Economy

North Korea tensions continue to weigh on global stocks

North Korea tensions continue to weigh on global stocks

The euro fell to $1.1728 from $1.1757.

"The data confirms the Fed will have a wait-and-see attitude", said King Lip, chief investment officer at Baker Avenue Asset Management in San Francisco.

Seagate Technology gained 2.3 percent after investor ValueAct disclosed that it had acquired a 7.2 percent stake in the digital storage company.

US Defense Secretary Jim Mattis, who often has emphasized the devastating costs of any conflict with North Korea, seemed to back up Trump's tone.

The North Korea situation isn't the only thing weighing on stocks.

U.S. President Donald Trump, in his latest warning to North Korea, said military solutions were "fully in place" and referred to American weapons as being "locked and loaded" should the nuclear-armed nation act "unwisely".

Virginia White Nationalist Rally: Driver Who Plowed Into Counter Protesters Identified
In Boston , Massachusettes, protesters held signs that read "Unite against racist hate & sexist bigotry". "This weekend, white nationalists terrorized Charlottesville and the rest of our country".

About 7.5 billion shares changed hands on USA exchanges, well above the 6.25 billion average for the last 20 days.

"There is a low probability that we will have a war with North Korea", he said, and a larger pullback in stocks is "a buyable drop".

The Standard & Poor's 500 index fell 7 points, or 0.3 percent, to 2,467 as of 10:19 a.m. Eastern time. The Dow Jones industrial average slid 105 points, or 0.5 percent, to 21,943.

Emerging market stocks .MSCIEF lost 1.27 percent.

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

Wall Street's widely followed measure of market anxiety, the CBOE Volatility index, was up 0.79 points at 16.77 on Friday, its highest since November.

Wall Street lower as investors weigh rising North Korea tensions
On the week, the Dow Jones lost 0.9 %; the S&P 500 has dropped 1.4 per cent, its biggest weekly decline in more than four months. Gold, meanwhile, a traditional safe haven for investors, gained $26.50 since Monday, closing Thursday at $1291.20 per ounce.

However, Federal Reserve Bank of New York President William Dudley suggested on Thursday that the central bank was on track to raise interest rates once more as he expects sluggish inflation to rise over the next several months. The index had its biggest drop since mid-May a day earlier. Shanghai's main index also tumbled 1.6 percent to 3,208.54 while Australia's S&P/ASX 200 dropped 1.2 percent to 5,693.10. The Korean won fell against the US dollar.

"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. The FTSE 100 index of leading British shares was 0.6 percent lower.

Sterling was last trading at $1.3007, up 0.25 percent on the day.

Smaller-company stocks also fell sharply.

Data showed USA producer prices unexpectedly fell in July, recording their biggest drop in almost a year, while another set showed the number of Americans filing for unemployment benefits unexpectedly rose last week. Yields on bonds move inversely to their price.

After touching a more than two-month high, spot gold last added 0.1 percent to $1,287.18 an ounce. It was up $15.70, or 1.2 percent, to $1,278.30 an ounce.

Trump May Roll Out Probe Into China and Intellectual Property Theft
It is understood the White House delayed the announcement as it sought China's help with the North Korea crisis. The technology sector has been especially hard-hit in intellectual property disputes.

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


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