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.
Democrats risk FEMA disaster funding collapse as DHS shutdown hits Day 5
City-run board cancels lease of Israel drone supplier sparking backlash toward Mamdani: ‘Ludicrous’
Nightmare Beach: 8 Severed Human Heads Found on Beach with Disturbing Pamphlets Nearby
Hugh Hefner’s Widow Scrambling to Recover 3,000 of Husband’s Private Photo Albums Possibly Containing Child Pornography
CNN, After Bleeding Millions of Viewers, Rolls Out Documentary Targeting Patriotic Christians
Trump orders complete withdrawal of all troops from Syria within two months: report
US-Iran conflict: All sides brace for war as ‘nothing burger’ nuclear negotiations prove fruitless
Watch: Trump Posts Loving Tribute to Rush Limbaugh on Fifth Anniversary of His Death, Says ‘There Will Never Be Another Rush Limbaugh’
Missile defense race shifts to space as experts say real battle is in first minutes after launch
FBI Director Patel says investigators have found antifa funding sources
Border protocols automatically triggered in search for Nancy Guthrie, retired agent says
FBI joins probe in murder of Christian teacher shot in Ohio home as ‘American Idol’ husband, children slept
Report: Legacy Media ‘Journalist’ Caught Giving Marco Rubio the Finger During Press Conference
Obama and Susan Rice Reportedly ‘Broke Down and Cried’ After Trump’s 2016 Win
Mamdani plan pours millions into ‘racial equity’ offices and six-figure diversity jobs, cuts 5,000 NYPD jobs
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.
Democrats risk FEMA disaster funding collapse as DHS shutdown hits Day 5
City-run board cancels lease of Israel drone supplier sparking backlash toward Mamdani: ‘Ludicrous’
Nightmare Beach: 8 Severed Human Heads Found on Beach with Disturbing Pamphlets Nearby
Hugh Hefner’s Widow Scrambling to Recover 3,000 of Husband’s Private Photo Albums Possibly Containing Child Pornography
CNN, After Bleeding Millions of Viewers, Rolls Out Documentary Targeting Patriotic Christians
Trump orders complete withdrawal of all troops from Syria within two months: report
US-Iran conflict: All sides brace for war as ‘nothing burger’ nuclear negotiations prove fruitless
Watch: Trump Posts Loving Tribute to Rush Limbaugh on Fifth Anniversary of His Death, Says ‘There Will Never Be Another Rush Limbaugh’
Missile defense race shifts to space as experts say real battle is in first minutes after launch
FBI Director Patel says investigators have found antifa funding sources
Border protocols automatically triggered in search for Nancy Guthrie, retired agent says
FBI joins probe in murder of Christian teacher shot in Ohio home as ‘American Idol’ husband, children slept
Report: Legacy Media ‘Journalist’ Caught Giving Marco Rubio the Finger During Press Conference
Obama and Susan Rice Reportedly ‘Broke Down and Cried’ After Trump’s 2016 Win
Mamdani plan pours millions into ‘racial equity’ offices and six-figure diversity jobs, cuts 5,000 NYPD jobs
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.
