Economy

Swiss franc surges as Korea tensions rise

Swiss franc surges as Korea tensions rise”

Utilities closed up 0.3% while the materials sector was the S&P's biggest loser with a 0.9% drop.

Such tensions remained high, with North Korea's state media saying on Thursday that North Korea will develop a plan by mid-August to launch intermediate-range missiles at the US territory of Guam.

"Trump's response was aggressive and that's why the (stock) market turned lower", said Ken Polcari, director of the NYSE floor division at O'Neil Securities. Wells Fargo still ended up 0.3%.

The Dow Jones Industrial Average is priced for a 35-point pullback from its Tuesday close of 20,085.34 points while the Nasdaq is set up for a 30-point, or 0.44%, decline at the opening bell. The pan-European FTSEurofirst 300 index .FTEU3 rose 0.18 percent and MSCI's gauge of stocks across the globe .MIWD00000PUS shed 0.19 percent after touching a record intraday high.

Emerging market stocks lost 0.89 percent.

"What the president is doing is sending a strong message to North Korea in language that Kim Jong Un can understand, because he doesn't seem to understand diplomatic language", Tillerson said.

US stocks closed lower on Tuesday after Trump's comments sparked a late afternoon selling. While the U.K.'s FTSE 100 Index slid by 0.6 percent, the German DAX Index slumped by 1.1 percent and the French CAC 40 Index plummeted by 1.4 percent.

The Swiss franc last stood at 1.1332 per euro, down slightly on the day.

CURRENCIES: The dollar fell to 109.97 yen from 110.48 yen late Tuesday.

Britain's UN ambassador said the United Kingdom "stands shoulder to shoulder with the United States" in tackling the nuclear threat from North Korea and making sure it can not pursue its nuclear and ballistic missile programmes.

The 10-year notes US10YT=RR last fell 3/32 in price to yield 2.2655 percent, from 2.257 percent late on Monday.

Oil prices settled lower after a volatile session on increasing exports from key OPEC producers and news of lower crude shipments from Saudi Arabia.

While Trump said the nuclear arsenal was more powerful than ever before, USA officials say it takes decades to actually modernize nuclear weapons, a move already under way under President Barack Obama's administration, and there are treaties that regulate nuclear expansion.

The Swiss franc, a barometer of risk sentiment, surged 0.6 percent to 0.9688 francs against the USA dollar, reversing a two-week losing streak.

Gold prices turned higher after unease over North Korea, reversing the downward move after the jobs data lifted the dollar. Netflix was down 3.84 percent.

On the other hand, gold stocks showed a strong move to the upside on the day, driving the NYSE Arca Gold Bugs Index up by 1.7 percent.

Spot gold added 1.3 percent to $1,277.15 an ounce.



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