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.
Deranged Video: Dem’s OK Senate Candidate Storms Into Bedroom Shrieking, Cuts Up Pic of GOP Senator, Pastes Into ‘Burn Book’
Priceless: Watch Trump Personally Renames Lake Ontario to Lake America on His Own Map – ‘Now We Have a Lake… and a Gulf’
Soros prosecutor in danger of being removed after grieving mom’s desperate alarm: ‘Can’t believe this’
Judge sentences Feeding Our Future fraudsters who faked running child nutrition site
Top 10 fugitive captured after Georgia manhunt as police probe woman’s mysterious death
Bryan Kohberger’s 2027 hearing is not guaranteed as Idaho seeks quick dismissal
Thousands missing from dozens of countries after Nepal flooding
Iran and Oman come to agreement to open Strait of Hormuz, but await US buy-in
Newsom: ‘I Didn’t Even Know’ Home Had 5,000-Bottle Wine Cellar
Charles Barkley Takes Major Stand With Sophie Cunningham, Enes Kanter on Trans Players – ‘It’s in the Title: WNBA’
Democrats’ redistricting push in blue state hits legal snag
Dolly Parton Was Packing Heat, Recounted Fending Off Harasser with Gun in Resurfaced Clip
Meet the Literally Godless ‘Pro-Extinctionists’ Who Want to Exterminate Human Life Everywhere
Iowa Dem gubernatorial candidate says he would not want Biden or Harris to campaign for him
Spanberger AG draws fire over two-front fight against Trump enforcement agenda
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.
Deranged Video: Dem’s OK Senate Candidate Storms Into Bedroom Shrieking, Cuts Up Pic of GOP Senator, Pastes Into ‘Burn Book’
Priceless: Watch Trump Personally Renames Lake Ontario to Lake America on His Own Map – ‘Now We Have a Lake… and a Gulf’
Soros prosecutor in danger of being removed after grieving mom’s desperate alarm: ‘Can’t believe this’
Judge sentences Feeding Our Future fraudsters who faked running child nutrition site
Top 10 fugitive captured after Georgia manhunt as police probe woman’s mysterious death
Bryan Kohberger’s 2027 hearing is not guaranteed as Idaho seeks quick dismissal
Thousands missing from dozens of countries after Nepal flooding
Iran and Oman come to agreement to open Strait of Hormuz, but await US buy-in
Newsom: ‘I Didn’t Even Know’ Home Had 5,000-Bottle Wine Cellar
Charles Barkley Takes Major Stand With Sophie Cunningham, Enes Kanter on Trans Players – ‘It’s in the Title: WNBA’
Democrats’ redistricting push in blue state hits legal snag
Dolly Parton Was Packing Heat, Recounted Fending Off Harasser with Gun in Resurfaced Clip
Meet the Literally Godless ‘Pro-Extinctionists’ Who Want to Exterminate Human Life Everywhere
Iowa Dem gubernatorial candidate says he would not want Biden or Harris to campaign for him
Spanberger AG draws fire over two-front fight against Trump enforcement agenda
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.
