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.
Intense Footage: Police Officer with No Protective Gear Sprints Into Burning House and Saves Entire Family
Court Overturns Former Attorney Alex Murdaugh’s Double Murder Convictions
Dem Senate hopeful’s ‘physician’ campaign pitch under fire after license records reveal key gaps
Massie’s ex-girlfriend alleges he arranged her Capitol Hill job, then offered $5,000 to drop termination suit
Veterans group backing Iowa Democrat’s Senate bid is bankrolled by Schumer-aligned PAC
Trump struggles to shake ballroom backlash: ‘We don’t have the money’
Democrats’ midterm push clouded by infighting over party keeping 2024 autopsy under wraps
New 9/11 Museum exhibit aims to connect younger Americans to the attacks through powerful artifacts
Finland has ‘exactly the same position’ as Trump on NATO failures but pleads not to let Russia, China divide the West
Trump and Cabinet officials welcomed by Xi at China’s Great Hall of the People
CIA Accused of Raiding Tulsi Gabbard’s Office Seizing JFK, MKUltra Documents Set for Declassification
Trump’s upbeat China message collides with deepening Beijing rivalry
China rolls out red carpet for Trump as Xi meeting tests trade, Taiwan tensions
AG aims to retry Alex Murdaugh ‘quickly’; both sides enter courtroom chess match with each other’s game plans
California death row inmates watching porn on taxpayer-funded tablets, evading security controls: report
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.
Intense Footage: Police Officer with No Protective Gear Sprints Into Burning House and Saves Entire Family
Court Overturns Former Attorney Alex Murdaugh’s Double Murder Convictions
Dem Senate hopeful’s ‘physician’ campaign pitch under fire after license records reveal key gaps
Massie’s ex-girlfriend alleges he arranged her Capitol Hill job, then offered $5,000 to drop termination suit
Veterans group backing Iowa Democrat’s Senate bid is bankrolled by Schumer-aligned PAC
Trump struggles to shake ballroom backlash: ‘We don’t have the money’
Democrats’ midterm push clouded by infighting over party keeping 2024 autopsy under wraps
New 9/11 Museum exhibit aims to connect younger Americans to the attacks through powerful artifacts
Finland has ‘exactly the same position’ as Trump on NATO failures but pleads not to let Russia, China divide the West
Trump and Cabinet officials welcomed by Xi at China’s Great Hall of the People
CIA Accused of Raiding Tulsi Gabbard’s Office Seizing JFK, MKUltra Documents Set for Declassification
Trump’s upbeat China message collides with deepening Beijing rivalry
China rolls out red carpet for Trump as Xi meeting tests trade, Taiwan tensions
AG aims to retry Alex Murdaugh ‘quickly’; both sides enter courtroom chess match with each other’s game plans
California death row inmates watching porn on taxpayer-funded tablets, evading security controls: report
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.
