Global shares mostly down as Trump's tariff deadline looms and pressure steps up
In Paris, the CAC 40 edged down 0.1% to 7,688.34. Japan's Nikkei 225 shed 0.6% to 39,587. 68 while Hong Kong's Hang Seng index edged down 0.1% to 23,887.83. South Korea's KOSPI index rose 0.2% to 3,059.47 while the Shanghai Composite Index edged 0.1% higher to 3,473.13. Australia's S&P ASX 200 fell 0.2% to 8,589.30.
Oil prices also fell after OPEC+ agreed on Saturday to raise production in August by 548,000 barrels per day, accelerating output increases since oil prices jumped, then retreated, in the aftermath of Israel and US attacks on Iran. US benchmark crude was down 71 cents to $66.29 per barrel. Brent crude, the international standard, shed 41 cents to $68.39 per barrel.
US shares were set to drift lower with S&P 500 futures declining 0.4% to 6,295.50 and Dow futures down 0.2% at 45,012. "We expect markets to be volatile into the 9-July deadline when the 90-day pause on President Trump's reciprocal tariffs expires for non-China trading partners,' the Nomura Group wrote in a commentary. It said the near-term outlook will likely hinge on several key factors like the extent to which trading partners are included in Trump letters, the rate of tariffs, and the effective date of such tariffs.
A more distant implementation date might leave scope for some last-minute trade negotiations and maintain market optimism for potential resolutions or extensions, it added. "With the July 9 tariff deadline fast approaching, all eyes are trained on Washington, scanning for signs of escalation or retreat. The path forward isn't clear, but the terrain is littered with risk," Stephen Innes, managing partner at SPI Asset Management said in a commentary.
On Thursday, a report showed the US job market performed stronger than Wall Street expected. The S&P 500 rose 0.8% and set an all-time high for the fourth time in five days. The Dow Jones Industrial Average added 344 points, or 0.8%, and the Nasdaq composite gained 1%. In other dealings Monday, the U.S. dollar rose to 145.18 Japanese yen from 144.44 yen. The euro edged lower to $1.1734 from $1.1779.
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Kuwait Times
3 hours ago
- Kuwait Times
US signals trade announcements in 48 hours
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Kuwait Times
3 hours ago
- Kuwait Times
BRICS nations voice ‘serious concerns' over Trump tariffs
Xi skips summit • Bloc's finance ministers make unified proposal for IMF reforms RIO DE JANEIRO: BRICS leaders meeting in Rio de Janeiro on Sunday were poised to decry US President Donald Trump's 'indiscriminate' trade tariffs, saying they are illegal and risk hurting the global economy. Emerging nations, which represent about half the world's population and 40 percent of global economic output, have united over 'serious concerns' about US import tariffs, according to a draft summit statement obtained by AFP on Saturday. Since coming to office in January, Trump has threatened allies and rivals alike with a slew of punitive duties. His latest salvo comes in the form of letters informing trading partners of new tariff rates that will soon enter into force. The draft summit declaration does not mention the United States or its president by name, and could yet be amended by leaders gathering for talks Sunday and Monday. But it is a clear political shot directed at Washington from 11 emerging nations, including Brazil, Russia, India, China and South Africa. 'We voice serious concerns about the rise of unilateral tariff and non-tariff measures which distort trade and are inconsistent with WTO (World Trade Organization) rules,' the draft text says. It warns that such measures 'threaten to further reduce global trade' and are 'affecting the prospects for global economic development.' Conceived two decades ago as a forum for fast-growing economies, the BRICS have come to be seen as a Chinese-driven counterbalance to Western power. Finance ministers from the BRICS group of developing nations called on Saturday for reform of the International Monetary Fund, including a new distribution of voting rights and an end to the tradition of European management at the helm. 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Xi recently hosted Lula in Beijing,' said Ryan Hass, a former China director at the US National Security Council who is now with the Brookings Institution think tank. The Chinese leader will not be the only notable absentee. War crime-indicted Russian President Vladimir Putin is also opting to stay away, but will participate via video link, according to the Kremlin. Hass said Putin's non-attendance and the fact that Indian Prime Minister Narendra Modi will be a guest of honor in Brazil could also be factors in Xi's absence. 'Xi does not want to appear upstaged by Modi,' who will receive a state lunch, he said. 'I expect Xi's decision to delegate attendance to Premier Li (Qiang) rests amidst these factors.' Still, the Xi no-show is a blow to host President Luiz Inacio Lula da Silva, who wants Brazil to play a bigger role on the world stage. 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Arab Times
6 hours ago
- Arab Times
A reignited Trump-Musk feud burns Tesla investors, shares of EV company tumble 8%
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