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.
Muslim Mayor of Dearborn Invites Rapper Booted from Stadium Tour Over Anti-Israel Rant to Perform in City
Internet Trolls Karen Bass After She Deflects Blame for City’s Crumbling Roads
Most of School’s 9/11 Curriculum Focuses on Muslim Acceptance, Teachers Told Not to ‘Center’ on the Terrorists
Congress faces AI test as debate explodes over industry regulation
El-Sayed grilled on Piker, Israel and socialist ties after Mike Rogers skips Senate debate
US military releases footage of massive operation to rescue injured airman stranded inside Iran
Multiple death sentences in different states are set to be carried out within 24 hours: ‘Not very common’
Texas Senate candidate Talarico said US was ‘backsliding’ on democracy in resurfaced clip
7 Republicans rebel against Trump, vote with Dems to rein in Iran war powers
Fourth Florida resident dies after contracting flesh-eating bacteria linked to oysters
Washington Democrat claims majority of recent DHS arrestees posed ‘no threat to public safety’
Injured climber crawls ‘through the night’ to safety after falling 500 feet down California mountain
Republican upsets party-backed rival to challenge first openly trans member of Congress
Lawmakers throw out ‘Trojan horse’ activists they say are engaged in American subversion
Watch: Accused Child Sex Predator Literally Faints in Front of Judge After Learning Penalty He’s Facing
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.
Muslim Mayor of Dearborn Invites Rapper Booted from Stadium Tour Over Anti-Israel Rant to Perform in City
Internet Trolls Karen Bass After She Deflects Blame for City’s Crumbling Roads
Most of School’s 9/11 Curriculum Focuses on Muslim Acceptance, Teachers Told Not to ‘Center’ on the Terrorists
Congress faces AI test as debate explodes over industry regulation
El-Sayed grilled on Piker, Israel and socialist ties after Mike Rogers skips Senate debate
US military releases footage of massive operation to rescue injured airman stranded inside Iran
Multiple death sentences in different states are set to be carried out within 24 hours: ‘Not very common’
Texas Senate candidate Talarico said US was ‘backsliding’ on democracy in resurfaced clip
7 Republicans rebel against Trump, vote with Dems to rein in Iran war powers
Fourth Florida resident dies after contracting flesh-eating bacteria linked to oysters
Washington Democrat claims majority of recent DHS arrestees posed ‘no threat to public safety’
Injured climber crawls ‘through the night’ to safety after falling 500 feet down California mountain
Republican upsets party-backed rival to challenge first openly trans member of Congress
Lawmakers throw out ‘Trojan horse’ activists they say are engaged in American subversion
Watch: Accused Child Sex Predator Literally Faints in Front of Judge After Learning Penalty He’s Facing
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.
