Economy

Gold Inches Toward $1300 Ahead Of Inflation Data

Gold Inches Toward $1300 Ahead Of Inflation Data

On Thursday, the three major indexes logged their worst performances since mid-May (http://www.marketwatch.com/story/us-stocks-set-up-for-another-day-of-losses-as-north-korean-tensions-simmer-2017-08-10) in a session dogged by escalating tension between the USA and North Korea.

Traders took heart in a measure of US consumer prices that increased only slightly in July, pointing to benign inflation that could make the Federal Reserve cautious about raising interest rates again this year.

The hope that the Fed will have to slow its rate-hike path appeared to stop, at least for now, the near $1-trillion loss in world stocks valuations this week triggered by the war of words between Pyongyang and Washington.

Earnings results also weighed on stocks. Reuters data show a 28-percent chance for a hike after the Fed's December meeting.

Still, the S&P 500 is on track to post its biggest weekly loss in about nine months.

"The escalation of the geopolitical situation between the USA and North Korea is beginning to rattle investors' nerves as was witnessed in the VIX index yesterday", said Peter Cardillo, chief market economist at First Standard Financial.

Earlier this week, Trump said the U.S. would unleash "fire and fury" on North Korea if it continued to threaten the U.S. North Korea has announced a detailed plan to launch a salvo of ballistic missiles toward the U.S. Pacific territory of Guam, a major military hub and home to U.S. bombers.

Wall Street declined on Thursday, with the S&P 500 registering its first daily drop of more than 1% in nearly three months, as investors grew cautious over escalating tensions between the U.S. and North Korea.

Day thanks Johnson for 'most clutch thing' at US PGA
After a double-bogey at the last ruined a late hat-trick of birdies, he signed for a 71 for three-over 216, 10 strokes behind. And I just walked up to him and said, 'That's the biggest, or most clutch thing I've ever seen anyone do for me'.

"There's not a great incentive to buy big", said Lerner of SunTrust Advisory.

The Dow Jones industrial average closed 0.9% lower on Thursday, while the S&P 500 dropped 1.5% and the Nasdaq shed 2.1%.

The pan-European FTSEurofirst 300 index lost 1.06 percent and MSCI's gauge of stocks across the globe shed 0.17 percent.

Emerging market stocks lost 1.27 percent. The index bounced off its lowest closing level in six months. Against the euro, the dollar is valued at $1.826 compared to yesterday's $1.1772.

"Pretty remarkable, perhaps even extraordinary, considering", said Tim Ash, strategist at fund manager BlueBay.

There were fewer signs of anxiousness in the markets Friday. The stock lost 89 cents to $3.82.

Trump's comments on Tuesday ended the Dow's nine-day streak of record closes. US gold futures gained 0.26 percent to $1,293.50 an ounce.

"This inflation data for the month was not good".

How to take pictures of the solar eclipse with your smartphone
NASA also went ahead and created this map, which combines the likelihood of clear skies with the eclipse path of totality . For DSLR cameras, the best way to determine the correct exposure is to test settings on the uneclipsed Sun beforehand.

"If the data continues to come in on the softer side, the market might start to price the Fed staying on hold this year", said Sireen Harajli, FX strategist at Mizuho in NY.

Computer hardware stocks rebounded following recent weakness, with the NYSE Arca Computer Hardware Index climbing by 1.4%. Germany's DAX was up 0.1%, while France's CAC 40 fell 1.1%.

CURRENCIES: The dollar slipped to 109.04 yen from 109.26 late Thursday.

The selling in the US extended to global markets Friday.

The 30-year bond was last up 4/32 in price to yield 2.7871 percent, from 2.794 percent late on Thursday.

Traders turned towards safe-haven assets such as gold, helping the precious metal touch a two-month high, and the Japanese Yen rose. Apple (AAPL.O) was down 2.3 percent, weighing most on the index. Brent crude, used to price global oils, was down 17 cents to $51.73 a barrel in London. Core prices had also been expected to climb by 0.2%.

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50 feared dead as landslide hits 2 buses on Himachal's Mandi NH
The army along with the local authorities and the National Disaster Response Force are carrying out a search and rescue operation. Commenting on the incident, Mandi deputy commissioner Sandeep Kadam said the possibility of more deaths could not be ruled out.


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