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.
Oil-Rich California Relies on Fuel Imported from the Bahamas as Gas Prices Surge
Trump says ‘this is a Democrat shutdown’ as he touts low inflation, falling murder rate
Teen killed after protecting friends in ‘senseless’ shootout as locals raise alarm over rising crime in Bronx
Trump withholds endorsement for Texas Senate GOP primary
Thune guarantees voter ID bill to hit the Senate despite Schumer, Dem opposition: ‘We will have a vote’
Swalwell’s ‘I should be working’ gym, pool videos resurface as Dem rival hammers his missed House votes
Anderson Cooper announces 60 Minutes departure amid CBS shake-ups
Oregon Could Vote to Ban Hunting and Fishing – Proposed Law Would Classify Both as Cruelty to Animals
Tom Emmer blasts Democrats’ double standard on SAVE Act: ‘They require photo IDs’ at their own DNC
GOP reaches key 50-vote threshold for Trump-backed voter ID bill as Senate fight looms
At least two dead after ‘targeted’ shooting at Rhode Island hockey game
Indiana school secretary charged after husband finds her with student, probe reveals affair with another: cops
China pledges aid to Ukraine as US officials warn Beijing is quietly fueling Russia’s war
ICE sweeps up convicted pedophiles, traffickers in massive holiday weekend sting: ‘Worst of the worst’
Former FBI analyst believes Guthrie suspect is amateur criminal, Savannah’s latest message tailored to him
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.
Oil-Rich California Relies on Fuel Imported from the Bahamas as Gas Prices Surge
Trump says ‘this is a Democrat shutdown’ as he touts low inflation, falling murder rate
Teen killed after protecting friends in ‘senseless’ shootout as locals raise alarm over rising crime in Bronx
Trump withholds endorsement for Texas Senate GOP primary
Thune guarantees voter ID bill to hit the Senate despite Schumer, Dem opposition: ‘We will have a vote’
Swalwell’s ‘I should be working’ gym, pool videos resurface as Dem rival hammers his missed House votes
Anderson Cooper announces 60 Minutes departure amid CBS shake-ups
Oregon Could Vote to Ban Hunting and Fishing – Proposed Law Would Classify Both as Cruelty to Animals
Tom Emmer blasts Democrats’ double standard on SAVE Act: ‘They require photo IDs’ at their own DNC
GOP reaches key 50-vote threshold for Trump-backed voter ID bill as Senate fight looms
At least two dead after ‘targeted’ shooting at Rhode Island hockey game
Indiana school secretary charged after husband finds her with student, probe reveals affair with another: cops
China pledges aid to Ukraine as US officials warn Beijing is quietly fueling Russia’s war
ICE sweeps up convicted pedophiles, traffickers in massive holiday weekend sting: ‘Worst of the worst’
Former FBI analyst believes Guthrie suspect is amateur criminal, Savannah’s latest message tailored to him
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.
