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Gold up on rising US-North Korea tensions
13 August 2017, 05:51 | Virginia Santiago
Gold up in AsiaMore
The possibility of war breaking out on the Korean Peninsula is "very low" and tensions between the US and North Korea will probably dip around September or October, according to Yang Moo-Jin, a professor at the University of North Korean Studies in Seoul.
Kohl's stock dropped almost six percent despite better than expected earnings. It earlier hit $1,291.86, its highest level since June 7. Utilities eked out a small gain.
U.K.'s FTSE 100, the German DAX and the French CAC 40 all dropped more than 2.3% this week. The Dow Jones Industrial Average slid 204.69 points, or 0.9 percent, to 21,844.01, just shy of its low point for the day.
The Nasdaq Composite was up 19.35 points, or 0.31%, at 6 236.22. The major indexes were coming off their biggest single-day decline since May 17. The S&P has lost more than 1 percent on only three days this year. All the indexes are down for the week.
"European shares are trading once again lower. continuing their slide on the back of ever more increasing tensions between North Korea and the U.S.", added analyst Markus Huber at City of LondonMarkets. Other regional East Asian financial markets would also be vulnerable, particularly Japanese financial markets, with risks of disruption to Northeast Asian regional trade and investment flows and manufacturing supply chains.
Emerging market stocks lost 1.27 percent.
Foreigners' net selling has been driven by their desire to take profits from sharp gains mainly big-cap tech stocks, including top-cap Samsung Electronics Co.
Nvidia's quarterly revenue in its data center and automotive businesses missed estimates, dragging the chipmaker's shares down 5.43 percent. KLA-Tencor gained $2.62, or 3 percent, to $90.17. Macy's share price fell more than 10% as the retailer reaffirmed downbeat guidance but reported second-quarter earnings and revenue that beat expectations. The stock lost 89 cents to $3.82. Seagate Technology was up 2.2 percent.
A glance at the third round of the PGA Championship
A nice 14-15 foot for par steadied me and on seventh two good shots to get to around 25 feet and two-putted for par . Dufner shot four under on his opening nine Friday, but he gave them all back with a five-over 40 on his inward nine.
Benchmark U.S. 10-year notes last rose 6/32 in price to yield 2.1905 percent, from 2.211 percent late on Thursday.
Spot gold added 0.2 percent to $1,262.35 an ounce, pulling away from the previous session's two-week lows.
The euro was down 0.1 percent at $1.175 while the dollar fell 0.6 percent to 109.68 yen. Palladium climbed 0.6% to $894.70 per ounce.
In terms of forex market movements, the USA currency lost significant ground relative to majors including the yen, sterling and the euro - most notably the latter one - as the news on inflation went public.
"Where the current tensions escalate sharply, we would expect an acceleration of this week's price action, i.e. a sharp rise in risk premiums across asset classes, substantial falls in USA and German government bonds yields, significant JPY and CHF strength and a massive sell-off in equities, particularly in Europe which is more linked into the global cycle".
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Key quotes from Trump's war of words with North Korea
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McIlroy favourite at US PGA Championship, says Beem
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