Global stocks mostly retreated on Friday as countries pushed to secure trade deals with the Trump administration ahead of a July 9 deadline for US tariffs to take effect.
Markets also weighed the possible impact of US President Donald Trump's sweeping spending bill set to add an estimated $3.4 trillion to the national debt. He signed the bill into law on Friday.
Uncertainty around US tariffs will probably “remain severe” until late 2025, irrespective of what happens on July 9 when the Trump administration's 90-day pause on “reciprocal” tariffs comes to an end, S&P Global Market Intelligence said in a report on Friday.
“Within the likely scenarios, the most plausible outcome is a pragmatic mix of tariff pauses for countries that are undertaking positively viewed negotiations, alongside tariff increases for those countries where the administration believes trade negotiations have stalled,” the report said.
While Mr Trump has warned new tariffs are likely, S&P said it expects “some form of negotiation-based pause for most trade partners, based on prior policy backtrack”.
Although the US has reached tariff deals with the UK, mainland China and Vietnam, other pending arrangements, including those with the EU, Japan and India, “remain complicated” by country-specific political issues, it added.
Mr Trump on Friday said he had signed 12 trade letters to be sent out next week ahead of the impending July 9 deadline for his tariffs to be implemented.
Europe’s Stoxx 600 closed 0.48 per cent lower on Friday,
London's FTSE 100 ended flat as tariff worries kept trading enthusiasm to a minimum. The index lost just 0.29 points at 8,822.91.
In Paris, the CAC 40 ended down 0.8 per cent, while Frankfurt's DAX fell 0.6 per cent.
Asian markets closed out the week mixed.
Hong Kong’s Hang Seng index was down 0.64 per cent, while the Shanghai composite was up 0.32 per cent and Japan’s Nikkei inched 0.06 per cent higher.
Wall Street was closed on Friday for the US Independence Day holiday.
Gold rose 0.3 per cent as investors sought safe havens and the dollar dipped.
Brent, the benchmark for two-thirds of the world's oil, fell 0.73 per cent to $68.3 a barrel at close of market on Friday, while West Texas Intermediate, the gauge that tracks US crude, dropped 0.75 per cent to $66.5 a barrel.
Brent settled about 0.8 per cent higher than last Friday's close and WTI was about 1.5 per cent higher.
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
More coverage from the Future Forum
UAE currency: the story behind the money in your pockets
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
PREMIER LEAGUE FIXTURES
Tuesday (UAE kick-off times)
Leicester City v Brighton (9pm)
Tottenham Hotspur v West Ham United (11.15pm)
Wednesday
Manchester United v Sheffield United (9pm)
Newcastle United v Aston Villa (9pm)
Norwich City v Everton (9pm)
Wolves v Bournemouth (9pm)
Liverpool v Crystal Palace (11.15pm)
Thursday
Burnley v Watford (9pm)
Southampton v Arsenal (9pm)
Chelsea v Manchester City (11.15pm)
MATCH INFO
Manchester City 0
Wolves 2 (Traore 80', 90 4')
Global state-owned investor ranking by size
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United States
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China
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3.
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UAE
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Japan
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5
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Norway
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6.
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Canada
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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The burning issue
The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
Read part four: an affection for classic cars lives on
Read part three: the age of the electric vehicle begins
Read part one: how cars came to the UAE
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
