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.
Bombshell Video Catches Reported Insiders Admitting Somalis Are Paying For, Harvesting Omar Votes
Obama Presidential Hits Jaw-Dropping Total Cost of Over $1 Billion, Tripling Past Estimates
Man shot and killed inside New York City subway station in Midtown Manhattan: NYPD
California diners are cutting back as costs soar — but restaurant owner reveals one trend that’s booming
Watch: Stunt Chopper at Navy SEAL Fundraiser Thrills Guests With Small Explosions and Red, White and Blue Smoke Show
Hero Dad Who Stopped Oregon School Shooting Doesn’t Want an Award, Tragically Feels Guilt Over Not Saving More
‘Moderate’ AG’s office turned to groups that spent years suing prisons for recruiting help: emails reveal
A Symbolic Detail Hidden in Background of Netflix’s New ‘Narnia’ Trailer Has Fans Fearing the Worst
Alito Shuts Down Retirement Talks as Midterms Threaten GOP Path to Confirm Successor
Pope Leo XIV leaves hospital and returns to Vatican after lung cancer surgery
From handyman to House history: HVAC mogul Joe Strada pushes trade schools, business mindset in Florida race
They’ll Never Learn: As Crime Sprees Plague Seattle, It’s Socialist Mayor Introduces Soft-on-Crime ‘Connection Court’
Ilhan Omar should be jailed, deported if citizenship fraud proven, Top House Republican says
They May Come to Your State Too: Flood of West Nile Fever Cases Hits LA Thanks to Mosquito Swarms
When purity politics runs its course: Even the most strident DSA politicians must learn to compromise
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.
Bombshell Video Catches Reported Insiders Admitting Somalis Are Paying For, Harvesting Omar Votes
Obama Presidential Hits Jaw-Dropping Total Cost of Over $1 Billion, Tripling Past Estimates
Man shot and killed inside New York City subway station in Midtown Manhattan: NYPD
California diners are cutting back as costs soar — but restaurant owner reveals one trend that’s booming
Watch: Stunt Chopper at Navy SEAL Fundraiser Thrills Guests With Small Explosions and Red, White and Blue Smoke Show
Hero Dad Who Stopped Oregon School Shooting Doesn’t Want an Award, Tragically Feels Guilt Over Not Saving More
‘Moderate’ AG’s office turned to groups that spent years suing prisons for recruiting help: emails reveal
A Symbolic Detail Hidden in Background of Netflix’s New ‘Narnia’ Trailer Has Fans Fearing the Worst
Alito Shuts Down Retirement Talks as Midterms Threaten GOP Path to Confirm Successor
Pope Leo XIV leaves hospital and returns to Vatican after lung cancer surgery
From handyman to House history: HVAC mogul Joe Strada pushes trade schools, business mindset in Florida race
They’ll Never Learn: As Crime Sprees Plague Seattle, It’s Socialist Mayor Introduces Soft-on-Crime ‘Connection Court’
Ilhan Omar should be jailed, deported if citizenship fraud proven, Top House Republican says
They May Come to Your State Too: Flood of West Nile Fever Cases Hits LA Thanks to Mosquito Swarms
When purity politics runs its course: Even the most strident DSA politicians must learn to compromise
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.
