangling discounts to reverse waning appetite for their products. The WSJ’s Jesse Newman and Heather Haddon report that big food manufacturers are reining in prices and pushing deals to lure back customers fed up with inflation. The moves are intended to spur sales. That would be a welcome development for trucking companies that are suffering through a slump in freight demand that has lasted more than two years and that are hungry for grocery store business. Comparable sales for companies like ketchup maker Kraft Heinz have struggled as inflation-fatigued consumers recoil against high grocery prices. Now, Kraft and peers like Mondelez International are increasing investments in coupons and rolling out products like smaller, less-expensive packs of goods such as Oreos, Chips Ahoy and Ritz crackers. If consumers bite, it should feed into more goods being moved.

• Schneider National posted a steep drop in profit as revenue declined from the prior year. (MarketWatch)
• Less-than-truckload carrier XPO's second-quarter earnings more than quadrupled on stronger volumes. (Dow Jones Newswires)

Factories in Asia are pumping out mixed signals for the global economy. New orders rose in India and in Southeast Asia in July to a 15-month high, according to S&P Global’s purchasing managers index. But the WSJ’s Fabiana Negrin Ochoa and Rthvika Suvarna write there are warning signs as input prices and labor costs in the region grow at their fastest pace in 11 years and as factory activity in China and Japan fell into contraction. Even thriving countries face challenges. Taiwan is reporting mounting order backlogs. South Korean companies say average lead times are growing because of ocean shipping congestion caused by Suez Canal diversions. Economists say higher inflation in some Asian countries could push back the timing of interest-rate cuts. That could prolong the slump in consumer spending that is weighing on U.S. businesses such as consumer products companies and automakers.

• Toyota Motor reported a rise in its first-quarter net profit, driven by stronger sales of hybrid vehicles. (WSJ)
   

The Bank of England cut its key interest rate for the first time in over four years. (WSJ)

Sales of new homes at China’s largest property developers declined at a faster pace from June to July. (WSJ)

ArcelorMittal trimmed its outlook for global steel consumption. (WSJ)

Shell's profit roughly halved in the most recent quarter. (WSJ)

Amazon's sales rose last quarter, driven by growth in its cloud computing unit. (WSJ)

A.P. Moeller-Maersk raised its guidance for the third time amid Red Sea disruptions and strong shipping demand. (WSJ)

BAE Systems raised guidance for the year after posting a surge in sales. (WSJ)

Spirit Airlines is furloughing hundreds of pilots. (WSJ)

Intel plans to lay off thousands of employees this year as part of a cost-saving drive. (WSJ)

Volkswagen Group is planning more cost cuts after profitability came in below the carmaker’s expectations. (WSJ)

Norfolk Southern plans to invest more than $200 million in a key rail line in Alabama. (Dow Jones Newswires)

The Panama Canal is looking to resume normal transit levels in the coming months. (Journal of Commerce)

Teekay Tankers profit slid in the second quarter on lower spot market rates and a smaller fleet size. (TradeWinds)

A developer dropped a bid to build more than 2 million square feet of warehouses in Roxbury, N.J. (Gothamist)

Paul Page is editor of WSJ Logistics Report. Reach him at paul.page@wsj.com.

Follow the WSJ Logistics Report team: @PaulPage, @bylizyoung and @pdberger. Follow the WSJ Logistics Report on X at @WSJLogistics.