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.
Detransitioner Wins Multi-Million Dollar Medical Malpractice Case That Could Lead to the End of So-Called ‘Gender Affirming Care’
Illegal immigrant in Florida charged with arson, felony criminal mischief, sheriff says
Federal agents arrest 2 more in connection to Minnesota church storming
Biden-Appointed Federal Judge Smacks Down Minnesota’s Attempt to Block ICE Crackdown
Arizona man accused of human smuggling is a repeat offender who once ‘threw rocks’ at Army helicopter: docs
DOJ ramps up focus on violent agitators in Minnesota as resignations strain fraud cases
Groundhog Day: Punxsutawney Phil makes 140th weather prediction
Where things stand with the government shutdown and how soon it could end
House panel moves to consider criminal referrals for the Clintons
How Fulton County’s election wars escalated into an FBI raid
Greenland independence could make the island a major US ally, activist argues
Shooting in Georgia hotel room leaves 1 officer killed, another seriously wounded: ‘Unprovoked attack’
Portland mayor demands ICE leave city after federal agents use tear gas on protesters ‘Sickening decisions’
ICE halts ‘all movement’ due to measles at Texas detention center that held 5-year-old, dad
California AG sues hospital that ended gender transition treatment for minors to comply with Trump policies
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.
Detransitioner Wins Multi-Million Dollar Medical Malpractice Case That Could Lead to the End of So-Called ‘Gender Affirming Care’
Illegal immigrant in Florida charged with arson, felony criminal mischief, sheriff says
Federal agents arrest 2 more in connection to Minnesota church storming
Biden-Appointed Federal Judge Smacks Down Minnesota’s Attempt to Block ICE Crackdown
Arizona man accused of human smuggling is a repeat offender who once ‘threw rocks’ at Army helicopter: docs
DOJ ramps up focus on violent agitators in Minnesota as resignations strain fraud cases
Groundhog Day: Punxsutawney Phil makes 140th weather prediction
Where things stand with the government shutdown and how soon it could end
House panel moves to consider criminal referrals for the Clintons
How Fulton County’s election wars escalated into an FBI raid
Greenland independence could make the island a major US ally, activist argues
Shooting in Georgia hotel room leaves 1 officer killed, another seriously wounded: ‘Unprovoked attack’
Portland mayor demands ICE leave city after federal agents use tear gas on protesters ‘Sickening decisions’
ICE halts ‘all movement’ due to measles at Texas detention center that held 5-year-old, dad
California AG sues hospital that ended gender transition treatment for minors to comply with Trump policies
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.
