Bangkok, Aug 4 (AP) Global shares advanced Monday after Wall Street had its worst day since May following the release of weak US jobs data.

France's CAC 40 added 0.8 per cent in early trading to 7,609.44, while the German DAX rose nearly 1.0 per cent to 23,702.42. Britain's FTSE 100 edged up 0.4 per cent to 9,108.28. US shares were set to drift higher with Dow futures up 0.6 per cent at 43,951.00. S&P 500 futures rose 0.6 per cent to 6,302.75.

Markets in Asia had already reacted on Friday to US President Donald Trump's announcement late Thursday of sweeping tariffs on imports from many US trading partners. The new import duties are set to take effect on Thursday.

The signs of trouble on the US economic horizon have raised hopes that the Federal Reserve may relent and cut interest rates, analysts said.

Tokyo's Nikkei 225 index lost 1.3 per cent, bouncing back from bigger losses earlier in the day to finish at 40,290.70.

The Hang Seng in Hong Kong jumped 0.9 per cent to 24,733.45, while the Shanghai Composite index climbed nearly 0.7 per cent to 3,583.31.

In South Korea, the Kospi surged 0.9 per cent to 3,147.75.

Australia's S&P/ASX 200 was nearly unchanged at 8,663.70.

Investors' worries about a weakening US economy deepened after the latest report on job growth in the US showed employers added just 73,000 jobs in July. That is sharply lower than economists expected. The Labour Department also reported that revisions shaved a stunning 258,000 jobs off May and June payrolls.

“The labor market, once a pillar of resilience, is now looking more like a late-cycle casualty, as soft data begin to replace soft landings in market discourse,” Stephen Innes of SPI Asset Management said in a commentary.

Trump's decision to order the immediate firing of the head of the government agency that produces the monthly jobs figures raised concern over whether there might be interference in future data.

The surprisingly weak hiring numbers led investors to step up their expectations the Fed will cut interest rates in September.

The yield on the 10-year Treasury fell to 4.21 per cent from 4.39 per cent just before the hiring report was released. That's a big move for the bond market. The yield on the two-year Treasury, which more closely tracks expectations for Fed actions, plunged to 3.68 per cent from 3.94 per cent just prior to the report's release.

The Fed has held rates steady since December. A cut in rates would give the job market and overall economy a boost, but it could also risk fuelling inflation, which is hovering stubbornly above the central bank's 2 per cent target.

An update on Thursday for the Fed's preferred measure of inflation showed that prices ticked higher in June, rising to 2.6 per cent from 2.4 per cent in May.

The Fed held rates steady again at its most recent meeting this week. Fed Chair Jerome Powell has been pressured by Trump to cut the benchmark rate, though that decision isn't his to make alone, but belongs to the 12 members of the Federal Open Market Committee.

Businesses, investors and the Fed have been operating under a cloud of uncertainty from Trump's tariff policy.

Companies have been warning investors that unpredictable policies, with some tariffs already in effect while others change or get extended, make it difficult to plan ahead. Walmart, Procter & Gamble and many others also have warned about import taxes raising costs, eating into profits and raising prices for consumers.

In other dealings early Monday, US benchmark crude oil shed 16 cents to USD 67.17 per barrel. Brent crude, the international standard, fell 24 cents to USD 69.43 per barrel.

The US dollar rose to 148.05 Japanese yen from 147.26 yen. The euro weakened to USD 1.1557 from USD 1.1598. (AP) RD RD

Import tariffs trigger trade policy uncertainty and corporate cost pressures while data integrity concerns reshape market expectations. New sweeping import tariffs announced by the executive create immediate trade policy uncertainty and prompt businesses to warn that higher import duties will raise costs, compress margins, and affect planning and compliance. Concurrently, weak employment data and downward revisions, together with the executive's removal of the agency head producing jobs statistics, have raised concerns about administrative interference with data integrity and increased expectations of monetary easing, causing market-adjustment in equities, bond yields, currencies, and commodities.