Economy

Tech lead worst day for market since May

Tech lead worst day for market since May”

General Kim Rak Gyom, the head of the country's strategic forces, declared that Trump was "bereft of reason", in a statement that could rile the United States president.

The DAX of Germany dropped 1.12 percent and the CAC 40 of France fell 1.40 percent.

Grant Williamson, director at Hamilton Hindin Greene, said today's selling was based on the offshore leads, but is also an excuse for investors to take some profits from the local market which has been hitting record highs. It has weakened 1.5 percent since hitting a 2-1/2 year high of 1.1910 on August 2.

The euro edged down 0.1 percent to $1.1735.

He added that in China, the US and South Korea, stocks that are showing the biggest declines since the rise of tensions between the USA and North Korea are the companies that have risen most since June.

The Nasdaq Composite Index climbed 39.68 points, or 0.6%, to close at 6,256.56.

Lower-than-expected CPI data will be bullish for gold because it will reduce the chances of a Fed rate hike later this year. Energy stocks fell along with crude prices as investors kept an eye on the latest company earnings and geopolitical news.

The utilities index.SPLRCU, often seen as a bond proxy because of its companies' slow reliable growth and high dividends, was the only S&P sector that ended the day up, showing a 0.25 percent gain.

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.

After months of relentless rallies, the USA stock market is finally showing some cracks.

Japan is the world's biggest creditor nation and there is an assumption Japanese investors may repatriate their foreign holdings in times of heightened global uncertainty. Netflix lost 1.5 percent.

Risk sentiment soured in the financial markets to drive U.S. Treasury yields down and in turn weigh on the dollar.

Still, the market has had several fits and starts over the past few months.

The common currency had lost about 0.4 percent overnight after news USA job openings surged to a record in June reinforced Friday's robust payrolls data and supported the greenback.

It was also down a whopping 4.65 percent from July 25, when the key index reached an all-time high of 2,453.17.

USA crude rose 0.41 percent to $48.79 per barrel and Brent was last at $52.01, up 0.21 percent. The market slide accelerated slightly in the last half-hour of trading as Trump denounced North Korea's nuclear program.

The local index is still up 13.2 percent for the year.

December Comex gold settled the day up 1% at $1,279.30 an ounce while September Comex silver settled at $16.863 an ounce, up more than 2% on the day.

"Excluding a war variable, KOSPI's support level will be in the low 2,300-point range, but it could be broken should worries about a possible war on the Korean Peninsular deepen", Cape Investment & Securities analyst Kim Yu-gyeom said.



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