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.
Republicans, Take Note: Ballot Measure Success in Face of Blue Wave Shows Voters Still Want Conservative Policies
JD Vance Says ‘Everyone Knows Why We Lost’ in Fiery Post-Election Message
New Jersey pre-K aide faces 61 charges, accused of filming himself sexually assaulting students at school
Grocery store cyberattacks are ‘psychological warfare’ that could strike US, former FBI agent warns
See for Yourself: As El-Sayed Was Securing Win, Advisor Hasan Piker Filmed His Most Hateful Anti-American Comments Ever
Erika Kirk channels Charlie with blunt message to conservatives after GOP midterm losses
Promising Young Congressman Touted as ‘Future’ of the Republican Party After Defying Blue Wave with a Strong Win
Conservative Commentator Steve Deace Nails the Most Infuriating Part About Democrats’ Midterm Triumph: It Was Preventable
Midterm upheaval of Congress provides little reassurance for Ukraine as ‘nucleus’ of support is ousted or steps down
Latest Numbers: ‘Decoy’ Candidate Could Cost Republicans a Senate Seat as Alaska Race Comes Down to the Wire
Florida congressman diagnoses GOP’s blue tsunami losses: ‘We failed to make them think we cared about them’
Vance courting disgruntled Trump voters to form ‘new right’ alliance after Republican bloodbath, sources say
Fox News/NORC Study: Voters look to 2028 focused on the economy
Hegseth’s future draws ominous predictions from insiders after GOP losses, but Trump isn’t budging yet
Newsom breaks with socialists over billionaire tax, and California voters appear poised to reject it
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.
Republicans, Take Note: Ballot Measure Success in Face of Blue Wave Shows Voters Still Want Conservative Policies
JD Vance Says ‘Everyone Knows Why We Lost’ in Fiery Post-Election Message
New Jersey pre-K aide faces 61 charges, accused of filming himself sexually assaulting students at school
Grocery store cyberattacks are ‘psychological warfare’ that could strike US, former FBI agent warns
See for Yourself: As El-Sayed Was Securing Win, Advisor Hasan Piker Filmed His Most Hateful Anti-American Comments Ever
Erika Kirk channels Charlie with blunt message to conservatives after GOP midterm losses
Promising Young Congressman Touted as ‘Future’ of the Republican Party After Defying Blue Wave with a Strong Win
Conservative Commentator Steve Deace Nails the Most Infuriating Part About Democrats’ Midterm Triumph: It Was Preventable
Midterm upheaval of Congress provides little reassurance for Ukraine as ‘nucleus’ of support is ousted or steps down
Latest Numbers: ‘Decoy’ Candidate Could Cost Republicans a Senate Seat as Alaska Race Comes Down to the Wire
Florida congressman diagnoses GOP’s blue tsunami losses: ‘We failed to make them think we cared about them’
Vance courting disgruntled Trump voters to form ‘new right’ alliance after Republican bloodbath, sources say
Fox News/NORC Study: Voters look to 2028 focused on the economy
Hegseth’s future draws ominous predictions from insiders after GOP losses, but Trump isn’t budging yet
Newsom breaks with socialists over billionaire tax, and California voters appear poised to reject it
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.
