World shares mostly down as Trump's tariff deadline looms, while US stocks set records
World shares mostly fell on Friday even as U.S. stocks climbed further into record heights as the clock ticks on President Donald Trump's July 9 tariff deadline.
In early trading in Europe, Germany's DAX shed 0.8% to 23,730.61, while the CAC 40 in Paris fell 1.1% to 7,666.91. Britain's FTSE 100 was down 0.4% to 8,790.21. The futures for S&P 500 and Dow Jones Industrial average were both 0.5% lower.
In Asia, Japan's Nikkei 225 recovered early losses, gaining 0.1% to 39,810.88, while South Korea's KOSPI index was fell 2% to 3,054.28.
Hong Kong's Hang Seng index lost 0.6% to 23,916.06 while the Shanghai Composite index added 0.3% to 3,472.32.
Australia's S&P/ASX 200 rose 0.1% to 8,603.00 while India's Sensex index shed 0.1% to 83,148.45.
"Asian markets slipped into Friday like someone entering a dark alley with one eye over their shoulder — because while US equities danced higher on a sweet spotted post-payroll sugar rush, the mood in Asia was far less celebratory," Stephen Innes, managing partner at SPI Asset Management, wrote in a commentary.
"The reason? That familiar, twitchy unease every time Trump gets near the tariff trigger," he added.
Mizuho Bank Ltd. said countries may be receiving letters from Trump stating tariff levels as early as Friday. Countries will have to brace for volatility, it said.
On Thursday, after a report showed a U.S. job market 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%.
Many of Trump's stiff proposed taxes on imports are currently on pause, but they're scheduled to kick in next week unless Trump reaches deals with other countries to lower them.
Elsewhere Friday, U.S. benchmark crude was down 45 cents to $66.55 per barrel. Brent crude, the international standard, shed 53 cents to $68.27 per barrel.
The U.S. dollar slid to 144.34 Japanese yen from 144.92 yen. The euro edged higher to $1.1773 from $1.1761.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
MTV Lebanon
8 hours ago
- MTV Lebanon
Trump, Zelenskiy Discuss Weapons and Escalating Russian Strikes
Ukrainian President Volodymyr Zelenskiy said he discussed air defences in a conversation with U.S. President Donald Trump on Friday, and agreed to work on increasing Kyiv's capability to "defend the sky" as Russian attacks escalate. He added in his account on Telegram that he discussed joint defence production, as well as joint purchases and investments with the U.S. leader. Ukraine has been asking Washington to sell it more Patriot missiles and systems that it sees as key to defending its cities from intensifying Russian air strikes. A decision by Washington to halt some shipments of weapons to Ukraine prompted warnings by Kyiv that the move would weaken its ability to defend against Russia's airstrikes and battlefield advances. Germany said it is in talks on buying Patriot air defence systems to bridge the gap. The conversation came a day after Trump said he had a disappointing call with Russian President Vladimir Putin. Russia pummelled Kyiv with the largest drone attack of the war across the capital, hours after Trump's conversation with Putin on Thursday. Zelenskiy called the attack "deliberately massive and cynical." Trump spoke with German Chancellor Friedrich Merz on Thursday, according to Spiegel magazine, citing government sources. The two leaders discussed the situation in Ukraine, including strengthening its air defences, as well as trade issues, Spiegel reported on Friday.
Nahar Net
10 hours ago
- Nahar Net
China imposes anti-dumping duties on European brandy as trade tensions rise
by Naharnet Newsdesk 6 hours China on Friday imposed anti-dumping duties on European brandy, most notably cognac produced in France, as trade tensions between Beijing and United States allies continue to rise. The tariffs, effective on Saturday, will range from 27.7% to 34.9%, China's Commerce Ministry said. They are to be in place for five years and will not be applied retroactively. The announcement came during a European visit by Chinese Foreign Minister Wang Yi aimed at ironing out trade differences. Wang was set to visit Paris after stops in Brussels and Berlin. The anti-dumping duties are the result of a probe China launched last year into European cognac, after the European Union undertook a probe into Chinese electric vehicles subsidies. "The investigative authority finally ruled that the dumping of related imported brandy from the EU has existed," read a statement by China's Commerce Ministry. "The domestic brandy industry faces a material threat of damage, and there is a causal relationship between the dumping and the substantial damage threat." Besides cognac, China has also launched investigations into European pork and dairy products. The brandy probe was the first and targeted mainly French makers of cognac and similar spirits such as Armagnac. China initially announced provisional tariffs of 30.6% to 39% on French cognac producer Remy Martin and other European brandies after a majority of E.U. countries approved duties on electric vehicles made in China. Wang was set to meet his French counterpart, Jean-Noël Barrot, later Friday in Paris. His European tour comes ahead of a China-EU summit to be focused on trade later this month in Beijing.
Nahar Net
10 hours ago
- Nahar Net
World shares mostly down as Trump's tariff deadline looms, while US stocks set records
by Naharnet Newsdesk 6 hours World shares mostly fell on Friday even as U.S. stocks climbed further into record heights as the clock ticks on President Donald Trump's July 9 tariff deadline. In early trading in Europe, Germany's DAX shed 0.8% to 23,730.61, while the CAC 40 in Paris fell 1.1% to 7,666.91. Britain's FTSE 100 was down 0.4% to 8,790.21. The futures for S&P 500 and Dow Jones Industrial average were both 0.5% lower. In Asia, Japan's Nikkei 225 recovered early losses, gaining 0.1% to 39,810.88, while South Korea's KOSPI index was fell 2% to 3,054.28. Hong Kong's Hang Seng index lost 0.6% to 23,916.06 while the Shanghai Composite index added 0.3% to 3,472.32. Australia's S&P/ASX 200 rose 0.1% to 8,603.00 while India's Sensex index shed 0.1% to 83,148.45. "Asian markets slipped into Friday like someone entering a dark alley with one eye over their shoulder — because while US equities danced higher on a sweet spotted post-payroll sugar rush, the mood in Asia was far less celebratory," Stephen Innes, managing partner at SPI Asset Management, wrote in a commentary. "The reason? That familiar, twitchy unease every time Trump gets near the tariff trigger," he added. Mizuho Bank Ltd. said countries may be receiving letters from Trump stating tariff levels as early as Friday. Countries will have to brace for volatility, it said. On Thursday, after a report showed a U.S. job market 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%. Many of Trump's stiff proposed taxes on imports are currently on pause, but they're scheduled to kick in next week unless Trump reaches deals with other countries to lower them. Elsewhere Friday, U.S. benchmark crude was down 45 cents to $66.55 per barrel. Brent crude, the international standard, shed 53 cents to $68.27 per barrel. The U.S. dollar slid to 144.34 Japanese yen from 144.92 yen. The euro edged higher to $1.1773 from $1.1761.
