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.
Trump Gives Compassionate Response to Renee Good’s Father, Calls Her Likely ‘Wonderful’ Under ‘Normal Circumstances’
‘Where Was the Outrage?’: Father of 21-Year-Old Woman Killed By Illegal Rips Renee Good Protesters
One of Tyler Robinson’s last meals as a free man may have been a steak dinner — medium rare
Spanberger takes swipe at Trump admin, says Virginians worried about ‘recklessness coming out of Washington’
Police warn of ‘door kicking challenge’ that can turn viral prank ‘from funny to fatal’
Illegal immigrants rack up $1B+ in Texas hospital costs in FY 2025, total likely higher: report
US congressional delegation visits Denmark amid backlash over Trump’s push to acquire Greenland
81 GOP Lawmakers Just Voted to Fund an Elite Org That Exists to Elect Democrats and Suppress MAGA
Barbarians at the Gate: What Leftist in Minneapolis Said As Rioters Attempted to Storm ICE Facility Proves We Need the Insurrection Act Now
Fetterman’s former progressive backer says he ‘sold us out,’ escalates efforts to primary Democrat senator
‘Scourge’ of sexual predators, violent criminals being removed from Minneapolis streets despite backlash
Democrat insider rips Mamdani bidet hopes for Gracie Mansion, cites Trump White House bathroom reno hypocrisy
Somali City Council Member Resigns Days After Being Sworn in Over Criminal Charges
Oregon city reverses vote, removes convicted murderer from police review board after backlash
Woke Christian Artist Releases Song Tying J6 to Woodstock
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.
Trump Gives Compassionate Response to Renee Good’s Father, Calls Her Likely ‘Wonderful’ Under ‘Normal Circumstances’
‘Where Was the Outrage?’: Father of 21-Year-Old Woman Killed By Illegal Rips Renee Good Protesters
One of Tyler Robinson’s last meals as a free man may have been a steak dinner — medium rare
Spanberger takes swipe at Trump admin, says Virginians worried about ‘recklessness coming out of Washington’
Police warn of ‘door kicking challenge’ that can turn viral prank ‘from funny to fatal’
Illegal immigrants rack up $1B+ in Texas hospital costs in FY 2025, total likely higher: report
US congressional delegation visits Denmark amid backlash over Trump’s push to acquire Greenland
81 GOP Lawmakers Just Voted to Fund an Elite Org That Exists to Elect Democrats and Suppress MAGA
Barbarians at the Gate: What Leftist in Minneapolis Said As Rioters Attempted to Storm ICE Facility Proves We Need the Insurrection Act Now
Fetterman’s former progressive backer says he ‘sold us out,’ escalates efforts to primary Democrat senator
‘Scourge’ of sexual predators, violent criminals being removed from Minneapolis streets despite backlash
Democrat insider rips Mamdani bidet hopes for Gracie Mansion, cites Trump White House bathroom reno hypocrisy
Somali City Council Member Resigns Days After Being Sworn in Over Criminal Charges
Oregon city reverses vote, removes convicted murderer from police review board after backlash
Woke Christian Artist Releases Song Tying J6 to Woodstock
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.
