Economy

Gold soars as the United States and North Korea wage a verbal war

Gold soars as the United States and North Korea wage a verbal war

Investors welcomed new data showing US inflation at the consumer level inched higher last month, suggesting that the Federal Reserve may be less likely to raise interest rates next month.

The dollar was up 0.05 percent to 109.25 yen JPY=, after earlier falling to a sixteen-week low following data showing US consumer prices rose less than expected in July.

Nasdaq 100 e-minis were down 38.75 points, or 0.65 percent, on volume of 38,566 contracts. The S&P 500 is up 9 percent, while the Dow is up 10.6 percent.

The market was also waiting for USA inflation data on Friday that would offer clues about the extent to which the strengthening USA labour market is spilling over into inflation.

"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.

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"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.

"Military solutions are now fully in place, locked and loaded, should North Korea act unwisely", he tweeted. "We see many of our new enquiries and clients using the opportunity to protect themselves against an uncertain future, especially given the unpredictability of both President Trump and Kim Jong-Un".

China's Shanghai Composite Index plunged 51.94 points or 1.6% to 3,209.80, as investors continued to book profits in cyclical sectors. The index bounced off its lowest closing level in six months.

Meanwhile, the Russell 2000 index of small-cap stocks finished out the week 2.7% lower, its biggest one-week decline since February 2016. The precious metal posted hefty gains in the three preceding days.

The S&P 500 dropped the most since May and MSCI's gauge of stocks across the globe .MIWD00000PUS lost 1.1 percent in its third straight day of declines, as it pulled further back from all-time highs. The Japanese markets were closed for a holiday.

Bodybuilder breaks neck, dies after botched back flip
It reports that he was tipped for a bright future, having been a former IFBB Junior World Champion in the up to 75kg category. A South African bodybuilding champion lost his life after a botched backflip during a competition over the weekend.

Away from the futures market, London-based gold bullion traders also reported brisk buying by global investors.

The dollar index .DXY , which measures the US currency against a basket of other major currencies, fell 0.14 percent.

In the bond market, treasuries extended the upward move seen over the two previous sessions.

Developments regarding the situation with North Korea may remain in focus next week, although traders are also likely to keep an eye on reports on retail sales, housing starts, and industrial production. It also raised its outlook.

Shares of Snapchat parent Snap Inc.(SNAP) slid 14% a day after the company's earnings missed forecasts (http://www.marketwatch.com/story/snap-ceos-promise-cant-overcome-declining-ad-rates-stock-heads-toward-new-lows-after-earnings-2017-08-10), and the social-messaging company disclosed that average ad prices fell in the second quarter.

Amazon recalls glasses 9 days before total solar eclipse
On August 21، the Moon will slide in front of the Sun and for a brief moment، day will melt into a dusky night in the US. Stand still and cover your eyes with your eclipse glasses or solar viewer before looking up at the bright sun.


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