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Wall Street swings lower on North Korea fears

11 Agosto 2017, 10:29 | Azura Castelo

Wall Street swings lower on North Korea fears

Kim has made it the top priority of his government to develop the weapon which he claims is simply to defend the country against American interventionism

The S&P/TSX composite index was down 39.02 points to 15,217.33, with most sectors finishing in the red while bullion stocks surged almost 1.9 per cent.

Retailers were also falling Thursday.

In Europe, France's CAC 40 fell 1.6 percent to 5,135 while Germany's DAX was down 1.3 percent at 12,133. Hong Kong's Hang Seng dipped 1.6 percent to 27,314.74. Japan was closed on a public holiday. -South Korea exercises later this month that North Korea, now finalizing plans to launch a salvo of missiles toward Guam, claims are a rehearsal for war.

Many markets had already been at record or multi-year highs after an extended rally, leaving them vulnerable to a sell-off.

The Fed expects "very weak" USA inflation to rebound thanks to a slide in the dollar and to a labour market that keeps getting hotter, one of the Fed's most influential officials said in comments that reinforce its gradual policy-tightening plan.

Escalating tensions over North Korea's nuclear ambitions rattled investors Thursday, helping to pull global share benchmarks lower.

The market also awaited U.S. consumer inflation data on Friday that would offer more clues about the pace of the U.S. Federal Reserve's monetary tightening.

"It's fantastic when you consider the headlines just how calm the equity markets are, how they've taken things in their stride", said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.

Major indexes in Asia closed lower. "Hard to assess political risk is now intruding on this scenario".

Elsewhere, the the New Zealand dollar's retreat continued, reaching a three-week low of $0.7309.

The dollar edged up about 0.1 percent to 110.16 yen, up from Wednesday's low of 109.56 yen, which was the dollar's lowest level since June 15.

The yen is perceived as a safe haven because Japan is the world's biggest creditor country and investors there have tended to repatriate funds in times of crisis.

Among economic data, the U.S. Labor Department is likely to report that initial jobless claims remained unchanged at 240,000 for the week ended August 5. Recent months have seen a strong contraction in U.S. crude stocks, with driving season clearly raising demand and subsequently reducing the overcapacity that has been evident in recent years.

President Donald Trump tweeted that military solutions are "locked and loaded" as officials said Friday they plan to move ahead with large-scale U.S.

The dollar index against a basket of six major currencies was effectively unchanged at 93.633 after touching an 11-day peak of 93.876 overnight.

Spot gold added 0.7 percent to $1,285.70 an ounce.

Back in London Worldpay closed as another gainer in the FTSE 100, up 0.4%, after it agreed to a GBP9.30 billion takeover by USA rival Vantic after weeks of talks, in a deal which is set to create a GBP22.20 billion payments giant.

In other energy futures trading, wholesale gasoline was little changed at $1.62 a gallon, heating oil rose 2 cents to $1.65 a gallon and natural gas rose 6 cents to $2.88 per 1,000 cubic feet. It is on track for a weekly loss of 2 percent.



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