World stocks sell off on concern US-China trade talks will undermine growth
Trump says trade talks with China need ‘different structure’; the eurozone slowdown is sharper than expected, and the Turkish lira drops to a new low
New York — Global stocks sold off while investors raced for the safety of the yen and some government bonds on Wednesday as concerns rose that setbacks to US-China trade talks would undermine world economic growth. US President Donald Trump said trade discussions with China would need to be rerouted, saying the current track appeared "too hard to get done", and any agreement reached between the world’s two largest economies needed "a different structure". The remarks came a day after Trump said he was not pleased with US-China talks, reversing a rally pegged to the White House’s optimistic comments about the discussions over the weekend that led to a strong rally on Monday. The Dow Jones Industrial Average fell 107.45 points, or 0.43%, to 24,726.96, the S&P 500 lost 8.16 points, or 0.30%, to 2,716.28, and the Nasdaq Composite dropped 11.66 points, or 0.16%, to 7,366.80. Trump also floated plans to fine China’s ZTE, and cast doubt on a planned June 12 summit with North Korean leader ...
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