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

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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. 

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Kuwait’s Jaza offshore gas discovery marks milestone in national energy expansion

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Kuwait’s Jaza offshore gas discovery marks milestone in national energy expansion

Jaza gas field yields record vertical well output, boosting Kuwait’s energy prospects.

KUWAIT CITY, Oct. 14: Kuwait Oil Company (KOC), a subsidiary of Kuwait Petroleum Corporation (KPC), announced a significant new natural gas discovery in the Jaza offshore field, marking a historic milestone for the country’s offshore energy sector. The discovery recorded the highest production rate from a vertical well in Kuwait’s history, drawing from the Minagish formation.

During a meeting at Bayan Palace on Monday, His Highness the Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah received Minister of Oil and KPC Chairman Dr. Tareq Sulaiman Al-Roumi, KPC CEO Sheikh Nawaf Saud Al-Nasser Al-Sabah, and KOC CEO Ahmad Jaber Al-Aidan. The delegation briefed His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah on the new offshore find, which underscores Kuwait’s expanding hydrocarbon resources and offshore exploration capabilities.

Initial tests from the Jaza-1 well demonstrated exceptional production exceeding 29 million standard cubic feet of gas per day and over 5,000 barrels of condensate daily. Notably low carbon dioxide levels characterize the reservoir and are free from hydrogen sulfide and associated water, distinguishing it as an environmentally and technically rare discovery that lowers processing costs and accelerates integration into Kuwait’s domestic energy network.

The preliminary field area spans approximately 40 square kilometers, with estimated reserves of about 1 trillion cubic feet of gas and over 120 million barrels of condensate, equivalent to roughly 350 million barrels of oil. These figures are subject to increase with further exploration of adjacent reservoirs.

Dr. Tareq Al-Roumi highlighted that the discovery represents a strategic milestone aligned with KPC and KOC’s Vision 2040 to enhance national energy security and increase production capacity. He noted ongoing efforts to expedite the development of this and other offshore fields, which are expected to drive economic growth and create employment opportunities for Kuwaiti nationals.

Sheikh Nawaf Saud Al-Nasser Al-Sabah expressed pride in the achievement, emphasizing the technical expertise and professionalism of Kuwaiti teams operating in unprecedented offshore territories. He also noted that these discoveries affirm the high environmental quality of Kuwait’s petroleum, reflecting the country’s commitment to a sustainable energy future with low emissions.

Ahmad Al-Aidan praised the dedication and innovation of KOC’s workforce, stating that these accomplishments result from teamwork and excellence, and reaffirmed the company’s commitment to advancing development and industry leadership.

The Jaza discovery builds on a series of recent offshore successes, including the Al-Nokhatha field, discovered in July 2024, and the Al-Julai’ah field, discovered in January 2025. Together, these findings demonstrate Kuwait’s growing offshore exploration capabilities as the country seeks to boost non-associated gas production and reduce dependence on LNG imports during the summer months.

Kuwait has been reopening its offshore frontier in recent years as part of a broader strategy to increase energy self-sufficiency and optimize crude exports. With current oil production capacity reaching 3.2 million barrels per day—the highest in over a decade—Kuwait is positioned to leverage these new gas discoveries to diversify fuel sources for power generation and petrochemical feedstocks.

KOC confirmed that the initial estimates for Jaza are preliminary and may rise with ongoing appraisal of nearby prospects, signaling promising potential for Kuwait’s offshore energy sector going forward.

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Asian shares mixed and US futures little changed after Wall St rally

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Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between US dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea on Oct 14. (AP)

TOKYO, Oct 14, (AP): Asian shares were trading mixed on Tuesday after a rally on Wall Street spurred by U.S. President Donald Trump’s reassurances over relations with China. Japan’s benchmark Nikkei 225 slipped 1.4% to 47,419.87, as trading resumed following a national holiday Monday. In Hong Kong, the Hang Seng lost 0.4% to 25,788.44, while the Shanghai Composite edged up 0.2% to 3,897.56. “Don’t worry about China,” Trump said on his social media platform Sunday.

He also said that China’s leader, Xi Jinping, “doesn’t want Depression for his country, and neither do I. The U.S.A. wants to help China, not hurt it!!!” On Friday, the S&P 500 tumbled to its worst drop since April after he accused China of ” a moral disgrace in dealing with other Nations.” He also threatened much higher tariffs on Chinese goods.

Still, the status of trade talks between the two biggest economies remains unclear. Despite harsh rhetoric and fresh retaliatory moves on tariffs and export controls, Trump said he still may meet with Chinese leader Xi Jinping later this month on the sidelines of a regional summit. Australia’s S&P/ASX 200 edged 0.1% lower to 8,876.20. South Korea’s Kospi gained 0.6% to 3,605.10. The S&P 500 jumped 1.6% in its best day since May, closing at 6,654.72.

It recovered just over half its drop from Friday. The Dow Jones Industrial Average climbed 1.3% to 46,067.68, and the Nasdaq composite leaped 2.2% to 22,694.61. The down-and-up moves for the market echoed its manic swings during April, when Trump shocked investors with his “Liberation Day” announcement of worldwide tariffs.

He eventually relented on many to give time to negotiate trade deals. “After the sharp lurch in US equities on Friday – the worst since the “Liberation Day” tariff shock – markets have delivered a relief rebound – arguably regaining confidence even,” Mizuho Bank said in a commentary. Trump’s wavering on tariffs has helped stocks soar since April.

So have expectations for several cuts to interest rates by the Federal Reserve to help the economy. Critics say the market now looks too expensive now after prices rose much faster than corporate profits. Worries are particularly high about companies in the artificial-intelligence industry, where pessimists hear echoes of the 2000 dot-com bubble that imploded. 

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CAPT sets Oct 27 for price talks on Jaber Al-Ahmad entrances project

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KUWAIT CITY, Oct 13: The Central Agency for Public Tenders (CAPT) has approved the request of the Ministry of Public Works to set Oct 27 as the date for negotiating prices with the four companies bidding for the establishment of entrances and exits at Jaber Al-Ahmad City. CAPT decided during its meeting last Wednesday. All bidders have been required to include detailed price and quantity tables in their bids. The agency excluded two companies for not meeting the conditions and specifications, and the bidding process closed on Feb 18.

The project includes the establishment of entrances and exits in two locations in Jaber Al-Ahmad Residential City — one is the southern entrance and exit linking to Jahra Road, and the other is the eastern entrance and exit linking to Doha Road. It is worth noting that the ministry has been holding negotiation sessions with the winning companies to determine the best and most cost-effective bid.

By Mohammad Ghanem Al-Seyassah/Arab Times Staff

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