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Global Shares Lower on Tariff Deadline 07/07 04:48

   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.

   MANILA, Philippines (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 U.S. attacks on 
Iran.

   U.S. benchmark crude was down 71 cents to $66.29 per barrel. Brent crude, 
the international standard, shed 41 cents to $68.39 per barrel. U.S. 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 U.S. 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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