logo
Global shares are mostly down as Trump's tariff deadline looms and pressure steps up

Global shares are mostly down as Trump's tariff deadline looms and pressure steps up

CTV News5 days ago
Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, July 7, 2025. (AP Photo/Ahn Young-joon)
MANILA, Philippines — Global shares mostly fell Monday as the Trump administration stepped up pressure on trading partners to quickly make new deals before a Wednesday tariff deadline, with plans for the United States to start sending letters warning countries that higher tariffs could kick in Aug. 1. In early European trading, Britain's FTSE 100 was down 0.2% to 8,809.23 while Germany's DAX added 0.3% to 23,854.32. 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 U.S. attacks on Iran.
U.S. benchmark crude was down 71 cents to $66.29 per barrel. Brent crude, the international standard, shed 41 cents to $68.39 per barrel. U.S. 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 U.S. 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.
Teresa Cerojano, The Associated Press
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

MultiBank Group Confirms $MBG Token TGE Set for July 22, 2025
MultiBank Group Confirms $MBG Token TGE Set for July 22, 2025

National Post

timean hour ago

  • National Post

MultiBank Group Confirms $MBG Token TGE Set for July 22, 2025

Article content HONG KONG — MultiBank Group, the world's largest financial derivatives institution has officially announced that the Token Generation Event (TGE) for its highly anticipated $MBG Token will take place on July 22, 2025. Article content 'This TGE marks a historic moment for MultiBank Group and the entire crypto industry. The $MBG Token isn't just another project—it's a utility asset rooted in real economics, designed to bridge traditional finance and blockchain,' said Naser Taher. Article content This milestone will mark the full activation of the $MBG Token on the blockchain, enabling holders to view and manage their balances across supported platforms. Following the token minting, users will be able to trade $MBG via the Group's regulated crypto exchange and Uniswap, the world's leading decentralized platform. The $MBG Token has garnered global attention for its rare combination of real-world utility, institutional backing, and strong deflationary mechanics. It is underpinned by $29 billion in assets across the group's 4 Pillars. and backed by $35 billion+ in daily trading volume, making it one of the most credible and substantial token launches in recent years. Article content The token is built on the strength of MultiBank Group's four-pillar ecosystem: Article content MultiBank TradFi: A CFD powerhouse that generated $362 million in revenue in 2024. MEX Exchange: A $23.7 billion institutional trading platform targeting emerging markets. RWA: A new venture to tokenize $3 billion worth of ultra-luxury real estate. Expanding into spot and derivatives crypto markets with full regulatory oversight. These pillars support a $440 million buyback and burn program, designed to sustain token demand, drive scarcity, and increase long-term value for holders. Article content 'This TGE marks a historic moment for MultiBank Group and the entire crypto industry. The $MBG Token isn't just another project—it's a utility asset rooted in real economics, designed to bridge traditional finance and blockchain,' said Naser Taher, the Chairman of MultiBank Group. Article content MultiBank Group is a global leader in financial derivatives. With over 2 million clients in 100+ countries and a daily trading volume exceeding $35 billion, it offers a broad range of brokerage and asset management services. Renowned for innovative trading solutions, robust regulatory compliance, and exceptional customer service, the Group is regulated by 17+ top-tier financial authorities across five continents. Its award-winning platforms provide up to 500:1 leverage across Forex, Metals, Shares, Commodities, Indices, and Cryptocurrencies. MultiBank Group has received over 80 international awards for trading excellence and regulatory compliance. For more information, visit MultiBank Group's website. Article content Article content Article content Article content Article content Article content

From Mumbai to the World: Ambani Wedding Sets a New Gold Standard in Cultural Diplomacy
From Mumbai to the World: Ambani Wedding Sets a New Gold Standard in Cultural Diplomacy

Globe and Mail

time2 hours ago

  • Globe and Mail

From Mumbai to the World: Ambani Wedding Sets a New Gold Standard in Cultural Diplomacy

In 2024, the marriage ceremony became India's most followed cultural event with millions of people from across the world watching the beautiful and meaningful rituals unfold on mainstream as well as social media. Mumbai, India: July 12, 2025: One year ago, India played host to a wedding that captured not only the nation's imagination but also the world's attention. The marriage of Radhika Merchant and Anant Ambani in July 2024 was more than a union of two individuals; it was a powerful assertion of India's cultural identity, spiritual depth, and global reach. In a world where weddings often lean toward the performative, the Ambani-Merchant nuptials were a conscious reassertion of meaning—where tradition, ritual, and modern diplomacy converged on an unprecedented scale. Millions around the world tuned in via mainstream and social media to witness a celebration that was simultaneously deeply intimate and globally resonant. A Sacred Commitment Beyond Ceremony At its heart, the wedding celebrated the essence of Hindu matrimonial tradition—a sacred, lifelong commitment deeply rooted in dharma (duty), family, and society. Unlike many contemporary Indian weddings, the Ambani family adhered closely to age-old Vedic customs. Every ritual was observed with precision and purpose, guided by spiritual leaders and Hindu dharmagurus. This dedication to authentic tradition not only honored ancestral heritage but also communicated a message of reverence to a global audience. In doing so, it reminded the world that Indian weddings, at their core, remain profound spiritual journeys. India's Soft Power on Full Display Set against the backdrop of India's rising global influence—in finance, technology, and geopolitics—the Ambani wedding subtly but powerfully reaffirmed the country's image as the world's spiritual and cultural nerve centre. The guest list alone made headlines. It was a veritable who's who of international politics, business, and culture—underscoring India's expanding global footprint. Notable political figures included: John Kerry (United States) Tony Blair and Boris Johnson (United Kingdom) Matteo Renzi (Italy) Sebastian Kurz (Austria) Stephen Harper (Canada) Carl Bildt (Sweden) Mohamed Nasheed (Maldives) President Samia Suluhu Hassan (Tanzania) From global boardrooms to Silicon Valley, the business world responded with equal enthusiasm: Amin Nasser (Aramco) Khaldoon Al Mubarak (Mubadala) Murray Auchincloss (bp) Shantanu Narayen (Adobe) Emma Walmsley (GSK) Jay Lee (Samsung) Igor Sechin (Rosneft) Dilhan Pillay (Temasek) Ngozi Okonjo-Iweala (WTO) Michael Klein, Lim Chow Kiat, Bader Al-Saad, and many more. Pop culture icons such as Kim Kardashian, Khloe Kardashian, and Jay Shetty added a modern flair to the otherwise spiritually charged setting. The Largest Spiritual Assembly in Wedding History One of the most remarkable aspects of the wedding was the presence of over two dozen revered spiritual leaders—an unparalleled assembly at any private celebration in recent memory. Among them: Swami Sadananda Saraswati, Shankaracharya of Dwarka Swami Avimukteshwarand Saraswati, Joshimath Gaur Gopal Das, Radhanath Swami, and Gaurang Das Prabhu from ISKCON Pujya Rameshbhai Oza, Swami Chidanand Saraswati Baba Ramdev, Swami Rambhadracharya Avdeshanand Giri, Swami Kailashanand, and Shri Devkinandan Thakurji Maharaj This gathering was symbolic of India's spiritual pluralism and the reverence still afforded to dharma, yoga, and the vedic worldview—even among today's global elite. A Grand Humanitarian Undertone Yet, perhaps the most striking quality of the wedding was its humility. True to the ethos of 'Manav Seva hi Madhav Seva' (service to humanity is service to God), the celebrations began with a mass wedding ceremony for 50 underprivileged couples. Hosted at Reliance Corporate Park, Navi Mumbai, this was a powerful reminder that even amidst opulence, compassion need not be forgotten. Additionally, the Ambani family organized a three-week-long community kitchen (bhandara), serving over 1,000 meals daily marking a rare confluence of social outreach and private festivity. Rituals Rich in Heritage The wedding included a sequence of culturally rich pre- and post-wedding ceremonies: Mosalu – A Gujarati ritual with gift-giving from the groom's maternal side. Valley of Gods – A devotional dance performance led by Nita Ambani in Jamnagar. Sangeet – A night of music and celebration, including performances by the bride's and groom's families. Grah Shanti – A Vedic puja for cosmic harmony, invoking blessings from Lord Ganesha and the nine planets. Haldi/Peethi, Bhajans, and Shiv Shakti Puja added layers of spirituality and joy. The main wedding ceremony, conducted before sacred fire and sages, brought centuries-old traditions alive in the 21st century. Multiple receptions followed, including one for the family's household staff—acknowledging every individual who contributes behind the scenes. A Living Tribute to Banaras The design and theme of the wedding day, 'An Ode to Banaras,' recreated the spiritual atmosphere of the ancient city within the ultra-modern Jio World Centre in Mumbai. From the ghats to the crafts, cuisine to chants, guests were immersed in the cultural depth of Varanasi, often referred to as India's eternal city. Adding to the immersive aura was the dress code: 'Resplendently Indian.' Guests from around the globe donned traditional Indian attire, turning the venue into a kaleidoscope of regional weaves, embroidery, and handcrafts. This sartorial celebration served as a tribute to India's artisanal brilliance. A Cultural Milestone, A Global Moment Twelve months later, the wedding of Radhika Merchant and Anant Ambani is remembered not simply as a high-profile affair, but as a pivotal moment in global cultural diplomacy—one where tradition met modernity, faith embraced futurism, and hospitality merged with humanitarianism. In a fragmented world, the Ambani wedding was a rare display of continuity, cohesion, and celebration—of India, of culture, and of humanity. Media Contact Company Name: BeingPurpose Contact Person: Ravish Email: Send Email Country: India Website:

Southern Albertans still wrapping heads around latest tariff threat
Southern Albertans still wrapping heads around latest tariff threat

CTV News

time8 hours ago

  • CTV News

Southern Albertans still wrapping heads around latest tariff threat

The United States is again threatening Canada with tariffs. It's unclear what impact this latest trade-war turn might have on southern Alberta. United States President Donald Trump has threatened to slap Canada with a 35 per cent tariff starting Aug. 1. That moves back a deadline of July 21 that was set during the G7 Leaders' Summit to hammer out a new trade deal. Southern Albertans are still wrapping their heads around what this might mean for the region. 'About 90 per cent of Lethbridge is manufacturing products that are exported to the United States, so obviously, any tariff is a huge concern,' said Trevor Lewington, Economic Development Lethbridge CEO. It's the latest wrinkle in a tumultuous trade war between the two countries. The tariffs would only impact goods that aren't compliant with the Canada-United States-Mexico Agreement. Some see the new tariffs as nothing more than a negotiation tactic. 'I hope that this is just a negotiating tactic, very similar to Trump's sort of historical style, and, you know, hopefully the Canadian government will be able to move through this and come to an agreement with them,' said Lewington. The United States is again threatening Canada with tariffs. It's unclear what impact this latest trade-war turn might have on southern Alberta. The United States is again threatening Canada with tariffs. It's unclear what impact this latest trade-war turn might have on southern Alberta. The agriculture industry isn't sounding the alarm just yet. Many producers have grown accustomed to the back-and-forth tariffs and won't be concerned until any additional tariffs are actually put in place. 'Well, it raises that kind of threat of instability within our industry again—something similar to what happened last November … although I think people aren't panicking quite as bad as they did at that point in time,' said Lynn Jacobson, Alberta Federation of Agriculture president. Premier Danielle Smith has spoken out against the latest tariff announcement. In a statement posted online, the premier said, 'The threatened increase to U.S. tariffs on Canadian goods would be a tax on the American people. They would also hurt Canadian and American businesses and workers, and damage one of the most important trading and security alliances on earth.' Energy and potash tariffs are expected to stay at 10 per cent.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store