Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between US dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea on July 7. (AP)

MANILA, Philippines, July 7, (AP): 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 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. 

Kuwait’s Finance Minister Noura Al-Fassam meets UK Secretary David Lammy.

KUWAIT CITY, July 7: Kuwait’s Minister of Finance and Minister of State for Economic and Investment Affairs, Noura Al-Fassam, met on Sunday with the UK Secretary of State for Foreign, Commonwealth, and Development Affairs, David Lammy, to discuss ways of increasing bilateral trade and advancing investment cooperation between the two nations.

According to a statement issued by the Ministry of Finance, the meeting reviewed the outcomes of the recent historic visits of His Highness the Amir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, to the United Kingdom. Both sides affirmed their commitment to further developing the strategic investment partnership between Kuwait and the UK.

As the current president of the Gulf Cooperation Council (GCC), Kuwait emphasized its intention to accelerate negotiations on a free trade agreement between the GCC and the UK. Minister Al-Fassam conveyed this position during her discussions with the British official.

Also present at the meeting was Sheikh Saud Salem Abdulaziz Al-Sabah, Managing Director of the Kuwait Investment Authority (KIA), who reiterated the Authority’s interest in reinforcing investment relations with the UK. He highlighted the Kuwait Investment Office (KIO) in London, established over 70 years ago, as a key player in managing Kuwaiti assets across various sectors, laying a solid foundation for further expansion.

Minister Lammy expressed the UK’s readiness to support Kuwait’s development goals and contribute to major infrastructure and economic projects through British investment.

The talks were also attended by Undersecretary of the Ministry of Finance Aseel Al-Mneify, Kuwait’s Ambassador to the UK Bader Al-Munayekh, and the UK’s Ambassador to Kuwait Belinda Lewis.

KUWAIT CITY, July 6: Global gold prices witnessed a significant increase at the close of the first week of July, with the price of an ounce reaching $3,337, driven by intertwined economic and political factors that pushed investors toward gold as a haven. According to a report issued on Sunday by Dar Al- Sabaek Company in Kuwait, precious metals prices reflected global movements in the local market.

The price of 24-karat gold reached KD 32.890 (about $107), 22-karat gold was priced at KD 30.150 per gram (roughly $98), and the price of one kilogram of silver remained steady at KD 407 (around $1,329). For reference, the ounce (troy ounce), also called “awqiya”, is a unit of mass used in measuring precious metals. It equals 28.349 grams in general measurement, but 31.103 grams specifically when measuring precious metals. The report explained that growing concerns over the expanding U.S. fiscal deficit played a key role in boosting gold prices. This followed the U.S. House of Representatives’ approval of a tax cut and spending expansion package proposed by President Donald Trump’s administration.

The package is expected to increase public debt by more than $3.4 trillion over the next decade, according to estimates by the Congressional Budget Office and the Joint Committee on Taxation. This development weakened the U.S. dollar’s performance, prompting investors to increase gold holdings as protection against market volatility and the reduced purchasing power of the US dollar. The report also highlighted the rising trade tensions after President Trump announced plans to issue formal notifications to several countries about new tariffs, which could potentially reach 70 percent, set to take effect in early August. This move stirred investor fears of a further deterioration in the global trade environment.

Without trade agreements by July 9, this escalation could trigger a wave of retaliatory tariffs from nearly 100 countries, according to U.S. Treasury Secretary statements. The uncertainty bolstered gold’s appeal as a hedge during this turbulent period. In addition, the U.S. dollar index dropped to 97 points against major currencies, providing extra support to gold prices. Reduced liquidity in U.S. markets due to the Independence Day holiday helped ease selling pressure during the week’s final sessions. However, positive U.S. labor market data slowed gold’s rise.

saw an addition of 147,000 jobs, and the unemployment rate fell to 4.1 percent, reducing expectations of an immediate interest rate cut by the Federal Reserve. The report also noted that 10-year U.S. Treasury yields climbed to 4.338 percent, exerting further pressure on gold prices in recent sessions. Despite the U.S. market holiday, gold remained sensitive to economic and political developments amid declining risk appetite and investor anticipation of upcoming monetary policy decisions from central banks worldwide. Markets now await the release of the minutes of the Federal Open Market Committee (FOMC) meeting, weekly U.S. jobless claims data, and monetary policy announcements from several major central banks worldwide (KUNA)