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.
‘The View’ Under FCC Investigation Over Interview with Texas Dem
‘We Will Pay’: Savannah Guthrie Responds to Kidnapper Demands Via Video
Super Bowl Sunday: Here are some of the political, social commercials you can expect during the big game
LA city councilwoman previously backed by DSA running for mayor in primary challenge to former ally Bass
Tom Homan Reveals How Many Anti-ICE Agitators Have Been Arrested: Many Are Paying the Price
Newsom Devastated By Mom’s Suicide, Still Wants To Let Your Mother Kill Herself
Shannon Bream’s new book on Biblical ‘overcomers’ explores ‘purpose’ within trials
West Virginia worked with ICE — 650 arrests later, officials say Minnesota-style ‘chaos’ is a choice
Reform defector explains party succeeds because it’s not embarrassed of ‘Rule Britannia’ nostalgia and culture
Agitators Sabotage Winter Olympics Opening, Throw Fireworks as Police Fight Back with Water Cannon, Tear Gas
Federal appeals court upholds Trump mass detention policy for illegal immigrants
Sheriff leading Guthrie investigation spotted at basketball game as family pleads again with alleged ransomers
Anti-ICE agitators arrested at federal building in Minneapolis after lewd objects hurled at law enforcement
Tulsi Gabbard denies wrongdoing over delayed whistleblower complaint referral to Congress members: ‘Baseless’
Nicki Minaj fans say they’re leaving Democrat Party as rapper’s politics spark backlash and praise
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.
‘The View’ Under FCC Investigation Over Interview with Texas Dem
‘We Will Pay’: Savannah Guthrie Responds to Kidnapper Demands Via Video
Super Bowl Sunday: Here are some of the political, social commercials you can expect during the big game
LA city councilwoman previously backed by DSA running for mayor in primary challenge to former ally Bass
Tom Homan Reveals How Many Anti-ICE Agitators Have Been Arrested: Many Are Paying the Price
Newsom Devastated By Mom’s Suicide, Still Wants To Let Your Mother Kill Herself
Shannon Bream’s new book on Biblical ‘overcomers’ explores ‘purpose’ within trials
West Virginia worked with ICE — 650 arrests later, officials say Minnesota-style ‘chaos’ is a choice
Reform defector explains party succeeds because it’s not embarrassed of ‘Rule Britannia’ nostalgia and culture
Agitators Sabotage Winter Olympics Opening, Throw Fireworks as Police Fight Back with Water Cannon, Tear Gas
Federal appeals court upholds Trump mass detention policy for illegal immigrants
Sheriff leading Guthrie investigation spotted at basketball game as family pleads again with alleged ransomers
Anti-ICE agitators arrested at federal building in Minneapolis after lewd objects hurled at law enforcement
Tulsi Gabbard denies wrongdoing over delayed whistleblower complaint referral to Congress members: ‘Baseless’
Nicki Minaj fans say they’re leaving Democrat Party as rapper’s politics spark backlash and praise
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.
