Gold Beats US Stocks As North Korea Worries Drive Haven Demand
13 August, 2017, 13:56 | Author: Terri Saunders
They outweighed gains in health-care stocks and elsewhere. Utilities companies were down the most.
"It's been a bit of a roller coaster this week, with all the rhetoric between the U.S. and North Korea", said Jeff Kravetz, regional investment strategist at U.S. Bank Wealth Management. Eastern time. The Dow Jones industrial average slid 120 points, or 0.5 percent, to 21,928.
The Nasdaq composite lost 18.13 points, or 0.3 percent, to 6,352.33.
Many Asian currencies struggled, with the Korean won heading for its sharpest fall in almost eight weeks. "Although it is considered highly unlikely that this tension will escalate into a nuclear war, the market still needs to see how President Trump will eventually deal with his advocating "fire and fury" against North Korea's threat", said Margaret Yang Yan, market analyst at CMC Markets Singapore.
Investor sentiment turned negative after North Korea said it was completing plans to fire four intermediate-range missiles over Japan to land near the US Pacific territory of Guam in an unusually detailed threat.
There were fewer signs of anxiousness in the markets Friday.
Most large-cap stocks were mixed across the board. It's still the highest it's been since May. Panasonic was off 0.74 percent to sit at 1,475.5 yen.
Inflation has risen 1.7 percent over the past 12 months, suggesting that inflation pressures remain well under control. "Should we see another dip in inflation in July, it could make the job of building a consensus for another rate hike this year more hard". But some economists say the Fed may stand pat for the rest of 2017 unless inflation accelerates in coming months.
Elsewhere in commodities, the September crude contract advanced 20 cents to $49.76 per barrel and the September natural gas contract was up seven cents to $2.95 per mmBTU.
Health-care stocks, which have been in a slump, posted gains. Perrigo rose $2.17, or 2.8%, to $79.01.
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Until then, Wall Street surprised by its low volatility, wrote on Tuesday.
US stocks closed slightly lower Wednesday, making up much of the ground they lost earlier following a rare batch of earnings disappointments by Walt Disney and other big companies. Gold miners bucked the 1.3 per cent fall for Australia's benchmark index.
After hurrying to sell off richly-valued stocks this week, investors appeared to be reassessing the geopolitical risks, according to Robert Phipps, a director at Per Stirling Capital Management in Austin, Texas. AES Corp. shed 26 cents, or 2.3%, to $11.12.
But then oil prices succumbed to the overall selling pressure for risky assets, aided by an OPEC report showing crude production by cartel members increased slightly in July, including Saudi Arabia, which had championed efforts by the organization and its allies to extend an output freeze. Brent crude, used to price worldwide oils, rose 20 cents to $52.10 a barrel in London.
The dollar slipped to as low as 109.11 yen in early Asian trade on Friday, its lowest level since June 14, when the greenback had fallen to as low as 108.81 yen. The euro fell to $1.1735 from $1.1752. Prices for bonds and gold headed higher.
Major stock indexes overseas didn't fare any better. Germany's DAX was up 0.1%, while France's CAC 40 fell 1.1%.
In the United Kingdom, the FTSE 100 closed down 0.59%, or 44.67 points, at 7498, broadly in line with negative trends in European markets.
A Reuters Datastream index of more than 7,000 stocks across the globe saw its market capitalization drop from a record high $61.36 trillion on Monday to $60.43 trillion at the close on Thursday.
This article was originally published at 6:55 a.m.
The soldier reportedly used blocks of Styrofoam as floats for his back and shoulders to survive the risky swim. At least one of the soldiers defected after hearing South Korean loudspeaker broadcasts at the border.
Elsewhere • Dodgers pitcher Clayton Kershaw (lower back soreness) is scheduled to throw a second bullpen session Sunday. The Rockies inked first baseman Ryan Howard to a minor league contract on Saturday, per a team announcement .
As part of its defenses on Guam, the United States installed a Terminal High Altitude Area Defense system in 2013. Guam's Homeland Security Adviser George Charfauros urged calm and said defenses are in place for such threats.
With Giroud replacing Holding, Wenger switched the formation from a 3-4-2-1 to a 4-4-2 with Giroud and Lacazette up front. And so they did, within two minutes. "Overall we looked better defensively at the end of the [2016-2017] season".
He explains that, whenever the Earth, moon and sun align to form a solar eclipse , the event is visible somewhere on Earth. Make sure you don't directly look at the sun during the eclipse unless you have special eye protection.
Where can real eclipse glasses be purchased? Help children to use handheld solar viewers and eclipse glasses correctly. If they meet the standard, you shouldn't be able to see anything through a solar filter except the sun itself.
While the French CAC 40 Index fell by 0.6%, the German DAX Index slumped by 1.1% and the UK's FTSE 100 Index plunged by 1.4%. Declining issues outnumbered advancing ones on the NYSE 6-to-1; on Nasdaq , a 3.60-to-1 ratio favored decliners.
Elliott will be appealing the suspension and will have the full support of Cowboys owner Jerry Jones throughout the process. He can play in preseason games and practice until September 2, regardless of the outcome of the appeal.
Game of Thrones has released a new batch of photos ahead of episode five " Eastwatch " - and there's no Jaime Lannister in sight. And although Drogon and some of his flames might've been added in post, much of what we see is real.
North Korea responded by saying it was considering a plan to attack Guam and dismissed Trump's warnings as a "load of nonsense". On Tuesday, the commander in chief said the rogue nation "will be met with fire and fury like the world has never seen ".
Tesla is raising $1.5 billion as it ramps up production of the Model 3 sedan, its first mass market electric auto . The company had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.50 billion.
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Investors rush to gold following rising North Korea tensions
The Japanese currency last traded at 109.07 yen to the dollar, compared to levels around the 110 handle seen earlier in the week. Crude oil futures are slipping USD0.10 to USD48.49 a barrel after tumbling USD0.97 to USD48.59 a barrel on Thursday.
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