North Korea Has Markets Nervous But Not Panicked

14 August, 2017, 01:27 | Author: Gladys Mathis
  • GETTYGold prices have jumped amid North Korea war fears

Asian equity markets extended a global slide on Friday as tensions ramped up between the United States and North Korea, sending investors fleeing to less risky assets such the yen and the Swiss franc. The 10-year German bund yield traded at 0.43 percent while the 10-year US yield declined to 2.243 percent.

The Dow Jones Industrial Average fell 0.9 percent to end at 21,844.01, the only close below 22,000 since breaking through that level for the first time August 2.

Silver edged down 0.3 percent to $17.04 per ounce after hitting $17.24, its highest since June 14, in the previous session.

-North Korea tensions as market participants bought the yen as a safe haven.

Major indexes in Europe closed mostly lower.

Speaking live on state television at a forum for Russian students, Lavrov encouraged Pyongyang and Washington to sign up to a joint Russian-Chinese plan, under which North Korea would freeze its missile tests and the United States and South Korea would impose a moratorium on large-scale military exercises. USA and British equivalents were also trading a touch above Wednesday's six-week lows. Oil also regained momentum as data pointed to declining USA inventories.

The weaker-than-expected consumer price data in July, which pointed to benign inflation, could cause the Federal Reserve to hold off from raising rates again this year.

The market was also waiting for data that would offer clues about the extent to which the strengthening US labour market is spilling over into inflation.

The dollar was further weighed down on Friday by the soft US inflation data.

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The Nasdaq Composite was up 34.61 points, or 0.56 percent, at 6,251.48. Elsewhere in Asia Hong Kong shares fell on North Korea concerns and selling after recent share-price gains.

The sell-off is likely to extend into the European session, with financial spreadbetter CMC Markets expecting Germany's DAX and France's CAC 40 to open down about 0.7 per cent each and Britain's FTSE 100 to start 0.55 per cent lower.

Keeping up his tough talk, U.S. President Donald Trump told reporters that North Korean leader Kim Jong Un's government should "get their act together" or face the consequences, and suggested that his earlier threat to unleash "fire and fury" on North Korea was too mild.

An Associated Press report that the USA and North Korea have been engaged in back channel talks (https://apnews.com/686ac7c761694b28b67793a1d8297145?link=mktw) for several months even as they exchange incendiary threats may also help to soothe jitters.

Tensions between the USA and North Korea continued to simmer early Friday.

Toshiba has at last reported earnings for the year ended in March, fending off a delisting for now, but the Japanese conglomerate could still be kicked out of the stock market if it cannot conclude the sale of its memory unit by the end of March. This week has seen its biggest rise since June 2016.

ENERGY: Benchmark U.S. crude lost 15 cents to $49.02 per barrel in electronic trading on the New York Mercantile Exchange.

The Korean won continued to fall versus the dollar, down 0.13 percent to 1,143.5 on Friday for a 1.6 percent decline on the week. The stock has more than doubled over the past 12 months, gaining more than 160%.

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