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.
Teen sailor killed aboard USS West Virginia at Pearl Harbor identified after 82 years through DNA analysis
Stampede erupts at South Carolina biker festival, 19 injured in late-night chaos
This Could Sink Mangione’s Defense: Judge Allows Notebook, Gun as Evidence
Appeals Court Puts Stake Through Heart of New York’s Anti-2nd Amendment ‘Vampire Rule’
Mosque Shooter Identified as Apparent Neo-Nazi with Hispanic Name
GOP Swing State Justices Sweep in Rare Midterm Setback for Democrats
‘After your boy’: Hasan Piker lashes out over fed probe into Cuba trip
Officials say possible crack in unstable chemical tank may relieve pressure at aerospace plant
Retiring senator warns if Trump continues to do ‘stupid things’ it will kill GOP in November
‘Wasteful distraction’: Experts slam Mamdani’s taxpayer-funded grocery stores
WWII vet gives direct message to young people today: ‘We gave up our yesterdays for your tomorrows’
Dem socialist running for Wisconsin governor pushed ‘abolishing the police’
From rally gunfire to White House shooting, threats against President Trump continue to mount
Ice Cream Recall Affects Residents of 17 States
This European Commentator Was Banned from Britain for Wrongthink
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.
Teen sailor killed aboard USS West Virginia at Pearl Harbor identified after 82 years through DNA analysis
Stampede erupts at South Carolina biker festival, 19 injured in late-night chaos
This Could Sink Mangione’s Defense: Judge Allows Notebook, Gun as Evidence
Appeals Court Puts Stake Through Heart of New York’s Anti-2nd Amendment ‘Vampire Rule’
Mosque Shooter Identified as Apparent Neo-Nazi with Hispanic Name
GOP Swing State Justices Sweep in Rare Midterm Setback for Democrats
‘After your boy’: Hasan Piker lashes out over fed probe into Cuba trip
Officials say possible crack in unstable chemical tank may relieve pressure at aerospace plant
Retiring senator warns if Trump continues to do ‘stupid things’ it will kill GOP in November
‘Wasteful distraction’: Experts slam Mamdani’s taxpayer-funded grocery stores
WWII vet gives direct message to young people today: ‘We gave up our yesterdays for your tomorrows’
Dem socialist running for Wisconsin governor pushed ‘abolishing the police’
From rally gunfire to White House shooting, threats against President Trump continue to mount
Ice Cream Recall Affects Residents of 17 States
This European Commentator Was Banned from Britain for Wrongthink
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.
