Economy

Stocks open lower; Disney and Netflix fall

Stocks open lower; Disney and Netflix fall

North Korea responded with a statement by its official KCNA news agency claiming Trump is "driving" the Korean peninsula to the "brink of a nuclear war".

Until this week, the equity market had managed to shake off negative news, including previous saber-rattling over North Korea and failures in Washington to pass high-profile bills, such as repealing and replacing Obamacare. "Hopefully Kim Jong Un will find another path!"

The S&P's record close on August 7 likely helped fuel its latest sell-off. The boost today continues the rental vehicle stock's pattern of big post-earnings moves, and has the shares testing their 180-day moving average, a level the stock has not surpassed since September 2016.

On Friday, stocks recovered slightly, with the S&P 500 and Dow Jones Industrial Average up 0.2%.

The latest tensions began after U.S. President Donald Trump on Tuesday warned North Korea that it would face "fire and fury" if it threatened the United States. North Korea responded with threats to launch missiles into the Pacific Ocean near Guam, a US territory. When you're due, there's always going to be something that happens in the world that's going to make people nervous.

Wall Street got off on a downbeat start early Thursday as tensions between the US and North Korea continued to escalate, rattling markets overseas.

The S&P is trading near its most expensive valuation level since 2004, as measured by the price-to-12-month forward earnings ratio.

Man Utd 'love' Luke Shaw; have no plans to sell defender
Shaw has been linked with a Untied exit in recent months, with Tottenham star Danny Rose backed to replace the former Southampton ace.

In the bond market, treasuries are extending the upward move seen over the two previous sessions. Apple was down 2.3 percent, weighing most on the index. The index is bouncing off its lowest closing level in six months.

Retail results are also on investors' mind as the second-quarter earning season winds down. Meanwhile, after jumping USD10.80 to USD1,290.10 an ounce in the previous session, gold futures are climbing USD6.50 to USD1,296.60 an ounce.

The Canadian dollar was trading at an average price of 78.67 cents US, down 0.04 of a USA cent.

CURRENCIES: The euro slipped 0.1 percent to $1.1176 while the dollar was steady at 109.20 yen.

The president said "things will happen to them they never thought possible" should Pyongyang attack the United States or its allies. The index - which last week hit 22,000 for the first time - closed at 21,844.

The Nasdaq Composite was up 34.61 points, or 0.56 percent, at 6,251.48. Hong Kong's Hang Seng Index plummeted 560.49 points or 2% to 26,883.51.

Macy's sank 10.3 percent and Kohl's lost 5.8 percent. ANZ fell 1.9%, Commonwealth shed 0.7% and Westpac declined 1.3% after RBA Governor Philip Lowe said the central bank is prepared to be patient on rates for quite some time.

North Korea would face greater isolation: Kang
China, however, is easily North Korea's biggest trading partner and economic benefactor, and helped design the sanctions package. The sanctions could further choke North Korea's struggling economy by slashing its $3 billion annual export revenue by a third.

Mining heavyweights BHP Billiton and Rio Tinto retreated 2-3 percent, while gold miners Evolution and Newcrest rose about 2 percent each.

With Japan and South Korea also warning North Korea, investors are taking a step back to see what is happening before chipping in back, Bakhos said. The benchmark Kospi tumbled 39.76 points or 1.7 percent to 2,319.71, its lowest level since May 24th. For the week, the index lost over 3% to register its biggest weekly loss since February of 2016.

Investors have enjoyed a global stock rally with few interruptions this year, something many have attributed to the improving health of US companies and steady global economic growth.

Commodity-related stocks are among the worst performers against the backdrop of heightened political uncertainty after Trump further ratcheted up the rhetoric.

The consumer price data, which pointed to weak inflation, could cause the Federal Reserve to hold off from raising rates again this year. Wholesale price inflation eased to an eight-month low of 2.2% in July from 2.5% in June. "Should we see another dip in inflation in July, it could make the job of building a consensus for another rate hike this year more hard". Economists had expected prices to rise by 0.2 percent. Germany's DAX fared better, trading only 0.2 percent lower at 11,989.

Significant strength is also visible among computer hardware stocks, as reflected by the 1.1% advance by the NYSE Arca Computer Hardware Index.

Shares of Kura Oncology (KURA) are moving higher in pre-market trading after the biopharmaceutical company priced a public offering of 7.7 million shares of its common stock at USD6.50 per share.

Conte favourite to become first Premier League manager to be sacked
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.


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