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.
Ousted Senate Republican digs in against Trump, takes jab at leadership style
Democrats’ Official X Account Forced to Delete Horribly Disrespectful Memorial Day Post – But We’ve Got the Original
Jake Auchincloss denies supporting Collins in Maine Senate race after opposing Planter bid
Redistricting push in South Carolina fails after state Senate bails
RFK Jr barehands a pair of snakes on Dr Oz’s patio in wild video
NBA star places massive bet on Spencer Pratt in LA mayoral race
AOC Quietly Takes First Steps Toward Potential 2028 Presidential Run: Report
Federal judge blocks Alabama redistricting plan in blow to Trump
Markwayne Mullin goes off on Dems’ ‘garbage’ Memorial Day ‘political stunt’ at ICE facility
Alex Murdaugh trial clerk reemerges after explosive ruling upends murder conviction
Chicago sees at least 25 shot over Memorial Day weekend as police cancel officers’ days off
Sports Commentator Blasts Giants QB for Meeting Trump Without ‘Consulting’ Locker Room
Iran Claims to Have Shot Down a US Drone, Threatens Further Retaliation
Trump will head to Walter Reed for his annual physical
Hasan Piker names pro-CCP tycoon Singham as financier of ‘political movements’ despite nonprofit veneer
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.
Ousted Senate Republican digs in against Trump, takes jab at leadership style
Democrats’ Official X Account Forced to Delete Horribly Disrespectful Memorial Day Post – But We’ve Got the Original
Jake Auchincloss denies supporting Collins in Maine Senate race after opposing Planter bid
Redistricting push in South Carolina fails after state Senate bails
RFK Jr barehands a pair of snakes on Dr Oz’s patio in wild video
NBA star places massive bet on Spencer Pratt in LA mayoral race
AOC Quietly Takes First Steps Toward Potential 2028 Presidential Run: Report
Federal judge blocks Alabama redistricting plan in blow to Trump
Markwayne Mullin goes off on Dems’ ‘garbage’ Memorial Day ‘political stunt’ at ICE facility
Alex Murdaugh trial clerk reemerges after explosive ruling upends murder conviction
Chicago sees at least 25 shot over Memorial Day weekend as police cancel officers’ days off
Sports Commentator Blasts Giants QB for Meeting Trump Without ‘Consulting’ Locker Room
Iran Claims to Have Shot Down a US Drone, Threatens Further Retaliation
Trump will head to Walter Reed for his annual physical
Hasan Piker names pro-CCP tycoon Singham as financier of ‘political movements’ despite nonprofit veneer
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.
