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.
Kentucky middle school teacher accused of crossing the line with student, arrested under new anti-grooming law
North Dakota mom stabs her 2 children to death in ‘horrific’ killing that left cops traumatized: officials
Trump says Will Scharf will replace David Warrington as White House counsel in September
Bernie Sanders demands Democrats ban super PACs from primaries, blasts AIPAC, ‘corrupt system’
Trump doubles down on reflecting pool vandalism allegations, cites new witness account
AOC documents egg-freezing journey, takes aim at Trump admin over women’s reproductive choices
Teen burglary ring linked to nearly 80 Bay Area break-ins dismantled after months-long investigation: PD
Indian national accused of Arizona girlfriend’s murder entered US on student visa: federal sources
Spencer Pratt: Communists aren’t just ‘evil’ they’re ’embarrassingly cringe’
Police nab ‘armed and dangerous’ New York fugitive suspected of killing father and torching home
NORAD fighter jets intercept 2 aircraft near Trump’s golf club, 3rd plane delays his NJ departure
AOC freezes her eggs: ‘I think it’s bada**’
RNC chair says Talarico’s GOP crossover hopes are a ‘pipe dream’: ‘Nobody is going to follow him’
‘Outsider’ House primary winner sets sights on flipping longtime GOP seat back from Dems: ‘Ready for a change’
Max Miller locked in as Republican nominee after Ohio ballot deadline passes without withdrawal
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.
Kentucky middle school teacher accused of crossing the line with student, arrested under new anti-grooming law
North Dakota mom stabs her 2 children to death in ‘horrific’ killing that left cops traumatized: officials
Trump says Will Scharf will replace David Warrington as White House counsel in September
Bernie Sanders demands Democrats ban super PACs from primaries, blasts AIPAC, ‘corrupt system’
Trump doubles down on reflecting pool vandalism allegations, cites new witness account
AOC documents egg-freezing journey, takes aim at Trump admin over women’s reproductive choices
Teen burglary ring linked to nearly 80 Bay Area break-ins dismantled after months-long investigation: PD
Indian national accused of Arizona girlfriend’s murder entered US on student visa: federal sources
Spencer Pratt: Communists aren’t just ‘evil’ they’re ’embarrassingly cringe’
Police nab ‘armed and dangerous’ New York fugitive suspected of killing father and torching home
NORAD fighter jets intercept 2 aircraft near Trump’s golf club, 3rd plane delays his NJ departure
AOC freezes her eggs: ‘I think it’s bada**’
RNC chair says Talarico’s GOP crossover hopes are a ‘pipe dream’: ‘Nobody is going to follow him’
‘Outsider’ House primary winner sets sights on flipping longtime GOP seat back from Dems: ‘Ready for a change’
Max Miller locked in as Republican nominee after Ohio ballot deadline passes without withdrawal
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.
