North Korea nerves push stocks down for third day, lift gold

14 August, 2017, 01:43 | Author: Terri Saunders
  • Dow goes for 10 record highs in a row

After touching a more than two-month high, spot gold last added 0.3 percent to $1,290.00 an ounce.

Reuters data show a 22 per cent perceived chance for a rate hike after the Fed's December meeting. The Nasdaq composite lost 76 points, or 1.2 percent, to 6,275.

Technology companies led US stocks slightly higher in afternoon trading Friday, recouping some of the losses from the day before.

Falling crude prices made oil & gas stocks a weight too, dropping 1 percent with Tullow Oil the top faller. Investors welcomed new data showing US inflation at the consumer level inched higher last month, suggesting that the Federal Reserve may be less likely to raise interest rates next month.

The pan-European FTSEurofirst 300 index .FTEU3 lost 1.01 percent and MSCI's gauge of stocks across the globe .MIWD00000PUS shed 0.26 percent for a weekly loss of 1.6 percent, the largest since the week to November 4.

A statement attributed to North Korea's head of strategic forces, General Kim Rak Gyom, said the plan for the strike would be ready by the middle of the month and would await orders from leader Kim Jong-un. In a tweet, President Donald Trump warned of military action "should North Korea act unwisely", noting that the U.S.is "locked and loaded".

Trump warned North Korea again on Thursday not to strike Guam or USA allies, saying his earlier threat to unleash "fire and fury" on Pyongyang if it launched an attack may not have been tough enough.

Shares of Snap were down as much as 14.23 percent and hit an all-time low following a miss on revenue and daily active users.

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Sterling was last trading at $1.3013, up 0.30 percent on the day.

"We're getting close towards very important support on the dollar/yen", said Steven Dooley, currency strategist for Western Union Business Solutions in Melbourne. Broadcom gave up $5.72, or 2.3 percent, to $243.45.

"I think this situation is more critical that the market is respecting". The company also said sales at its established stores declined for the fourth-straight quarter.

S&P 500 e-mini futures were down 0.2 percent, while the dollar dipped 0.2 percent against its perceived safe-haven Japanese counterpart to 110.12 yen. The consumer discretionary index was one of its biggest losers with a 0.47 percent drop. The yield on the 10-year Treasury note fell to 2.23 percent from 2.26 percent late Tuesday.

When prices of bonds rise, yields fall. Britain's FTSE 100 was down 1%.

Markets saw a tentative recovery in risk appetite in overnight USA and early Asian trading, but anxiety mounted again as Asian stocks fell back and London, Frankfurt and Paris dropped 0.5-1.2 percent in Europe.

Later in the session dollar traders will be busy monitoring producer prices in the U.S., ahead of the key inflation figure tomorrow.

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.

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