Economy

Korean stocks down 1.1 pct on heightened tensions over N. Korea

Korean stocks down 1.1 pct on heightened tensions over N. Korea

North Korea went further with its threat to the US by providing detailed plans about how it plans to launch missile strikes on the US-Pacific territory of Guam.

The Standard & Poor's 500 index fell 7 points, or 0.3 percent, to 2,467. The Nasdaq composite lost 96 points, or 1.5 percent, to 6,256. Japan was closed on a public holiday.

USA gold futures for December delivery was mostly unchanged at $1,290.50 per ounce.

After coming under pressure early in the session, stocks continue to see notable weakness in mid-day trading on Thursday.

FIRE AND FURY: Keeping up his tough talk, Trump told reporters that Kim Jong Un's government should "get their act together" or face extraordinary trouble, and suggested his earlier threat to unleash "fire and fury" on North Korea was too mild.

US stocks closed lower for the third day in a row Thursday, led by declines in technology companies and banks, two of the highest-performing sectors over the past year.

Prudential Financial, Inc. (NYSE:PRU) Stake Decreased by Clearbridge Investments LLC
Wells Fargo & Company reiterated a "hold" rating on shares of Prudential Financial in a research note on Tuesday, June 6th. The New York-based Millennium Mngmt Ltd Liability Corporation has invested 0.08% in Prudential Financial Inc (NYSE: PRU ).

The Nasdaq Composite dropped 49.53 points, or 0.78 per cent, to 6,320.93. "If it's North Korea, I don't think this will be a fruitful period for equity investors", Nick said.

Trump's second warning, however, has shaken markets that have been largely resilient this year, swatting away a slew of risks.

While European stocks have seen robust inflows in the wake of the French elections, their performance have lagged their USA rivals since mid June.

In economic news, wholesale inventories in the US rose by slightly more than expected in the month of June. The index closed at 16.04 overnight, the highest level since November 8, when Trump was elected president.

By mid-morning in NY investors began to look for stocks to buy rather than offload and the Dow Jones industrial average was 38.65 points higher at 21,882.92 while the S&P 500 was... Dollar" and there is the "U.S.

Geopolitical tension gained momentum on Thursday, after a North Korean army commander said, "sound dialogue" isn't possible with President Donald Trump and "only absolute force can work on him", according to state media. Britain's FTSE 100 added 0.1 percent.

Liberty Media Corporation - Ser (NASDAQ:FWONK) Experiences Heavy Trading Volume
Norges Bank acquired a new stake in Liberty Interactive Corporation during the fourth quarter valued at about $32,857,000. Other hedge funds and other institutional investors also recently made changes to their positions in the company.

The yen tends to benefit during times of geopolitical or financial stress as Japan is the world's biggest creditor nation and there is an assumption that Japanese investors there will repatriate funds should a crisis materialise.

Markets in Italy, France and Germany also saw declines.

Meanwhile, 10-year U.S. Treasury yields edged higher to around 2.25 percent after slipping overnight. They were at 2.201 percent on Friday.

The Korean won also continued to skid, down 0.45 per cent to 1,147.2, falling below its 200-day moving average for the first time in a month.

News that USA producer prices unexpectedly fell in July earlier helped send the dollar lower.

Markets' chief market analyst Michael Hewson says in his morning markets email on Wednesday: "US markets underwent a bit of a roller-coaster session yesterday with the Dow and S&P500 once again hitting new record highs, as the Dow looked to close at a record for the 10th day in succession before rolling over just after the London close". It slid 80 cents, or 1.5 percent, to close at $51.90 per barrel on Thursday.

European stocks decline amid geopolitical tensions
ENERGY: Benchmark U.S. crude gained 39 cents to $49.95 a barrel in electronic trading on the New York Mercantile Exchange. The Nasdaq Composite Index plunged 2.1% to 6216.87 and the Standard & Poor's 500 Index dropped 1.45% to 2438.21.


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