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North Korea Has Markets Nervous But Not Panicked

14 August 2017, 01:42 | Lionel James

Stocks slide on continued concern over tension between US and North Korea

US stocks close slightly lower, trimming earlier losses

South Korean stocks ended lower on August 9 morning as foreign investors offloaded large-cap stocks amid heightened tensions over North Korea's nuclear and missile programs.

Six of the 11 major S&P sectors were higher, with the technology's .SPLRCT 0.36 percent rise leading the advancers. He also said the nuclear-armed nation should be "very, very nervous" if it even thinks about attacking the United States or its allies.

Gold rose as much as 1.2 per cent to a near two-month high, while the Swiss franc was on track to post its biggest single day rise in about two-and-a-half years.

Among other markets, oil prices advanced after a US Department of Energy report showed lower oil inventories.

Macy's shares closed down 10.2 percent and Kohl's fell nearly 6 percent as the companies continued to report a drop in quarterly same-store sales, stoking concerns that their turnarounds may still be a long way off.

Elsewhere, French conglomerate Vivendi saw its stock fall 2.1 percent in the morning hours, while Italy's Mediaset dropped only 0.3 percent.

Trump suggested in remarks on Thursday that his comments threatening North Korea with "fire and fury" may not have been tough enough.

US consumer prices up slight 0.1 percent in July
The annual inflation rate as measured by consumer prices has been moving down since the winter after climbing above 2 percent. Over the past 12 months, wholesale prices are up a moderate 1.9 percent, while core prices have risen 1.8 percent.

Mattis said North Korea must stop isolating itself and "stand down" in its pursuit of nuclear weapons, and Pyongyang "should cease any consideration of actions that would lead to the end of its regime and the destruction of its people". The Dow Jones industrial average lost 0.15 percent, with the tech-heavy Nasdaq composite index declining 0.21 percent.

The Dow slumped 204.69 points, or 0.9%, to 21,844.01, while the S&P 500 dropped 1.5% to finish at 2,438.21. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, dropped 4.2 basis points to 2.241%.

Small attributed a large part of the Dow's decline to disappointing earnings from Disney after the media giant reported a weak quarter, said it would pull its movies from Netflix and start two of its own video streaming services. North Korea responded with threats to launch missiles into the Pacific Ocean near Guam, a US territory. Discovery Communications fell 70 cents, or 2.9 percent, to $23.60. Brent crude, used to price global oils, gave up 29 cents to $51.85 in London.

In Europe, Germany's DAX fell 1.1 percent, while France's CAC 40 slid 1.4 percent. Netflix lost 1.5 per cent.

The pound was down 0.1% against the euro at 1.10. Silver gained 20 cents, or 1.2 percent, to $17.07 an ounce. Wholesale gasoline was little changed at $1.62 a gallon, heating oil rose 2 cents to $1.65 a gallon and natural gas rose 6 cents to $2.88 per 1,000 cubic feet.

The dollar fell to 109.85 yen from 110.48 yen late Tuesday.



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