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.
GOP lawmakers would strip citizenship from terrorists after attacks tied to naturalized citizens
Trump says US ‘obliterated’ targets in strike on key Iranian oil hub
Thousands of Marines, American Warship Head for the Middle East Amid Iran Conflict
FBI Arrests 10 Indians for Allegedly Staging Armed Robberies in Visa Fraud Scheme
New security images uncovered in Nancy Guthrie abduction case as FBI investigation continues
Virginia man charged with selling weapon used by Old Dominion university gunman
Boasberg blocks subpoenas against Fed Chair Jerome Powell
Hegseth announces Pentagon probe into deadly strike on Iranian school
Judge refuses to restrict public access to evidence in Charlie Kirk assassination case
Guilty verdict reached in first-ever antifa terrorism trial
Judge James Boasberg blocks DOJ subpoenas against Fed Chairman Jerome Powell
Poll: Majority of Americans Say Military Action in Iran ‘Necessary and Warranted’
FBI and UFC Team Up for Unprecedented Training Program
Top Iranian officials stroll Tehran streets at rally before midday explosion
Florida Republicans send SAVE Act–style proof-of-citizenship voting bill to DeSantis’ 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.
GOP lawmakers would strip citizenship from terrorists after attacks tied to naturalized citizens
Trump says US ‘obliterated’ targets in strike on key Iranian oil hub
Thousands of Marines, American Warship Head for the Middle East Amid Iran Conflict
FBI Arrests 10 Indians for Allegedly Staging Armed Robberies in Visa Fraud Scheme
New security images uncovered in Nancy Guthrie abduction case as FBI investigation continues
Virginia man charged with selling weapon used by Old Dominion university gunman
Boasberg blocks subpoenas against Fed Chair Jerome Powell
Hegseth announces Pentagon probe into deadly strike on Iranian school
Judge refuses to restrict public access to evidence in Charlie Kirk assassination case
Guilty verdict reached in first-ever antifa terrorism trial
Judge James Boasberg blocks DOJ subpoenas against Fed Chairman Jerome Powell
Poll: Majority of Americans Say Military Action in Iran ‘Necessary and Warranted’
FBI and UFC Team Up for Unprecedented Training Program
Top Iranian officials stroll Tehran streets at rally before midday explosion
Florida Republicans send SAVE Act–style proof-of-citizenship voting bill to DeSantis’ 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.
