A dealer stands near the screens showing the Korea Composite Stock Price Index (KOSPI), (left), and the foreign exchange rate between US dollar and South Korean won at a dealing room of Hana Bank in Seoul, South Korea on Sept 10. (AP)

TOKYO, Sept 10, (AP): Asian shares mostly rose in early Wednesday trading, echoing record rallies on Wall Street after the latest update on the job market bolstered hopes the US Federal Reserve will cut interest rates. Japan’s benchmark Nikkei 225 gained 0.9% to finish at 43,837.67. Australia’s S&P/ASX 200 added 0.3% to 8,830.40.

South Korea’s Kospi jumped 1.7% to 3,314.66. Hong Kong’s Hang Seng rose 1.1% to 26,223.30, while the Shanghai Composite edged up 0.2% to 3,814.63. Uncertainty is still in the air over US-China tariff issues as bilateral talks continue. US President Donald Trump has raised taxes on imports from China, triggering a tit-for-tat tariff war.

The U.S. is currently charging an additional 30% tariff on Chinese goods and China is charging a 10% tariff under a de-escalation deal reached in May. On Wall Street, the S&P 500 rose 0.3% and squeaked past its all-time high set last week. The Dow Jones Industrial Average climbed 196 points, or 0.4%, while the Nasdaq composite gained 0.4%.

They likewise set records. Traders have become convinced that the Federal Reserve will cut its main interest rate for the first time this year at its next meeting in a week, in order to prop up the slowing job market. A report on Tuesday offered the latest signal of weakness, when the US government said its prior count of jobs across the country through March may have been too high by 911,000, or 0.6%.

That was before President Donald Trump shocked the economy and financial markets in April by rolling out tariffs on countries worldwide. The bet on Wall Street is that such data will convince Fed officials that the job market is the bigger problem now for the economy than the threat of inflation worsening because of Trump’s tariffs.

That would push them to cut interest rates, a move that would give the economy a boost but could also send inflation higher. A lot is riding on Wall Street’s hope that the job market is slowing by just the right amount: Investors have already sent US stock prices to records because of it. Inflation also needs to stay at a reasonable level, even though it looks tough to get below the Fed’s target of 2%. In the bond market, the yield on the 10-year Treasury rose to 4.08% from 4.05% late Monday.

KUWAIT CITY, Sept 9: The real estate market witnessed a significant decline in the number and value of transactions in the first week of September, compared to the same period last year, as well as the last week of August. This is a clear indication that the market has entered a period of relative calm and investment anticipation driven by seasonal factors and qualitative shifts in transactions, particularly commercial real estate, which accounted for about 60 percent of the total trading value during the week, compared to only three transactions. It reflects the interest of major institutions or entities in ‘heavy’ commercial transactions. The weekly report of the Real Estate Registration and Documentation Department at the Ministry of Justice for the period from Sept 1 to 3 showed that the number of real estate transactions was 62, with a total value of KD83.92 million.

These include 37 private transactions worth KD 13.5 million, 22 investment transactions worth KD 17.6 million, and three commercial transactions worth KD 52.8 million. Compared to the first week of September 2024, weekly trading recorded a decline of approximately 39 percent in the number of transactions, compared to a 16.8 percent increase in total value due to the completion of qualitative commercial deals. The number of transactions during that period reached 101, valued at KD 69.8 million, reflecting a quantitative decline versus a qualitative increase in transactions on an annual basis. Compared to trading during the fourth (and final) week of August 2025, the decline was more severe, with 139 transactions recorded, valued at KD 163.24 million.

This is a decline of approximately 55 percent in the number of transactions (77 transactions) and a 49 percent decrease in the value or KD 79.32 million. It is a clear indication that the market has entered a short-term slowdown after a remarkable wave of activity in August. Regarding private real estate transactions, they declined from 89 in the last week of August to just 37, a decrease of nearly 58 percent. The value also fell from KD 33.4 million to KD 13.5 million — by KD19.9 million, a decrease of nearly 60 percent. This indicates a decline in residential ownership activity due to travel or investors’ anticipation of market movements following the recent enactment of several real estate laws. Despite the decline in the number of investment transactions from 28 in August 2025 to 22 in September, the value of transactions increased to KD 17.6 million, compared to KD 15.3 million in August. It means continued demand for investment properties and the search for attractive, quality opportunities. As for commercial transactions, only three transactions were recorded this week, worth KD52.8 million or 60 percent of the total weekly trading value. It shows the execution of quality deals and investors’ focus on quality transactions and assets with long-term returns.

By Marwa Al-Bahrawi
Al-Seyassah/Arab Times Staff

Undersecretary of the Kuwaiti Ministry of Finance, Aseel Al-Munifi

KUWAIT CITY, Sept 9: Undersecretary of the Kuwaiti Ministry of Finance, Aseel Al-Munifi, on Tuesday emphasized the need to develop the tax system and achieve financial sustainability to promote economic integration among Gulf Cooperation Council (GCC) member states.

Speaking at the 15th meeting of the Committee of Heads and Directors of Tax Administrations in GCC countries in Kuwait, Al-Munifi said the meeting is part of ongoing efforts to coordinate GCC tax authorities and develop mechanisms to unify joint tax policies that serve the interests of member states and their populations.

She expressed hope that the annex to amend the unified excise tax agreement would be signed at the upcoming financial and economic cooperation meeting scheduled in Kuwait next October, which will bring together the GCC finance ministers. Al-Munifi also commended the heads and directors of tax authorities and the Unified Tax System Working Group for their efforts in preparing studies, working papers, and recommendations.

Khalid Al-Sunaidi, Assistant Secretary-General for Economic and Development Affairs at the GCC General Secretariat, said the meeting continues the process of cooperation among GCC countries in tax policies. He noted that the aim is to unify tax frameworks, enhance economic integration, and support competitiveness at the regional and international levels.

Al-Sunaidi added that discussions at the meeting included outcomes from the GCC Unified Tax System Working Group on redefining energy drinks to reduce the consumption of unhealthy products, and plans to establish a comprehensive electronic system for all types of indirect taxes, alongside other related topics.

During the meeting, GCC tax heads and directors reviewed recommendations and decisions from the 14th meeting and previous sessions, submitting them to the undersecretaries of finance in the GCC. It was agreed to form a technical working group to develop the electronic system for indirect taxes and to redefine energy drinks in the Unified Excise Tax Agreement according to international definitions and classifications.

The 15th GCC Tax Committee meeting held in Kuwait.