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.
Trump says Triumphal Arch will be converted into ‘top-grade’ military complex
Several Were Illegal Aliens: DOJ Announces 16 Culprits Caught Illegally Voting in Federal Elections
WATCH: Exclusive look at blue-collar workforce fueling America’s AI boom
DSA Chapter Leader Resigns, Warns ‘Frightening’ and ‘Extreme’ Radicals Are Running the Show
WATCH: AI safety scare sparks Cap Hill fight over guardrails: ‘China’s going to eat our lunch’
El Sayed-aligned Islamic council with alleged terrorism financing ties issued fatwa to financially support Muslim candidates
Trey Gowdy talks about his new novel and what he’s up to next
US military strikes alleged narco-trafficking vessel in Caribbean, killing 4 ‘narco-terrorists’
Justice Department charges 16 across multiple states with alleged illegal voting, election crimes
Breaking: US Issues Security Alert as Trump Rushes to WH Days After Saying US Could Soon ‘Annihilate’ Iranian Regime
Messianic Rabbi Jonathan Cahn Says His Viral ‘Duct Tape Man’ Encounter Echoes ‘Revelation’ About Evil in His Latest Book
New Jersey mom charged with obstruction after ‘missing’ son found hiding in her crawl space
NORAD F-16 intercepts aircraft that violated restricted airspace over Camp David with Trump present: officials
DSA Democrats Praise This ‘Socialist Model’ – Communist Cuba’s Power Grid Collapses
Watch: MAGA Takes Victory Lap as CNN Is Forced to Read Trump’s WH Ban on Air
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.
Trump says Triumphal Arch will be converted into ‘top-grade’ military complex
Several Were Illegal Aliens: DOJ Announces 16 Culprits Caught Illegally Voting in Federal Elections
WATCH: Exclusive look at blue-collar workforce fueling America’s AI boom
DSA Chapter Leader Resigns, Warns ‘Frightening’ and ‘Extreme’ Radicals Are Running the Show
WATCH: AI safety scare sparks Cap Hill fight over guardrails: ‘China’s going to eat our lunch’
El Sayed-aligned Islamic council with alleged terrorism financing ties issued fatwa to financially support Muslim candidates
Trey Gowdy talks about his new novel and what he’s up to next
US military strikes alleged narco-trafficking vessel in Caribbean, killing 4 ‘narco-terrorists’
Justice Department charges 16 across multiple states with alleged illegal voting, election crimes
Breaking: US Issues Security Alert as Trump Rushes to WH Days After Saying US Could Soon ‘Annihilate’ Iranian Regime
Messianic Rabbi Jonathan Cahn Says His Viral ‘Duct Tape Man’ Encounter Echoes ‘Revelation’ About Evil in His Latest Book
New Jersey mom charged with obstruction after ‘missing’ son found hiding in her crawl space
NORAD F-16 intercepts aircraft that violated restricted airspace over Camp David with Trump present: officials
DSA Democrats Praise This ‘Socialist Model’ – Communist Cuba’s Power Grid Collapses
Watch: MAGA Takes Victory Lap as CNN Is Forced to Read Trump’s WH Ban on Air
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.
