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.
Scott Jennings Gives Firsthand Update on Mitch McConnell Mystery
‘Trans’ House Democrat Says Trump’s 2024 ‘They/Them’ Ad Only Worked Because Dems Refused to Counter Message
New explosive allegation rocks Platner campaign still reeling from rape accusation
Dem with White House ambitions ripped after backing two scandal-plagued candidates: ‘Troubling’
Watch: UK ‘Enforcement Officers’ See Alleged Immigrant Kick Brit Off His Bicycle, Then Assist Attacker’s Escape
BREAKING: Suspected Illegal Dead After Trying to Run Over ICE Agent Who Has Excellent Aim
Appeals court scrutinizes religious exemptions in Little Sisters contraception fight
Abigail Spanberger’s Virginia a ‘hotbed’ for illegal immigrant crime, DHS says after latest rape charge
Platner’s three-day vetting job comes back to haunt Dems as rape allegation rocks Senate bid
ICE says officer shot and killed illegal immigrant who tried to ram him with car in Houston
Tattooed arm in Illinois lake leads police to freezer with slain man’s head, neck and torso
Netanyahu’s Cabinet calls High Court a ‘judicial mafia’ and ‘gang of dictators’
Look at What All the Dems Suddenly Turning on Platner Said After His Numerous Other Credible Disqualifying Scandals
Woman suspected in Monaco bombing found shot dead in Ukraine
SPLC arraigned on superseding charges of donor fraud
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.
Scott Jennings Gives Firsthand Update on Mitch McConnell Mystery
‘Trans’ House Democrat Says Trump’s 2024 ‘They/Them’ Ad Only Worked Because Dems Refused to Counter Message
New explosive allegation rocks Platner campaign still reeling from rape accusation
Dem with White House ambitions ripped after backing two scandal-plagued candidates: ‘Troubling’
Watch: UK ‘Enforcement Officers’ See Alleged Immigrant Kick Brit Off His Bicycle, Then Assist Attacker’s Escape
BREAKING: Suspected Illegal Dead After Trying to Run Over ICE Agent Who Has Excellent Aim
Appeals court scrutinizes religious exemptions in Little Sisters contraception fight
Abigail Spanberger’s Virginia a ‘hotbed’ for illegal immigrant crime, DHS says after latest rape charge
Platner’s three-day vetting job comes back to haunt Dems as rape allegation rocks Senate bid
ICE says officer shot and killed illegal immigrant who tried to ram him with car in Houston
Tattooed arm in Illinois lake leads police to freezer with slain man’s head, neck and torso
Netanyahu’s Cabinet calls High Court a ‘judicial mafia’ and ‘gang of dictators’
Look at What All the Dems Suddenly Turning on Platner Said After His Numerous Other Credible Disqualifying Scandals
Woman suspected in Monaco bombing found shot dead in Ukraine
SPLC arraigned on superseding charges of donor fraud
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.
