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.
Accused Murderer of Iryna Zarutska Found Incompetent to Stand Trial by Federal Examiners
Breaking: Dept. of War Releases Long-Awaited UFO Files – Photos from the Moon, Apollo Mission Audio Included
Tim Walz Minnesota forcing teachers to abide by ‘horribly disgusting,’ ‘crazy’ race standard, says lawmaker
GOP candidate Bianco’s two-word jab at Katie Porter draws gasps from California debate audience
Is Cuba next on Trump’s regime-change agenda
House Democrats eye four GOP-held Pennsylvania seats in majority quest
Watch: Startling Megyn Kelly Comments – Is She Getting Friendly With Islam Too?
Man against machine: Stories from Ukraine’s Donbas front line
Ex-Reality TV Star Exposes LA Mayor Over Wildfire Disaster to Her Face Mid-Debate
US intel community agreed before war ‘Iran wasn’t developing a nuclear weapon’: ex-counterterrorism chief
California county finds nearly 600 unopened ballots months after Newsom-backed redistricting measure passed
Trump motorcade drives across Lincoln Memorial Reflecting Pool to inspect renovation efforts
Trump praises Susie Wiles’ cancer fight in surprise gala video: ‘Winning it decisively’
Trump takes motorcade into Reflecting Pool, blasts past ‘$38M disaster’ fix under Obama
Man indicted for allegedly posting gruesome death threats against Kristi Noem, Pam Bondi on social media
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.
Accused Murderer of Iryna Zarutska Found Incompetent to Stand Trial by Federal Examiners
Breaking: Dept. of War Releases Long-Awaited UFO Files – Photos from the Moon, Apollo Mission Audio Included
Tim Walz Minnesota forcing teachers to abide by ‘horribly disgusting,’ ‘crazy’ race standard, says lawmaker
GOP candidate Bianco’s two-word jab at Katie Porter draws gasps from California debate audience
Is Cuba next on Trump’s regime-change agenda
House Democrats eye four GOP-held Pennsylvania seats in majority quest
Watch: Startling Megyn Kelly Comments – Is She Getting Friendly With Islam Too?
Man against machine: Stories from Ukraine’s Donbas front line
Ex-Reality TV Star Exposes LA Mayor Over Wildfire Disaster to Her Face Mid-Debate
US intel community agreed before war ‘Iran wasn’t developing a nuclear weapon’: ex-counterterrorism chief
California county finds nearly 600 unopened ballots months after Newsom-backed redistricting measure passed
Trump motorcade drives across Lincoln Memorial Reflecting Pool to inspect renovation efforts
Trump praises Susie Wiles’ cancer fight in surprise gala video: ‘Winning it decisively’
Trump takes motorcade into Reflecting Pool, blasts past ‘$38M disaster’ fix under Obama
Man indicted for allegedly posting gruesome death threats against Kristi Noem, Pam Bondi on social media
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.
