Currency traders watch monitors 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, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea on May 22. (AP)

TOKYO, May 22, (AP): Asian shares fell Thursday after Wall Street slumped under pressure from the Treasury bond market and worries about surging US debt. U.S. futures were little changed, while Japan’s benchmark Nikkei 225 shed 1.0% in afternoon trading to 36,944.55. Hong Kong’s Hang Seng lost 0.9% to 23,615.21, while the Shanghai Composite edged down 0.1% to 3,383.10.

Australia’s S&P/ASX 200 slipped 0.5% to 8,342.80. South Korea’s Kospi dropped 1.1% to 2,595.69. Rising yields for US Treasury bonds are a canary in the coal mine, Stephen Innes of SPI Asset Management said in a commentary. “The USstill has the biggest markets, the deepest liquidity, and the dollar’s inertia working in its favor.

But even inertia can’t outrun compound interest and structural deficits forever,” he wrote. The declining US dollar also weighed on regional markets, according to some analysts, because some Asian nations have significant holdings in dollars. A weak dollar also hurts Asian exporters, such as Japanese automakers and electronics companies, by reducing the value of their overseas earnings when they are converted into yen.

In currency trading, the US dollar fell to 143.27 Japanese yen from 143.68 yen. It had been trading at 150 yen levels a year ago. The euro cost $1.1335, up from $1.1330. Investors remain worried over President Donald Trump’s actions, including tariff policies that directly affect Asian companies and decisions on major legislation such as a funding bill now in Congress. “US equities slumped in a ‘Sell America’ move as things turned ugly on Trump’s ‘big, beautiful tax bill.’ ” said Tan Jing Yi, analyst at Mizuho Bank in Singapore.

On Wednesday, shares tumbled on Wall Street after the US government released the results for its latest auction of 20-year bonds. The government regularly sells such bonds, which is how it borrows money to pay its bills. In this auction, the US government had to pay a yield as high as 5.047% to attract enough buyers to lend it a total of $16 billion over 20 years.  

Gold prices climb for the third consecutive session amid a softer dollar and geopolitical tensions.

NEW YORK, May 22: Gold prices rose for a third straight session on Wednesday, reaching a one-week high, supported by a weakening US dollar and growing safe-haven demand amid ongoing economic and geopolitical uncertainty.

As of 1:55 p.m. ET (5:55 p.m. GMT), spot gold gained 0.7% to trade at $3,312.77 per ounce, while US gold futures closed 0.9% higher at $3,313.50.

The US dollar index (.DXY) fell 0.6% against a basket of major currencies, making gold more affordable for holders of foreign currencies and bolstering demand.

Meanwhile, Wall Street’s major indexes dipped, and government bond yields rose as investors monitored the ongoing debate over former US President Donald Trump’s tax-cut bill, which has fueled concerns about the nation’s mounting debt.

“We are kind of paused here in mid-range between the high and recent low, waiting for a signal of more trade and tariff deals,” said Daniel Pavilonis, senior market strategist at RJO Futures.

Despite a temporary easing in US-China trade tensions, the economic outlook for the U.S. remains weak, according to a Reuters poll of economists.

In geopolitical developments, CNN reported on Tuesday that new intelligence suggests Israel is preparing to strike Iranian nuclear facilities. This comes even as the US administration continues discussions with Iran over its uranium enrichment program.

Gold is widely regarded as a safe-haven asset during times of economic or geopolitical instability. Bullion prices reached a record high of $3,500.05 last month.

“We expect gold’s recent price dip will stimulate investment buying, as macroeconomic and geopolitical uncertainty linger,” analysts at ANZ said in a note.

Silver also posted gains, rising 0.8% to $33.32 per ounce.

KUWAIT CITY, May 21: Kuwait Chamber of Commerce and Industry (KCCI) on Tuesday welcomed a highlevel trade delegation from Spain, led by Spanish Secretary for Trade Amparo López Senovilla. Spanish Ambassador to Kuwait Manuel Hernández Gamayo, Undersecretary of the Kuwaiti Ministry of Finance Aseel Al-Munifi and several business leaders in Kuwait and Spain also attended the meeting. At the beginning of the meeting, KCCI expressed appreciation for the visiting delegation; stressing the importance of the visit as part of the Kuwaiti-Spanish Joint Economic Committee meetings. The event marks a continuation of the collaborative efforts to deepen economic ties and explore new avenues of partnership between the two friendly nations.

KCCI affirmed the strong and longstanding economic relationship between Kuwait and Spain, indicating that Spain is among Kuwait’s major trading partners in the European Union (EU). It added that bilateral trade recently surpassed $1 billion, a testament to the growing commercial exchange between the two countries. Spanish exports to Kuwait include machinery, industrial equipment, ceramics, chemical products, and internationally renowned fashion brands. Recently, the sports sector emerged as a new area of exchange, particularly with the expansion of the Rafael Nadal Tennis Academy to Kuwait — its first branch outside of Spain. On the investment front, Kuwait’s ventures in Spain demonstrate high confidence in Spanish sectors; such as finance, tourism and energy. Spanish engineering firms have also played a critical role in major infrastructure projects in Kuwait, including the Gamal Abdel Nasser Highway and Kuwait International Airport expansion. KCCI emphasized that these achievements reflect mutual trust and serve as a foundation for even greater cooperation.

With Kuwait actively pursuing economic diversification and Spain expanding its global reach, the visit offers a strategic opportunity to enhance collaboration in sectors like energy transition, innovation, tourism and logistics. It reiterated its readiness to serve as the main facilitator for these efforts by promoting dialogue, eliminating barriers, and supporting partnerships that generate long-term economic value. Meanwhile, Al-Munifi urged investors from both countries to build joint ventures in a wide range of sectors; including transportation, construction, healthcare and technology. She pointed out the active presence of Spanish companies in Kuwait and confirmed the commitment of the Finance Ministry to support them and address any challenges they might face. Senovilla commended the excellent bilateral relations, emphasizing Spain’s strategic geographic position as a gateway to European markets. She called for further trade cooperation; particularly in the fields of healthcare, building materials, transportation and education. Gamayo echoed these sentiments, praising the historical friendship between the two countries and reaffirming Spain’s commitment to advancing bilateral relations. Jaime Montalvo, Director of International Affairs at the Spanish Chamber of Commerce, affirmed the role of the Joint Economic Committee in fostering deeper collaboration. He said Spain is focusing on the development of small and medium enterprises (SMEs) as a vital area for joint growth.