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.
Americans keep moving to Texas and Florida — but one other red state is growing even faster
China orders firms to ignore US Iran sanctions, daring US to enforce crackdown
Mamdani Berates Billionaire Outside His Residence Near UnitedHealthcare CEO Assassination Site
Minnesota off-loads fraud cases onto federal investigators due to overwhelming backlog
Oregon burglary suspect nabbed after crashing SUV during police chase: video
Rudy Giuliani out of ICU, continuing to recover in hospital: ‘He’s winning this fight’
DHS urges Wisconsin ‘sanctuary’ county to keep illegal immigrant accused in elderly sexual assaults jailed
Judge denies Fulton County bid to retrieve 2020 ballots seized by FBI
Backlash erupts over viral video of CAIR leader as Newsom funding draws scrutiny
Kentucky man enters insanity plea after admitting to beating his grandmother to death in recorded attack
California immigration judge sues DOJ, alleging she was fired for being a registered Democrat, a woman over 40
Trump’s Psychedelic Push May Open a Door Christians Should Question
Schumer’s ‘No. 1 target’ says voters will see her Democrat Senate challenger as too extreme
Leftist Influencer’s Mangione Celebration Resurfaces After He Opposes Death Penalty for Child Murderer
Justice Neil Gorsuch breaks silence on violent threats against judiciary, Supreme Court leaks
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.
Americans keep moving to Texas and Florida — but one other red state is growing even faster
China orders firms to ignore US Iran sanctions, daring US to enforce crackdown
Mamdani Berates Billionaire Outside His Residence Near UnitedHealthcare CEO Assassination Site
Minnesota off-loads fraud cases onto federal investigators due to overwhelming backlog
Oregon burglary suspect nabbed after crashing SUV during police chase: video
Rudy Giuliani out of ICU, continuing to recover in hospital: ‘He’s winning this fight’
DHS urges Wisconsin ‘sanctuary’ county to keep illegal immigrant accused in elderly sexual assaults jailed
Judge denies Fulton County bid to retrieve 2020 ballots seized by FBI
Backlash erupts over viral video of CAIR leader as Newsom funding draws scrutiny
Kentucky man enters insanity plea after admitting to beating his grandmother to death in recorded attack
California immigration judge sues DOJ, alleging she was fired for being a registered Democrat, a woman over 40
Trump’s Psychedelic Push May Open a Door Christians Should Question
Schumer’s ‘No. 1 target’ says voters will see her Democrat Senate challenger as too extreme
Leftist Influencer’s Mangione Celebration Resurfaces After He Opposes Death Penalty for Child Murderer
Justice Neil Gorsuch breaks silence on violent threats against judiciary, Supreme Court leaks
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.
