A currency trader smiles 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 Aug 4. (AP)

BANGKOK, Aug 4, (AP): Global shares advanced Monday after Wall Street had its worst day since May following the release of weak US jobs data. France’s CAC 40 added 0.8% in early trading to 7,609.44, while the German DAX rose nearly 1.0% to 23,702.42. Britain’s FTSE 100 edged up 0.4% to 9,108.28. US shares were set to drift higher with Dow futures up 0.6% at 43,951.00. S&P 500 futures rose 0.6% to 6,302.75.

Markets in Asia had already reacted on Friday to US President Donald Trump’s announcement late Thursday of sweeping tariffs on imports from many US trading partners. The new import duties are set to take effect on Thursday. The signs of trouble on the US economic horizon have raised hopes that the Federal Reserve may relent and cut interest rates, analysts said.

Tokyo’s Nikkei 225 index lost 1.3%, bouncing back from bigger losses earlier in the day to finish at 40,290.70. The Hang Seng in Hong Kong jumped 0.9% to 24,733.45, while the Shanghai Composite index climbed nearly 0.7% to 3,583.31. In South Korea, the Kospi surged 0.9% to 3,147.75. Australia’s S&P/ASX 200 was nearly unchanged at 8,663.70.

Investors’ worries about a weakening US economy deepened after the latest report on job growth in the U.S. showed employers added just 73,000 jobs in July. That is sharply lower than economists expected. The Labor Department also reported that revisions shaved a stunning 258,000 jobs off May and June payrolls. “The labor market, once a pillar of resilience, is now looking more like a late-cycle casualty, as soft data begin to replace soft landings in market discourse,” Stephen Innes of SPI Asset Management said in a commentary.

Trump’s decision to order the immediate firing of the head of the government agency that produces the monthly jobs figures raised concern over whether there might be interference in future data. The surprisingly weak hiring numbers led investors to step up their expectations the Fed will cut interest rates in September. The yield on the 10-year Treasury fell to 4.21% from 4.39% just before the hiring report was released. That’s a big move for the bond market. The yield on the two-year Treasury, which more closely tracks expectations for Fed actions, plunged to 3.68% from 3.94% just prior to the report’s release.  

KUWAIT CITY, Aug 3: Boursa Kuwait ended Sunday’s trading session with the All Share Index falling by 23.44 points, or 0.27%, closing at 8,594.39 points. Trading activity included 332 million shares exchanged through 22,382 transactions, reaching a total value of KD 68.3 million (USD 208.9 million). The Main Market Index moved up by 42.13 points, or 0.55%, finishing at 7,655.84 points. This came on turnover of 238.4 million shares via 16,538 trades, amounting to KD 33.15 million (USD 101.4 million). Conversely, the Premier Market Index declined by 40.98 points, or 0.44%, to 9,253.22 points, with 93.6 million shares traded through 5,844 transactions, valued at KD 35.2 million (USD 107.7 million). Meanwhile, the Main 50 Index rose by 12.47 points, or 0.16%, to reach 7,617.14 points. Trading in this segment involved 168.3 million shares exchanged across 8,025 transactions, reaching KD 20.9 million (USD 63.9 million). (KUNA)

KUWAIT CITY, Aug 3: Kuwait National Petroleum Company (KNPC) has officially announced, through its website, that it received two liquefied gas cylinder filling factories in Shuaiba and Umm Al-Aish from Kuwait Oil Tanker Company (KOTC) — the previous owner of the two factories. This is a confirmation of a report that the newspaper published earlier regarding the official transfer of the assets of the gas cylinder factories, along with all their operations and employees from KOTC to KNPC. KNPC republished the statement of its Chief Executive Officer (CEO), Wadha Al-Khatib to Kuwait News Agency (KUNA), in which she announced that the transfer of ownership of the two factories is taking place within the framework of the comprehensive restructuring project for the oil sector led by Kuwait Petroleum Corporation (KPC).

This project marks the beginning of a new phase of cooperation and integration that will develop the projects and operations of the oil companies and open prospects that will enhance the leading position of Kuwait in the global oil industry. Al-Khatib explained that the transfer of ownership of the two factories includes the transfer of all employees and all of the factories’ assets and operations, including the marketing and distribution of liquefied natural gas in the local market, to be fully owned and directly managed by KNPC.

She commended the role played by KOTC in completing the transfer process smoothly and flexibly, stressing her commitment to overcoming all obstacles to ensure the success of this important step, which adds new responsibilities to KNPC and contributes to expanding the scope of its business. Sources confirmed that the contracts of the employees who will be transferred from KOTC to KNPC as a result of the merger will be signed this week.

They said the CEOs of KNPC and KOTC met with the Petroleum Workers Union, during which they emphasized that the rights and benefits of employees transferred within the oil sector companies will not be affected, given the policy of KPC and its subsidiaries to restructure the oil sector. Sources clarified that the goal of the recent merger is to unify marketing efforts, enhance competitiveness, and mitigate any unexpected risks in gas filling operations. They also highlighted its importance in streamlining operations and reducing expenditures, while unifying maintenance teams.

By Najeh Bilal
Al-Seyassah/Arab Times Staff