BEIJING (AP) — Global stocks sank Wednesday after U.S. President Donald Trump threatened more tariff hikes on Chinese imports if talks aimed at ending a trade war fail to produce an interim agreement.
Market benchmarks in London, Frankfurt, Shanghai and Tokyo declined. Wall Street looked set to slip.
Trump said Tuesday that an agreement on the “Phase 1” deal announced last month “could happen soon.” But he warned he was ready to raise tariffs “very substantially” if that fails.
The two sides disagree publicly about whether the U.S. agreed to roll back some punitive tariffs imposed in the fight over Beijing’s trade surplus and technology ambitions. The Chinese government said last week that was settled, but Trump denied that.
Trump’s comments “served as a reminder of the challenge that the two sides face,” said Jingyi Pan of IG in a report. However, she said, investors saw them as “positioning statements,” reducing their impact.
‘High casualties’ feared after two powerful earthquakes rock Venezuela: USGS
Tempers Flare and Voices Are Raised as Trump and Senate Republican Go Toe-to-Toe in Closed Door Meeting
Christian Judge Who Refused to Perform Gay Weddings ‘Vindicated’ in Big Court Ruling
New York congressional primary becomes second most expensive House race ever amid AI fight
Unearthed video exposes vulnerable House Dem’s reversal on crucial issue impacting state
Feds bust a dozen for allegedly smuggling drugs and phones into prisons using ‘heavy payload drone’
Dem Congressional Candidate Caught Bringing Sex Offender Who Victimized 8-Year-Old with Him to School Event
Mamdani-Backed Candidate Who Blamed 9/11 on American ‘Capitalism and Racism’ Wins Democratic Primary
Comer probes alleged Biden collusion with gun control activists in Glock lawsuit
‘He named names’: Trump’s Senate meeting explodes into shouting match over Iran
California sues Trump EPA over move to subject state vehicle emissions waivers to congressional review
‘Free Karmelo’ mob hunted woman in bloody attack as thugs shouted support for killer, victim says
Biden judge torches Trump ICE crackdown as ‘devoid of rational explanation,’ nukes courthouse arrest policy
Letitia James fumes as Mamdani-backed socialists sweep New York primaries
Trump Suddenly Cancels Housing Bill Signing with Minutes to Spare, Demands SAVE America Act on His Desk
In midday trading, London’s FTSE 100 declined 0.5% to 7,331 and Frankfurt’s DAX lost 0.7% to 13,186. France’s CAC 40 shed 0.4% to 5,894. On Wall Street, futures for the benchmark Standard & Poor’s 500 index and the Dow Jones Industrial Average were each down 0.4%.
In Asia, the Shanghai Composite Index lost 0.3% to 2,905.24 and Tokyo’s Nikkei 225 sank 0.9% to 23,319.87. Hong Kong’s Hang Seng tumbled 1.8% to 26,571.46.
South Korea’s Kospi retreated 0.9% to 2,122.45 and Australia’s S&P-ASX 200 sank 0.8% at 6,698.40. India’s Sensex lost 0.3% to 40,215.20.
Hong Kong shares, already under pressure from the U.S.-China tariff war and slowing global demand, have been jolted by growing violence in anti-government protests.
The protests began in June over a proposed extradition law and expanded to include demands for greater democracy and other grievances. Hong Kong tumbled into its first recession in a decade in the latest quarter.
Momentum for the global stock market has been mostly upward for more than five weeks as worries about the U.S.-China trade war have eased.
This week, the U.S. Labor Department is due to give updates on consumer and wholesale inflation. Economists expect a government report to show retail sales returned to growth in October.
‘High casualties’ feared after two powerful earthquakes rock Venezuela: USGS
Tempers Flare and Voices Are Raised as Trump and Senate Republican Go Toe-to-Toe in Closed Door Meeting
Christian Judge Who Refused to Perform Gay Weddings ‘Vindicated’ in Big Court Ruling
New York congressional primary becomes second most expensive House race ever amid AI fight
Unearthed video exposes vulnerable House Dem’s reversal on crucial issue impacting state
Feds bust a dozen for allegedly smuggling drugs and phones into prisons using ‘heavy payload drone’
Dem Congressional Candidate Caught Bringing Sex Offender Who Victimized 8-Year-Old with Him to School Event
Mamdani-Backed Candidate Who Blamed 9/11 on American ‘Capitalism and Racism’ Wins Democratic Primary
Comer probes alleged Biden collusion with gun control activists in Glock lawsuit
‘He named names’: Trump’s Senate meeting explodes into shouting match over Iran
California sues Trump EPA over move to subject state vehicle emissions waivers to congressional review
‘Free Karmelo’ mob hunted woman in bloody attack as thugs shouted support for killer, victim says
Biden judge torches Trump ICE crackdown as ‘devoid of rational explanation,’ nukes courthouse arrest policy
Letitia James fumes as Mamdani-backed socialists sweep New York primaries
Trump Suddenly Cancels Housing Bill Signing with Minutes to Spare, Demands SAVE America Act on His Desk
Federal Reserve Chairman Jerome Powell is due to give testimony to Congress on Wednesday about the U.S. economy. Most investors expect the Fed to keep interest rates on hold for now after cutting them three times since the summer.
ENERGY: Benchmark U.S. crude lost 37 cents to $56.43 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 6 cents on Tuesday. Brent crude, used to price international oils, shed 60 cents to $61.46 per barrel in London. It retreated 12 cents the previous session.
CURRENCY: The dollar fell to 108.84 Japanese yen from 109.01 yen. The euro dipped to $1.1006 from $1.1010.
Story cited here.
