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.
Bill Maher Issues Perfect Response to Fellow Celebs Wearing Anti-ICE ‘Be Good’ Pins
ICE head says agents facing ‘constant impediments’ after migrant seen ramming cars while trying to flee
Venezuela releases multiple American citizens from prison following military operation
Rand Paul says GOP colleagues ‘don’t give a s‑‑t about these people in the boats’: They ‘say they’re pro-life’
DOJ says ‘no basis’ for civil rights investigation into Minneapolis ICE officer killing
GOP senator suggests Fed chair Powell resign now to dodge potential criminal indictment
House Democrats Flip, Join Republicans to Overturn Biden-Era Regulation
Minneapolis-area leaders condemn ICE, call for removal amid Trump deportation campaign
White House says Trump gave ‘appropriate’ response after heckler confrontation caught on video at Ford plant
Suspected Venezuelan gangster in Portland CBP attack tied to shooting at apartment complex: police
Trump Issues Stern Mandate, Tells Tech Titans They Will Not Run Up American Utility Bills
RECKONING: Minnesota Republicans Preparing to Impeach Democratic Gov. Tim Walz
Anti-ICE Demonstrators Claimed Law Enforcement Ran Over a Protester – Then Dashcam Footage Was Released
Johnson: ‘No boots on the ground’ for Trump’s Greenland acquisition plans amid military speculation
Trump flips off Ford factory worker who yelled ‘pedophile protector’
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.
Bill Maher Issues Perfect Response to Fellow Celebs Wearing Anti-ICE ‘Be Good’ Pins
ICE head says agents facing ‘constant impediments’ after migrant seen ramming cars while trying to flee
Venezuela releases multiple American citizens from prison following military operation
Rand Paul says GOP colleagues ‘don’t give a s‑‑t about these people in the boats’: They ‘say they’re pro-life’
DOJ says ‘no basis’ for civil rights investigation into Minneapolis ICE officer killing
GOP senator suggests Fed chair Powell resign now to dodge potential criminal indictment
House Democrats Flip, Join Republicans to Overturn Biden-Era Regulation
Minneapolis-area leaders condemn ICE, call for removal amid Trump deportation campaign
White House says Trump gave ‘appropriate’ response after heckler confrontation caught on video at Ford plant
Suspected Venezuelan gangster in Portland CBP attack tied to shooting at apartment complex: police
Trump Issues Stern Mandate, Tells Tech Titans They Will Not Run Up American Utility Bills
RECKONING: Minnesota Republicans Preparing to Impeach Democratic Gov. Tim Walz
Anti-ICE Demonstrators Claimed Law Enforcement Ran Over a Protester – Then Dashcam Footage Was Released
Johnson: ‘No boots on the ground’ for Trump’s Greenland acquisition plans amid military speculation
Trump flips off Ford factory worker who yelled ‘pedophile protector’
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.
