Economy

Equities fall on rising tension between US & North Korea

Equities fall on rising tension between US & North Korea

U.S. stocks have risen week after week this year - with the S&P up more than 9 percent - in extremely low volatility, as strong corporate earnings and an improving global economy offset disappointment that U.S. President Donald Trump's promises to lower corporate taxes and implement a massive infrastructure spending have so far failed to see the light of day. The Dow Jones industrial average fell 36.64 points to close at 22,048.70, with Walt Disney contributing the most losses.

The Dow and S&P 500 clinched record closes on Monday, Aug. 7, marking the 35th all-time high for the Dow this year, a streak not seen since the 38 record closes in 2014.

The Standard & Poor's 500 index rose 0.1% to 2,482 as of 1:45 p.m. The FTSE 100 index of leading British shares declined 0.6 percent.

Japan said on Tuesday it was possible that North Korea had already developed nuclear warheads and warned of an acute threat posed by its weapons programs as Pyongyang's continues missile and nuclear tests in defiance of United Nations sanctions.

"While it appears that Pyongyang's detailed strike plan against Guam has created a sour backdrop to trading, it's worth noting that US/North Korea tensions aren't having quite the same effect on the DAX and CAC", said Spreadex analyst Connor Campbell.

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I have to try to adapt a new system and to anticipate this situation of playing with nine or 10 men in the next game. Cesc Fabregas was then sent off for a late challenge on Jack Cork but David Luiz added 1 more goal for Chelsea.

The benchmark USA yield on Thursday was just above 2.2 percent, at its lowest level since late June, as investors bought up Treasuries, a classic safe harbor.

Traders saw the chance of a rate hike in December fall to 40 percent from 42 percent shortly before the release of the data, according to Federal funds futures.

He added that in China, the USA and South Korea, stocks that are showing the biggest declines since the rise of tensions between the US and North Korea are the companies that have risen most since June. The Russell 2000 index gave up 1.7 per cent to 1,372.54.

J.C. Penney (JCP.N) slumped as much as 18.25 percent to a record low after the retailer reported a bigger-than-expected quarterly loss. TMX Group Ltd was up 3.2 per cent to C$68.02, while Quebecor Inc added 4.3 per cent to C$45.20 and Canadian Tire Corp Ltd climbed 5.7 per cent to C$149.89.

Travel and media companies led US stocks lower in afternoon trading Wednesday as some rare earnings disappointments weighed on the market.

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North Korea responded by detailing a plan to fire ballistic missiles toward the USA territory of Guam, home to US military bases. Trump was reported to direct U.S.

Energy stocks retreated 0.5 percent, despite higher oil prices. The stock shed $1.50 to $4.61.

US crude oil futures settled almost 2 per cent lower at $48.59 a barrel, as Russian Federation considered a future output resumption and the Organization of the Petroleum Exporting Countries boosted its July production numbers.

The CBOE Volatility Index (VIX - 11.11) gained 0.2 point, or 1.4%.

With Japanese markets closed for a public holiday, Hong Kong led the downward charge in Asia-Pacific as the Hang Seng lost more than two percent. Copper fell 2 cents to $2.93 a pound.

CURRENCIES: The dollar rose to 109.24 yen from 109.20 while the euro weakened to $1.1756 from $1.1773.

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Now, it will be interesting to see how Shah Rukh Khan's upcoming dwarf film by Anand L Rai will fare at the ticket window. The movie didn't earn expected amount at the box office and is still struggling to enter the coveted Rs 100 crore club.


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