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.
Democratic Congressman Suggests Execution for Pete Hegseth
DOJ Axes a Slew of Gun-Control Regulations in ‘Historic’ Day for the 2nd Amendment
MN lawmakers unload on Walz’s ‘legacy’ after he touts fraud record in final annual address: ‘Ridiculous’
DNC chair ripped for downplaying unreleased 2024 autopsy after Dem losses: ‘Self-inflicted crisis’
DOJ weighs new classified leak charges against Comey as legal pressure escalates
Report: Dem Senate Candidate Deleted Thousands of Radical Tweets, Bashed Middle America: ‘Wish I Never Left California’
GOP warns Trump over war powers deadline amid Iran standstill
House Dem Invokes ‘Nazi’ War Crimes in Attack on Hegseth Over Caribbean Strikes as Rhetoric Escalates
Louisiana to go ahead with primary election for all races besides six House seats
Trump ends DHS’ months-long nightmare that left immigration enforcement without funding
Chick-fil-A employee busted in bizarre $80K mac-and-cheese theft scheme
Mark Sanford quits House race after one month, says fighting national debt is better done outside politics
‘Giggling’ cop killing suspect slammed by judge as prosecutors fought bail release for repeat felony offender
DOJ Uncovers Numerous Ways the Biden Admin ‘Devastated the Lives of Many Christian Americans’
US Moves to Deploy Never-Before-Used ‘Dark Eagle’ Weapons System Against Iran
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.
Democratic Congressman Suggests Execution for Pete Hegseth
DOJ Axes a Slew of Gun-Control Regulations in ‘Historic’ Day for the 2nd Amendment
MN lawmakers unload on Walz’s ‘legacy’ after he touts fraud record in final annual address: ‘Ridiculous’
DNC chair ripped for downplaying unreleased 2024 autopsy after Dem losses: ‘Self-inflicted crisis’
DOJ weighs new classified leak charges against Comey as legal pressure escalates
Report: Dem Senate Candidate Deleted Thousands of Radical Tweets, Bashed Middle America: ‘Wish I Never Left California’
GOP warns Trump over war powers deadline amid Iran standstill
House Dem Invokes ‘Nazi’ War Crimes in Attack on Hegseth Over Caribbean Strikes as Rhetoric Escalates
Louisiana to go ahead with primary election for all races besides six House seats
Trump ends DHS’ months-long nightmare that left immigration enforcement without funding
Chick-fil-A employee busted in bizarre $80K mac-and-cheese theft scheme
Mark Sanford quits House race after one month, says fighting national debt is better done outside politics
‘Giggling’ cop killing suspect slammed by judge as prosecutors fought bail release for repeat felony offender
DOJ Uncovers Numerous Ways the Biden Admin ‘Devastated the Lives of Many Christian Americans’
US Moves to Deploy Never-Before-Used ‘Dark Eagle’ Weapons System Against Iran
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.
