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.
Five Severed Human Heads Discovered Hanging on Beach in Apparent Drug Cartel Warning
Radical Groups Like Renee Good’s Are Tailing ICE All Over America
Trump accuses Tim Walz and Ilhan Omar of using ICE protests to distract from massive state fraud
Surgeon ex in Ohio dentist murders job hopped across country, dodged lawsuits after divorce
Cori Bush ripped for ‘jaw-dropping’ hypocrisy on key issue amid comeback House bid
The Redistricting Scheme That Could Help Dems Retake the House
Lawyers Claim Man’s Life ‘Stolen’ By ICE: Turns Out He Shot at an Officer
Professors were disciplined for vulgar posts after Charlie Kirk’s assassination: where are they now?
Russia tries to revive its relevance with support for Iran after failure to fight US moves in Venezuela
Trump vows to ‘take out’ Indiana GOP leader over redistricting fight
Homan Confirms ICE Agent Who Shot Renee Good Is ‘in Hiding’ Amid Rabid Leftist Death Threats
Progressive-backed Analilia Mejia faces uphill battle in bid to replace Mikie Sherrill
Border Patrol commander vows continued tear gas use after Minnesota fedreal judge’s order
Man allegedly assaulted with flagpole by Minneapolis anti-ICE agitators in violent parking garage attack
Tim Walz Gets the Response He Deserves After Suddenly Saying He Wants to ‘Turn the Temperature Down’
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.
Five Severed Human Heads Discovered Hanging on Beach in Apparent Drug Cartel Warning
Radical Groups Like Renee Good’s Are Tailing ICE All Over America
Trump accuses Tim Walz and Ilhan Omar of using ICE protests to distract from massive state fraud
Surgeon ex in Ohio dentist murders job hopped across country, dodged lawsuits after divorce
Cori Bush ripped for ‘jaw-dropping’ hypocrisy on key issue amid comeback House bid
The Redistricting Scheme That Could Help Dems Retake the House
Lawyers Claim Man’s Life ‘Stolen’ By ICE: Turns Out He Shot at an Officer
Professors were disciplined for vulgar posts after Charlie Kirk’s assassination: where are they now?
Russia tries to revive its relevance with support for Iran after failure to fight US moves in Venezuela
Trump vows to ‘take out’ Indiana GOP leader over redistricting fight
Homan Confirms ICE Agent Who Shot Renee Good Is ‘in Hiding’ Amid Rabid Leftist Death Threats
Progressive-backed Analilia Mejia faces uphill battle in bid to replace Mikie Sherrill
Border Patrol commander vows continued tear gas use after Minnesota fedreal judge’s order
Man allegedly assaulted with flagpole by Minneapolis anti-ICE agitators in violent parking garage attack
Tim Walz Gets the Response He Deserves After Suddenly Saying He Wants to ‘Turn the Temperature Down’
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.
