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.
Pennsylvania commissioner accuses Shapiro of ‘deceptive’ measles death framing as RFK Jr blasts Dem governor
MS NOW’s O’Donnell Fumes at Trump Sharing Old Military School Pic, Gets Every Aspect of His ‘Report’ Wrong During Tantrum
Tech Giant Details How Its AI Went Haywire
Canadian Nat’l Broadcaster Caves to Outrage, Will Refer to 9/11 as ‘Terrorist Attacks’ After Insane Internal Memo Leaked
Trump confirms Pentagon plans for 25th anniversary of 9/11 attacks, disputes report on Ground Zero absence
Pop star-turned-Dem candidate’s defense of graphic murder video resurfaces in key House race
Op-Ed: Family Formation Shouldn’t Be America’s Hardest Economic Choice
Mica Miller’s siblings allege pastor husband forced final hospitalization before her 2024 death
Florida Woman Kills Man Arrested for Murdering His Father
NBA Vet Enes Kanter Freedom Sends Letter with 5 Deadly Questions to WNBA Commissioner After Ejection from Arena
Strange Georgia crime-scene clues blow hole in theory of mom’s mysterious death, family says
One question about the Constitution puts liberals’ appetite for sweeping change to the test
Dolly Parton: Tribute to an American icon
Trump’s tougher round-two birthright citizenship strategy hinges on key legal distinction, experts say
Trump administration helps end Armenia and Azerbaijan’s forever war
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.
Pennsylvania commissioner accuses Shapiro of ‘deceptive’ measles death framing as RFK Jr blasts Dem governor
MS NOW’s O’Donnell Fumes at Trump Sharing Old Military School Pic, Gets Every Aspect of His ‘Report’ Wrong During Tantrum
Tech Giant Details How Its AI Went Haywire
Canadian Nat’l Broadcaster Caves to Outrage, Will Refer to 9/11 as ‘Terrorist Attacks’ After Insane Internal Memo Leaked
Trump confirms Pentagon plans for 25th anniversary of 9/11 attacks, disputes report on Ground Zero absence
Pop star-turned-Dem candidate’s defense of graphic murder video resurfaces in key House race
Op-Ed: Family Formation Shouldn’t Be America’s Hardest Economic Choice
Mica Miller’s siblings allege pastor husband forced final hospitalization before her 2024 death
Florida Woman Kills Man Arrested for Murdering His Father
NBA Vet Enes Kanter Freedom Sends Letter with 5 Deadly Questions to WNBA Commissioner After Ejection from Arena
Strange Georgia crime-scene clues blow hole in theory of mom’s mysterious death, family says
One question about the Constitution puts liberals’ appetite for sweeping change to the test
Dolly Parton: Tribute to an American icon
Trump’s tougher round-two birthright citizenship strategy hinges on key legal distinction, experts say
Trump administration helps end Armenia and Azerbaijan’s forever war
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.
