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Wall Street and FTSE 100 sink as Trump intensifies trade war fears - business live | Wall Street and FTSE 100 sink as Trump intensifies trade war fears - business live |
(32 minutes later) | |
US president alarms investors by hinting that a China trade deal could wait until after the 2020 election | US president alarms investors by hinting that a China trade deal could wait until after the 2020 election |
The Dow is attempting to recover from its earlier losses, but is still down 313 points today at 27,469. | |
Still more than two hours of trading left, so there’s time for a rebound - or deeper losses! | |
Donald Trump’s suggestion that a China trade deal could be delayed by a year could just be a ploy. | Donald Trump’s suggestion that a China trade deal could be delayed by a year could just be a ploy. |
Chris Rupkey, chief financial economist at MUFG, explains (via CNBC): | Chris Rupkey, chief financial economist at MUFG, explains (via CNBC): |
London’s losses today are partly due to a stronger pound, which is trading over $1.30 again tonight. | London’s losses today are partly due to a stronger pound, which is trading over $1.30 again tonight. |
Connor Campbell of SpreadEx explains: | Connor Campbell of SpreadEx explains: |
Ouch! Britain’s FTSE 100 has closed at its lowest level since mid-October. | Ouch! Britain’s FTSE 100 has closed at its lowest level since mid-October. |
Renewed trade war anxiety sent the index down to 7,158, a loss of 127 points. That’s a 1.75% slide, to a six-week low. | Renewed trade war anxiety sent the index down to 7,158, a loss of 127 points. That’s a 1.75% slide, to a six-week low. |
The FTSE 250 index of medium-sized UK companies also had a rotten day, ending 199 points down at 20,500. That’s a 1% drop. | The FTSE 250 index of medium-sized UK companies also had a rotten day, ending 199 points down at 20,500. That’s a 1% drop. |
Today’s burst of trade war drama has been a wake-up call for investors who had hoped that the dispute was being ended peacefully. | Today’s burst of trade war drama has been a wake-up call for investors who had hoped that the dispute was being ended peacefully. |
Michael Hewson of CMC Markets explains: | Michael Hewson of CMC Markets explains: |
CNBC’s Michelle Caruso-Cabrera is losing faith that China and the US will ever reach a trade deal.... | CNBC’s Michelle Caruso-Cabrera is losing faith that China and the US will ever reach a trade deal.... |
All these negative headlines on trade have knocked China’s currency to its lowest level since October, as Bloomberg’s Katherine Griefeld points out here: | All these negative headlines on trade have knocked China’s currency to its lowest level since October, as Bloomberg’s Katherine Griefeld points out here: |
Wilbur Ross, Donald Trump’s commerce secretary, has just dampened hopes of a trade breakthrough with China. | Wilbur Ross, Donald Trump’s commerce secretary, has just dampened hopes of a trade breakthrough with China. |
Ross has told CNBC that delaying a trade deal with China until after the 2020 election could make sense, as it “takes leverage away” from Beijing. That chimes with Donald Trump’s comments in London earlier. | Ross has told CNBC that delaying a trade deal with China until after the 2020 election could make sense, as it “takes leverage away” from Beijing. That chimes with Donald Trump’s comments in London earlier. |
Ross added that no high-level meetings are planned between the two sides, even though the US will impose new tariffs on 15 December unless there’ s a deal.... | Ross added that no high-level meetings are planned between the two sides, even though the US will impose new tariffs on 15 December unless there’ s a deal.... |
Wall Street is having a seriously bad day now, with the Dow shedding 421 points or 1.5%. | Wall Street is having a seriously bad day now, with the Dow shedding 421 points or 1.5%. |
This takes the index down to a one-month low, wiping out all the gains made in November when the Dow hit a series of record highs. | This takes the index down to a one-month low, wiping out all the gains made in November when the Dow hit a series of record highs. |
Donald Trump and Emmanuel Macron’s press conference in London is one of the most awkward such events we’ve seen in a while. | Donald Trump and Emmanuel Macron’s press conference in London is one of the most awkward such events we’ve seen in a while. |
At one stage, Trump even patronised Macron for giving a classic “non-answer”, when the French president talked about the importance of eradicating ISIS. | At one stage, Trump even patronised Macron for giving a classic “non-answer”, when the French president talked about the importance of eradicating ISIS. |
That came after Trump challenged him to take back French Islamist fighters captured in the region. | That came after Trump challenged him to take back French Islamist fighters captured in the region. |
But on trade, Trump has also threatened France with “substantial taxes”, unless it changes its plan to tax tech giants. | But on trade, Trump has also threatened France with “substantial taxes”, unless it changes its plan to tax tech giants. |
The two leaders are also clashing over Turkey, with Macron furious that it plans to buy a Russian missile system, and over its invasion of Syria. | The two leaders are also clashing over Turkey, with Macron furious that it plans to buy a Russian missile system, and over its invasion of Syria. |
Donald Trump has sent another shiver through the markets, as he tells reporters in London that Europe isn’t trading fairly with the US. | Donald Trump has sent another shiver through the markets, as he tells reporters in London that Europe isn’t trading fairly with the US. |
The US president says his country “cannot continue to lose the money that it has lost” since the EU was created. | The US president says his country “cannot continue to lose the money that it has lost” since the EU was created. |
This further hardens concerns that Trump is ratcheting up his threats to impose more tariffs if European countries don’t address American concerns. | This further hardens concerns that Trump is ratcheting up his threats to impose more tariffs if European countries don’t address American concerns. |