Manila(Philippines), Jul 4 (AP)World shares mostly fell on Friday even as US stocks climbed further into record heights as the clock ticks on President Donald Trump's July 9 tariff deadline.

In early trading in Europe, Germany's DAX shed 0.8 per cent to 23,730.61, while the CAC 40 in Paris fell 1.1 per cent to 7,666.91. Britain's FTSE 100 was down 0.4 per cent to 8,790.21. The futures for S&P 500 and Dow Jones Industrial average were both 0.5 per cent lower.

In Asia, Japan's Nikkei 225 recovered early losses, gaining 0.1 per cent to 39,810.88, while South Korea's KOSPI index was fell 2 per cent to 3,054.28.

Hong Kong's Hang Seng index lost 0.6 per cent to 23,916.06 while the Shanghai Composite index added 0.3 per cent to 3,472.32.

Australia's S&P/ASX 200 rose 0.1 per cent to 8,603.00 while India's Sensex index shed 0.1 per cent to 83,148.45.

“Asian markets slipped into Friday like someone entering a dark alley with one eye over their shoulder — because while US equities danced higher on a sweet spotted post-payroll sugar rush, the mood in Asia was far less celebratory," Stephen Innes, managing partner at SPI Asset Management, wrote in a commentary.

"The reason? That familiar, twitchy unease every time Trump gets near the tariff trigger,” he added.

Mizuho Bank Ltd. said countries may be receiving letters from Trump stating tariff levels as early as Friday. Countries will have to brace for volatility, it said.

On Thursday, after a report showed a US job market stronger than Wall Street expected, the S&P 500 rose 0.8 per cent and set an all-time high for the fourth time in five days. The Dow Jones Industrial Average added 344 points, or 0.8 per cent, and the Nasdaq composite gained 1 per cent.

Many of Trump's stiff proposed taxes on imports are currently on pause, but they're scheduled to kick in next week unless Trump reaches deals with other countries to lower them.

Elsewhere Friday, US benchmark crude was down 45 cents to $66.55 per barrel. Brent crude, the international standard, shed 53 cents to USD 68.27 per barrel.

The US dollar slid to 144.34 Japanese Yen from 144.92 Yen. The euro edged higher to USD1.1773 from USD 1.1761. (AP) RD RD

Tariff deadline risks reinstating paused import taxes, prompting urgent trade negotiations and market volatility. An impending presidential tariff deadline could reactivate proposed import taxes unless negotiated deals lower them, with formal notifications to countries expected imminently specifying tariff levels. This executive tariff-setting authority, conditioned on negotiations, is driving market volatility across equities, commodities, and currencies as recipients brace for potential implementation and engage in or prepare for negotiations to mitigate impact.