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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 electionUS 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.