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.
Illegal immigrant accused of killing newlywed couple in Oregon crash arrested by ICE after jail release
Pentagon urges Congress to codify ‘Department of War’ name change it estimates will cost $52 million
Biden Admin Used a ‘Code Word’ to Conceal Loans to Planned Parenthood, Senator Alleges
Reagan shooter calls link to Washington hotel ‘spooky’ after alleged Trump assassination attempt at same site
Self-Avowed ‘Socialist Socialite’ Roasted After Mocking Budget Dress Worn by Hegseth’s Wife
Teacher’s ‘Disgusting’ Comment About White House Correspondents’ Dinner Shooting Gets Him Placed on Leave
CNN Admits Trump Suspect Parroted Mainstream Dem ‘Hitler’ Rhetoric, Was Radicalized Around Election
DHS taunts media for reporting about ‘Green Bay man’ illegal immigrant charged in vicious machete attack
Ghost in the gallery: George Washington looks on as King Charles addresses Congress
Hot Mic: Fox’s Jimmy Failla Mocked WHCD Security Before Shooting: Might as Well Be ‘A Doorstop and a Scarecrow’
Poll: Former Fox Host Steve Hilton Has Narrow Lead in Packed California Race for Governor
Dem and GOP lawmakers trade blame over rhetoric after WHCD shooting: ‘It is disgusting’
Dem plot to limit Trump war powers on Cuba fails as GOP falls in line with military action abroad
Five key themes of King Charles III’s address to Congress
Starmer escapes inquiry on Mandelson vetting by a Parliament vote
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.
Illegal immigrant accused of killing newlywed couple in Oregon crash arrested by ICE after jail release
Pentagon urges Congress to codify ‘Department of War’ name change it estimates will cost $52 million
Biden Admin Used a ‘Code Word’ to Conceal Loans to Planned Parenthood, Senator Alleges
Reagan shooter calls link to Washington hotel ‘spooky’ after alleged Trump assassination attempt at same site
Self-Avowed ‘Socialist Socialite’ Roasted After Mocking Budget Dress Worn by Hegseth’s Wife
Teacher’s ‘Disgusting’ Comment About White House Correspondents’ Dinner Shooting Gets Him Placed on Leave
CNN Admits Trump Suspect Parroted Mainstream Dem ‘Hitler’ Rhetoric, Was Radicalized Around Election
DHS taunts media for reporting about ‘Green Bay man’ illegal immigrant charged in vicious machete attack
Ghost in the gallery: George Washington looks on as King Charles addresses Congress
Hot Mic: Fox’s Jimmy Failla Mocked WHCD Security Before Shooting: Might as Well Be ‘A Doorstop and a Scarecrow’
Poll: Former Fox Host Steve Hilton Has Narrow Lead in Packed California Race for Governor
Dem and GOP lawmakers trade blame over rhetoric after WHCD shooting: ‘It is disgusting’
Dem plot to limit Trump war powers on Cuba fails as GOP falls in line with military action abroad
Five key themes of King Charles III’s address to Congress
Starmer escapes inquiry on Mandelson vetting by a Parliament vote
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.
