Economy

Wall Street falls on North Korea concerns

Wall Street falls on North Korea concerns

"As a portfolio manager, you say, 'Do I think we'll get a war out of this?'" said Torsten Slok, chief global economist at Deutsche Bank, referring to the back and forth between North Korea and President Donald Trump. In Australia, the S&P/ASX 200 was down 1.13%.

"There's not a great incentive to buy big".

The Dow Jones Industrial Average rose 22 points, or 0.1%, to 21,867, while the S&P 500 was up 3 points to 2,440, a rise of 0.1%.

The Korean won KRW=KFTC also continued to skid, sliding 0.3 percent to 1,145 won to the dollar, after earlier sinking to its lowest level in a month. MSCI's broadest index of Asia-Pacific shares outside Japan .miapj0000pus closed 1.37 percent lower. South Korea's KOSPI fell 1.8 percent to almost a three-month low.

A Reuters Datastream index of more than 7,000 stocks across the globe saw its market capitalisation drop from a record high US$61.36 trillion on Monday to US$60.43 trillion at the close on Thursday.

Heavy rains trigger flood-like situation
A portion of National Highway 415, which connects state capital Itanagar with Assam, eroded near Karsingsa on Friday. The district administration has closed down 225 schools in flood-affected areas in Tinsukia district.

Gold has risen to its highest level in nearly two months, while the Swiss franc has powered against the United States dollar and seen its biggest one-day gain against the euro in more than two and a half years.

Although Japan could be in the front line of any clash with North Korea, the yen is benefitting because Japan is the world's biggest creditor nation and Japanese investors tend to repatriate funds in times of stress, attracting other flows.

Computer hardware stocks rebounded following recent weakness, with the NYSE Arca Computer Hardware Index climbing by 1.4%.

Investor focus now turns to Friday's USA consumer price index data. "If you look at the gold price after the CPI (inflation) data, it tells you that the Fed is not going to be in any rush to increase the interest rate this year", said Naeem Aslam, chief market analyst at Think Markets.

This increase in tension between the U.S. and North Korea seem to be affecting the oil prices as well as they have dropped through the $49 region and now trade just above the $48 region as of this writing and continues to look weak.

Korea, US Promise Collaboration against N. Korea
The remarks, following North Korea's earlier revelation of a plan to launch a salvo of ballistic missiles toward the U.S. In the morning hours, the benchmark was on the path to suffer its biggest percentage decline in almost two weeks.

The Japanese yen last strengthened 0.03 per cent versus the greenback at 109.22 per dollar.

Market participants are also nervous about escalating tensions between the USA and North Korea. Both the Nasdaq and the Russell are set for their third straight weekly decline.

Spot gold added 0.7 per cent to $1,285.70 an ounce. It was on course for a weekly rise of about 5%, the biggest such gain since July 2016.

However, markets remained focused on geopolitical crisis, as angry threats from Washington and Pyongyang stoke fears of a catastrophic miscalculation with global consequences.

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

Beyond the fiery words, U.S. quietly pursues diplomacy with North Korea
The Associated Press reports that Yun is the only US diplomat in contact with representatives of the North Korean government. Warmbier, 22, was held in North Korea for 17 months and returned to the U.S.in a coma.


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