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.

Foreign Minister and Chairman of the Board of Directors of the Kuwait Fund for Arab Economic Development, Abdullah Al-Yahya, and UK Minister of State for Foreign, Commonwealth and Development Affairs, David Lammy, during the signing of the two memoranda of understanding.

KUWAIT CITY, July 6: The Kuwait Fund for Arab Economic Development (KFAED) and the United Kingdom’s Foreign, Commonwealth & Development Office (FCDO) have signed two Memorandums of Understanding (MoUs) to provide joint emergency humanitarian assistance to conflict-affected communities in the Republic of Sudan and the Federal Republic of Somalia. The signing ceremony took place at the Ministry of Foreign Affairs in Kuwait.

The MoUs were signed by H.E. Mr. Abdullah Ali Al-Yahya, Arab Economic Minister of Foreign Affairs and Chairman of the Board of Directors of the Kuwait Fund for Arab Economic Development, on behalf of the Kuwait Fund, and by H.E. Mr. David Lammy, Secretary of State for Foreign, Commonwealth and Development Affairs, on behalf of the UK Foreign, Commonwealth & Development Office.

Under this renewed partnership, the Kuwait Fund and the UK FCDO will jointly contribute USD 10 million (USD 5 million from each side) to support UNICEF’s humanitarian operations in Sudan. The grant will help sustain critical services in healthcare, nutrition, water and sanitation, and child protection – ensuring continuity of life-saving interventions for vulnerable populations.

In addition, both parties will provide a further USD 5 million (USD 2.5 million from each) to support a joint project with the International Committee of the Red Cross (ICRC) in Somalia, aimed at restoring essential services in marginalized and conflict-affected areas. Acting Director General of the Kuwait Fund for Arab Economic Development, Mr. Waleed Shamlan Al-Bahar, affirmed that the MoUs reflect the Fund’s commitment to strengthening international partnerships across humanitarian, development, and peacebuilding sectors.

He noted that cooperation with the UK will facilitate knowledge exchange and enable coordinated action to assist the most vulnerable, thereby enhancing the impact of humanitarian efforts in Sudan and Somalia and reinforcing Kuwait’s leadership in global humanitarian response. Commenting on the partnership, Mr. Mamadou Sow, Head of the ICRC’s Regional Delegation to the Gulf Cooperation Council, said: “Today’s partnership with the Kuwait Fund and the UK’s FCDO reflects a united commitment to humanity.

This grant is not just financial support—it’s a clear message that the lives of people in Somalia matter. Together, we are helping restore essential services in communities too often left behind. It’s a testament to Kuwait’s enduring humanitarian leadership and the UK’s steadfast role in advancing global solidarity.” The signed MoUs build on a cooperation framework established in February 2020 between the Kuwait Fund for Arab Economic Development and the United Kingdom’s former Department for International Development, reflecting a sustained commitment to coordinated humanitarian efforts that support refugees, displaced populations, and crisis affected communities worldwide.