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Dow Tumbles as North Korea Tensions Simmer

10 Agosto 2017, 08:57 | Azura Castelo

Dow Tumbles as North Korea Tensions Simmer

US on North Korea 'speaking with one voice'

USA stocks closed slightly lower Wednesday, making up much of the ground they lost earlier after a rare batch of earnings disappointments by Walt Disney and other big companies. Sky (LON:SKY) will be in focus today amid reports that Fox's big for the company could face further delay.

The weakness reflected geopolitical concerns amid a continued increase in tensions between the US and North Korea.

TIME OUT: Fossil tumbled 23.7 percent after the watch maker said sales continued to weaken, falling short of analysts' estimates.

Against the Canadian dollar, the aussie dropped to 1.0007 from an early 2-day high of 1.0043.

Asian markets lower: Tokyo's Nikkei shed 1.3 per cent, Hong Kong's Hang Seng lost 0.4 per cent, and China's Shanghai Composite fell 0.2 per cent.

Stock markets took the brunt of risk-averse trading on Wednesday after an overnight escalation of tensions between the U.S. and North Korea forced investors into haven assets such as gold, Treasuries and the Swiss franc. In a tense situation like this, equity markets can move lower exceptionally fast, and investors don't want to be caught on the wrong side of the markets, so they are getting out now'.

The Swiss franc, a barometer of risk sentiment, surged 0.6 percent to 0.9688 francs against the USA dollar, reversing a two-week losing streak.

MARKETS OVERSEAS: Major indexes in Europe were headed lower. That is bad news for gold, as higher rates tend to put pressure on non-yielding bullion.

Gold rose to its highest level in nearly two months, while the Swiss franc increased by more than 1% against the United States dollar and saw its biggest one-day gain against the euro in more than two and a half years.

The Topix index of all first-section issues edged down 0.04 percent, or 0.65 points, to 1,617.25 for a weekly loss of 0.87 percent.

The Standard & Poor's 500 index slipped 0.90 of a point, or 0.04 percent, to 2,474.02. Some of Canada's biggest banks were also influential decliners, but closed with only moderate losses.

In addition to buying gold and silver, Hewson noted markets have been taking precautions against an escalation between the two nations with haven buying also taking place in the Swiss franc and the yen.

Shares of staffing firm Adecco slumped 6.4 percent after its results.

The Dow Jones industrial average lost 50 points, or 0.2 percent, to 22,032. Alliance Data Systems fell $6.22, or 2.7 percent, to $225.70.

OIL: Benchmark U.S. crude gained 4 cents to $49.60 a barrel on the New York Mercantile Exchange.



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