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.
Michigan Senate hopeful calls AIPAC donations ‘legalized bribery,’ remains silent on other donations
How Maine’s Democratic meltdown could shape the Senate midterms
White House considers plan to build permanent fencing around Lafayette Park
Man arrested on suspicion of murdering British politician Ann Widdecombe
Erika Kirk urges judge to clear path quickly for Tyler Robinson murder trial
Biden Immigrant Trucker from Muslim Country Reportedly Rammed, Killed College Soccer Goalie – Had to Use Translation App to Talk with Cops
Trump Tells Reporter Iran Will Pay Dearly if He is Assassinated: ‘I’ve Left Instructions’
Intel expert says Singham network is more than a nonprofit scandal—it’s a security threat
Cause of death revealed for American mother murdered in Ireland: report
NJ husband begs for CPR help in 911 call after wife found dead with stab wounds: audio
New Trump UFO file dump includes military footage of mysterious star-shaped object
Graphic: Another Muslim Activist Freaks Out, Demanding We Confine Our Dogs According to the Will of Allah
Video Emerges Showing Mitch McConnell Taken to Hospital After Cardiac Arrest – Report
Peter Navarro seeks ‘precedent for years to come’ with renewed contempt fight
Trump administration expands ‘Product of USA’ label as push for American-raised beef grows
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.
Michigan Senate hopeful calls AIPAC donations ‘legalized bribery,’ remains silent on other donations
How Maine’s Democratic meltdown could shape the Senate midterms
White House considers plan to build permanent fencing around Lafayette Park
Man arrested on suspicion of murdering British politician Ann Widdecombe
Erika Kirk urges judge to clear path quickly for Tyler Robinson murder trial
Biden Immigrant Trucker from Muslim Country Reportedly Rammed, Killed College Soccer Goalie – Had to Use Translation App to Talk with Cops
Trump Tells Reporter Iran Will Pay Dearly if He is Assassinated: ‘I’ve Left Instructions’
Intel expert says Singham network is more than a nonprofit scandal—it’s a security threat
Cause of death revealed for American mother murdered in Ireland: report
NJ husband begs for CPR help in 911 call after wife found dead with stab wounds: audio
New Trump UFO file dump includes military footage of mysterious star-shaped object
Graphic: Another Muslim Activist Freaks Out, Demanding We Confine Our Dogs According to the Will of Allah
Video Emerges Showing Mitch McConnell Taken to Hospital After Cardiac Arrest – Report
Peter Navarro seeks ‘precedent for years to come’ with renewed contempt fight
Trump administration expands ‘Product of USA’ label as push for American-raised beef grows
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.
