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.
Special election replacing Marjorie Taylor Greene goes to runoff between Trump-endorsed candidate and Democrat
Speaker Johnson touts Trump’s agenda as crucial blueprint ahead of midterms: ‘On the ballot’
Trump Appoints Erika Kirk to Board Position Previously Held by Charlie
Leftist Still Doesn’t Learn His Lesson After His Pro-Diversity Speech Is Interrupted by ISIS Terrorist’s Bomb
WATCH: Dem witness accuses Trump of ‘population purge,’ Kennedy fires back: ‘You trigger my gag reflex’
Far-left lawmaker endorses candidate who boasted about voting with Republicans 80% of time
Newsom blames Trump for California’s higher gas prices, despite state policies
California bishop’s alleged secret double life explodes into felony case
FAA Temporarily Grounds All JetBlue Flights
‘A Woke Joke’ – Fans Furious at Hypocrite Bruce Springsteen as Tickets to His ‘No Kings’ Tour Are So Expensive, Only Royalty Can Afford Them
ICE Houston touts over 400 illegal alien child sex offenders arrested during Trump’s first year back in office
Trump’s pick to lead the Federal Reserve meets GOP senator holding up his confirmation
Former DC police officer accused of sexually assaulting 10 women he met on dating apps, in person
Europe flails in response to Iran conflict as Strait of Hormuz closure threatens energy supply
Shots Fired at US Consulate in Canada in ‘Unacceptable Act of Violence’
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.
Special election replacing Marjorie Taylor Greene goes to runoff between Trump-endorsed candidate and Democrat
Speaker Johnson touts Trump’s agenda as crucial blueprint ahead of midterms: ‘On the ballot’
Trump Appoints Erika Kirk to Board Position Previously Held by Charlie
Leftist Still Doesn’t Learn His Lesson After His Pro-Diversity Speech Is Interrupted by ISIS Terrorist’s Bomb
WATCH: Dem witness accuses Trump of ‘population purge,’ Kennedy fires back: ‘You trigger my gag reflex’
Far-left lawmaker endorses candidate who boasted about voting with Republicans 80% of time
Newsom blames Trump for California’s higher gas prices, despite state policies
California bishop’s alleged secret double life explodes into felony case
FAA Temporarily Grounds All JetBlue Flights
‘A Woke Joke’ – Fans Furious at Hypocrite Bruce Springsteen as Tickets to His ‘No Kings’ Tour Are So Expensive, Only Royalty Can Afford Them
ICE Houston touts over 400 illegal alien child sex offenders arrested during Trump’s first year back in office
Trump’s pick to lead the Federal Reserve meets GOP senator holding up his confirmation
Former DC police officer accused of sexually assaulting 10 women he met on dating apps, in person
Europe flails in response to Iran conflict as Strait of Hormuz closure threatens energy supply
Shots Fired at US Consulate in Canada in ‘Unacceptable Act of Violence’
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.
