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 admin wants to require tax filers to disclose citizenship status to IRS
Lawyers, experts urge Tennessee governor to commute Christa Pike’s sentence after botched execution
AOC’s dramatic retelling of Cornell rape allegations collides with complaint details
Trans NYT Executive Faced Child Cruelty Charges Before Shooting Death – Police Say In-Laws Opened Fire
Texts cited by Eric Schmitt at Jack Smith hearing lacked team names: Report
Breaking: Trump Economy Notches Win as US Jobless Numbers Plummet to Half-Century Low Last Seen in 1969
College professor accused of sending explicit Snapchat messages in child solicitation case: sheriff’s office
EXCLUSIVE: Supreme Court prayer grotto case could impact ‘every single zoning law’ in America, attorney says
DOJ reindicts DC pipe bomb suspect after FBI confession transcript released
‘Conspiracy’ Speculation Erupts After Botched Execution of Christa Pike: ‘There’s No Way’
Rerun of ‘America’s Most Wanted’ Leads to Arrest in Cold Case That Haunted Detectives for Decades
Multiple People Dead As Medevac Chopper Crashes Off LA Coast, Weeks After News Helicopter Went Down
Mamdani pledges millions to combat antisemitism while leaving key question unresolved
Democratic Senate Candidate Begs Kamala Harris to Stay Away from His Campaign: ‘Please, No’
Sleeper Senate race emerges as unexpected headache for Republicans ahead of midterms
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 admin wants to require tax filers to disclose citizenship status to IRS
Lawyers, experts urge Tennessee governor to commute Christa Pike’s sentence after botched execution
AOC’s dramatic retelling of Cornell rape allegations collides with complaint details
Trans NYT Executive Faced Child Cruelty Charges Before Shooting Death – Police Say In-Laws Opened Fire
Texts cited by Eric Schmitt at Jack Smith hearing lacked team names: Report
Breaking: Trump Economy Notches Win as US Jobless Numbers Plummet to Half-Century Low Last Seen in 1969
College professor accused of sending explicit Snapchat messages in child solicitation case: sheriff’s office
EXCLUSIVE: Supreme Court prayer grotto case could impact ‘every single zoning law’ in America, attorney says
DOJ reindicts DC pipe bomb suspect after FBI confession transcript released
‘Conspiracy’ Speculation Erupts After Botched Execution of Christa Pike: ‘There’s No Way’
Rerun of ‘America’s Most Wanted’ Leads to Arrest in Cold Case That Haunted Detectives for Decades
Multiple People Dead As Medevac Chopper Crashes Off LA Coast, Weeks After News Helicopter Went Down
Mamdani pledges millions to combat antisemitism while leaving key question unresolved
Democratic Senate Candidate Begs Kamala Harris to Stay Away from His Campaign: ‘Please, No’
Sleeper Senate race emerges as unexpected headache for Republicans ahead of midterms
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.
