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.
Trump admin scores court win to end deportation protections for Ethiopian migrants
Prosecutor corners Lindsay Clancy’s Catholic mother-in-law with ‘mortal sin’ question
Two planes blow tires while landing at major US airport hours apart, FAA investigating
Anti-socialism push can flip battlegrounds, Republican leader bets as party fights to hold House
Judge rules Trump can begin paint tests on 19th-century building after preservation groups sued
Democratic Congressman Under Ethics Committee Investigation for Alleged ‘Inappropriate Sexual Contact’
Blue state mayor arrested for fraud sparks uproar for not speaking English in viral clip: ‘How is this real’
Socialists accused of ‘motor mouth’ rhetoric as longtime Dem strategist unloads on far-left candidate
Sammy ‘The Bull’ Gravano recounts turning on John Gotti
Tragedy Deepens as Hayden Panettiere Dad’s Friends Reveal He Was Only Just Beginning to Recover from Losing Son
Cop Fired After Allegedly Using Flock Cameras to Stalk Former Boyfriend – She Abused System 166 Times
Andy Burnham insists ‘zero consequence’ from falling for Susie Wiles impersonator as ministers’ phone numbers appear online
Appeals court upholds limits on warrantless ICE arrests at churches
Trump Sends Election Day ‘Impostor’ Warning to Alaska Voters: ‘Don’t Let These Fraudsters Get Away with This Hoax’
Antisemitism fight explodes in Florida as voters head to the polls: ‘Political pogrom’
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.
Trump admin scores court win to end deportation protections for Ethiopian migrants
Prosecutor corners Lindsay Clancy’s Catholic mother-in-law with ‘mortal sin’ question
Two planes blow tires while landing at major US airport hours apart, FAA investigating
Anti-socialism push can flip battlegrounds, Republican leader bets as party fights to hold House
Judge rules Trump can begin paint tests on 19th-century building after preservation groups sued
Democratic Congressman Under Ethics Committee Investigation for Alleged ‘Inappropriate Sexual Contact’
Blue state mayor arrested for fraud sparks uproar for not speaking English in viral clip: ‘How is this real’
Socialists accused of ‘motor mouth’ rhetoric as longtime Dem strategist unloads on far-left candidate
Sammy ‘The Bull’ Gravano recounts turning on John Gotti
Tragedy Deepens as Hayden Panettiere Dad’s Friends Reveal He Was Only Just Beginning to Recover from Losing Son
Cop Fired After Allegedly Using Flock Cameras to Stalk Former Boyfriend – She Abused System 166 Times
Andy Burnham insists ‘zero consequence’ from falling for Susie Wiles impersonator as ministers’ phone numbers appear online
Appeals court upholds limits on warrantless ICE arrests at churches
Trump Sends Election Day ‘Impostor’ Warning to Alaska Voters: ‘Don’t Let These Fraudsters Get Away with This Hoax’
Antisemitism fight explodes in Florida as voters head to the polls: ‘Political pogrom’
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.
