Economy

Dollar at eight-week low vs yen as North Korea tensions simmer

Dollar at eight-week low vs yen as North Korea tensions simmer”

SAFE HAVEN FLOW: The most traditional safe havens at times of mounting geopolitical unrest are the Swiss franc and the gold, and both were big movers on Wednesday.

Trump's remarks on Tuesday afternoon that North Korea would face "fire and fury like the world has never seen" weighed on Wall Street and drove up the VIX "fear gauge" .VIX , or the cost of protection against a drop in the S&P 500. USA gold futures gained 1.63 percent to $1,283.20 an ounce.

"This selloff could be more than just a North Korea induced blip on the screen", Peter Boockvar, chief market analyst at The Lindsey Group, wrote in a report on Friday.

The Standard & Poor's 500 index fell 5.99 points, or 0.2 percent, to 2,474.92.

The Dow Jones Industrial Average ended down 33.08 points, or 0.15 percent, at 22,085.34, snapping a 9-day streak of closing records.

Bond prices were little changed. Tokyo's Nikkei 225 tumbled 1.3 percent to 19,738.71 while Seoul's Kospi fell 1.1 percent to 2,368.39.

The dollar index dipped to a one-week low after the data.

Commenting on the impact of the political sabre-rattling, Old Mutual Global Investors' Ned Naylor Leyland, responsible for gold and silver investing, said any further escalation could serve to drive the metals' price even further.

Outside of geopolitical concerns, disappointing company earnings and outlooks put traders in a selling mood.

Avis Budget Group slumped 9.9 percent after the vehicle rental company cut its guidance following a weak second quarter.

Copper lost 0.39 percent to $6,455.00 a tonne. The stock lost 89 cents to $3.82.

JAPAN MACHINERY DISAPPOINTS: Orders for machinery in June, considered a leading economic indicator, were slower than analysts had forecast and at their weakest since May 2016.

The benchmark United States yield yesterday was just above 2.2 per cent, at its lowest level since late June, as investors bought up Treasuries, a classic safe harbor.

BIG GAINERS: Health care stocks were among the big gainers.

OIL: Benchmark U.S. crude rose 23 cents to settle at $48.82 a barrel on the on the New York Mercantile Exchange.

Australian shares were down 1.3 per cent, set for a weekly loss of 0.5 per cent.

The Korean won also continued to skid, sliding 0.4 per cent to 1,146.2, below its 200-day moving average.

Gold prices, which hit a two-month low on Thursday, were steady at $1,286.16 an ounce, after surging over 2 percent in the past two sessions. Seagate shares rose 69 cents to $32.24.

Stock movers:Nordstrom Inc.(JWN) shares rose 0.7% after the retailer late Thursday posted earnings that beat expectations (http://www.marketwatch.com/story/nordstrom-shares-rise-after-retailer-tops-views-sales-rise-2017-08-10), along with a sales rise. The euro slid to $1.1752 from $1.1793.

Overseas markets were also lower Wednesday.

In Europe, Germany's DAX rose 0.3 percent, while France's CAC 40 added 0.2 percent.

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

United States and British equivalents were also trading a touch above Wednesday's six-week lows.

Amid the hot rhetoric, US stocks sold off sharply on Thursday, with the S&P 500 falling more than 1 percent.



Like this

loading...
loading...

Latest


13 August 2017
National Football League could still investigate Ezekiel Elliott bar incident
If the suspension holds up, Elliott wouldn't be eligible to play in the regular season until October 29 when the Cowboys play the Washington Redskins.

13 August 2017
MGIC Investment Corporation (NYSE:MTG) closed with a change of -3.97%
MARSHALL WACE ASIA Ltd bought a new stake in shares of MGIC Investment Corporation during the first quarter valued at $52,793,000. Comerica Bank acquired a new position in MGIC Investment Corporation during the fourth quarter valued at approximately $128,000.

13 August 2017
I'm alright, only need to obey doctors orders
President Muhammadu Buhari's media team led by the Minister of information Lai Mohammed today paid a visit to their ailing principal at Abuja House in London.

13 August 2017
Broncos sign DL Nelson Adams, officially place Billy Winn on IR
He was released by the Steelers last week when the team signed cornerback JaCorey Shepherd to bolster its secondary. Kyle Peko, the team's No. 3 nose tackle, is on the physically unable to perform list with a broken foot.

13 August 2017
3 women slain in Hempstead home; police seek person of interest
Police said the suspect went to the living room and assaulted his mother, then attacked the other women. The fourth woman who escaped is reported to be in stable condition at Nassau County Medical Center.

13 August 2017
Environment Canada confirms two tornadoes touched down
The tornado moved from west to east across Hawksville then to just south of Elmira and then toward the village of Maryhill. A screen capture from a video shot by Kaily Zack shows the funnel cloud beginning of a tornado in Wheatley, Aug. 11, 2017.

13 August 2017
Helicopter reportedly crashes in woods in Albemarle County
According to Bragg, the helicopter crash is believed to have been a VSP helicopter working the protest. There are two confirmed fatalities, the Virginia State Police posted on their Facebook page.

13 August 2017
Pep Guardiola defends Man City's big spending
City players also have had another season and preseason to work on and adapt to life under Pep and adjust to his tactics. Former Manchester United striker Javier Hernandez returns to the Premier League after spells in Spain and Germany.

13 August 2017
Nordson Corporation (NDSN) Stake Decreased by Neuberger Berman Group LLC
Ladenburg Thalmann Financial Services Inc. increased its position in shares of Nordson Corporation by 41.2% in the fourth quarter. They now have a Dollars 135 price target on the stock. $108.38's average target is -15.30% below currents $127.96 stock price.

13 August 2017
7 white helmets rescuers shot dead in gun attack
They have since gained widespread global renown for their daring rescues, with footage often taken and circulated on social media. Raed al-Saleh, leader of the White Helmets, left a message for peace at a temple when collecting the prize: "We have seen war".