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.
Soft-on-Crime DA Called ‘Bloody Mary’ Caught Trying to Toss Child-Killer’s Life Sentence Because It’s Just Not Fair
Woke Liberal Busted Pretending to Be Palestinian Apologizes: ‘I Am a White Woman of Significant Privilege’
Hawley zeroes in on Lia Thomas locker room controversy: ‘Did they consent?’
Inside GOP Senate hopeful’s financial ties to controversial data center boom
Florida plastic surgeon found guilty of murdering attorney who vanished from bloody office
Check Your Kitchen: Tons of Beef, Pork Recalled Over Fake USDA Inspection Stamps
GOP hopeful removes ‘Pro-Trump’ mention from campaign slogan in deep-red seat
Massachusetts restaurant owner assaults teen dine-and-dashers, pulls gun during scuffle, police say
Spencer Pratt warns ‘good luck LA’ after new poll vindicates his stunning prediction
Zelensky urges UN to resolve Ukraine war before AI can ‘decide what happens on the battlefield’
Trump’s diesel idea could unleash a problem Americans never saw coming
Nineteen states have approved permanent daylight saving time. What does that mean for the clocks this year?
Anxiety Takes Over at CNN After Paramount Merger, Staffers Await a ‘Bloodbath’
Trump to ask Xi to free wrongfully detained US citizen as wife speaks out
SHOCK POLL: Powerful blue state gov’s lead shrinks to single digits weeks before election
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.
Soft-on-Crime DA Called ‘Bloody Mary’ Caught Trying to Toss Child-Killer’s Life Sentence Because It’s Just Not Fair
Woke Liberal Busted Pretending to Be Palestinian Apologizes: ‘I Am a White Woman of Significant Privilege’
Hawley zeroes in on Lia Thomas locker room controversy: ‘Did they consent?’
Inside GOP Senate hopeful’s financial ties to controversial data center boom
Florida plastic surgeon found guilty of murdering attorney who vanished from bloody office
Check Your Kitchen: Tons of Beef, Pork Recalled Over Fake USDA Inspection Stamps
GOP hopeful removes ‘Pro-Trump’ mention from campaign slogan in deep-red seat
Massachusetts restaurant owner assaults teen dine-and-dashers, pulls gun during scuffle, police say
Spencer Pratt warns ‘good luck LA’ after new poll vindicates his stunning prediction
Zelensky urges UN to resolve Ukraine war before AI can ‘decide what happens on the battlefield’
Trump’s diesel idea could unleash a problem Americans never saw coming
Nineteen states have approved permanent daylight saving time. What does that mean for the clocks this year?
Anxiety Takes Over at CNN After Paramount Merger, Staffers Await a ‘Bloodbath’
Trump to ask Xi to free wrongfully detained US citizen as wife speaks out
SHOCK POLL: Powerful blue state gov’s lead shrinks to single digits weeks before election
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.
