Wall Street lower on US-North Korea tensions

12 August, 2017, 22:48 | Author: Terri Saunders
  • Wall Street lower on US-North Korea tensions

He said the crisis provided a "perfect trigger" for a correction at a time when many markets - including the FTSE 100 - were at or around record highs, leaving them vulnerable to a sell-off if investors think it is time to take profits. "You're less than 2 per cent off the high for the S&P heading into a weekend where uncertainty with North Korea still lingers".

Although Japan could be in the front line of any clash with North Korea, the yen is benefitting because Japan is the world's biggest creditor nation and Japanese investors tend to repatriate funds in times of stress, attracting other flows.

Australian stock futures dropped 1.2 percent and New Zealand stocks slid 1.1 percent.

The dollar was up 0.05 percent to 109.25 yen, after earlier falling to a sixteen-week low following data showing US consumer prices rose less than expected in July.

USA stock indexes opened lower on Wednesday as investors turned risk averse. Since the beginning of 2017, the barometer index of the S&P 500 had only two sessions of declines of 1 % or more.

The Canadian dollar was trading at an average price of 78.67 cents US, down 0.04 of a USA cent. Germany's DAX fared better, trading only 0.2 percent lower at 11,989.

Ongoing tensions between North Korea and the United States weighted on stock markets once again Friday.

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"If the data continues to come in on the softer side, the market might start to price the Fed staying on hold this year", said Sireen Harajli, FX strategist at Mizuho in NY.

U.S. gold futures gained 0.2% to $1,292.70.

Concerns over geopolitical risks probably led investors to pare back bearish bets against the yen and the Swiss franc, said Satoshi Okagawa, senior global markets analyst for Sumitomo Mitsui Banking Corporation in Singapore, referring to the gains in those currencies on Wednesday.

European equities on Thursday did not find much relief from a pullback in the euro, with the shared currency buying $1.1730, down from $1.760 late Wednesday in NY. The next key data on focus will be tomorrow's CPI figures which should shed more light on the path of the USA inflation.

Benchmark 10-year notes last rose 5/32 in price to yield 2.194 percent, from 2.211 percent late on Thursday. US gold futures gained 0.26 percent to $1,293.50 an ounce. It was on course for an over 5% weekly rise, the highest such gain since July 2016.

Struggling conglomerate Toshiba rose 3.20 percent to sit at 290 yen on expectations that it will meet a deadline to submit its long-delayed financial results, easing fears the embattled stock will be delisted from Japan's premier exchange.

Ongoing global glut concerns lingered in oil markets despite a bigger-than-expected draw in United States crude inventories, leaving prices volatile.

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