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giftedviz.com May 27, 2018


Stocks plunge over North Korea tensions

12 August 2017, 10:48 | Austin Hogan

Stocks plunge over North Korea tensions

Stocks plunge over North Korea tensions

He said the crisis provided a "perfect trigger" for a correction at a time when many markets - including the FTSE 100 - were at or around record highs, leaving them vulnerable to a sell-off if investors think it is time to take profits. Randgold Resources Ltd. and Barrick Gold Corp. were among the best performers, each gaining more than 2 per cent. Australia's S&P/ASX 200 dropped 1.2 percent, while Japan was closed on a public holiday.

"Of course it's all come at a time when share markets are due for a correction, so North Korea has provided a ideal trigger", he added.

The Dow Jones Industrial Average rose 14.31 points, or 0.07 per cent, to end at 21,858.32, the S&P 500 gained 3.11 points, or 0.13 per cent, to 2,441.32 and the Nasdaq Composite added 39.68 points, or 0.64 per cent, to 6,256.56.

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

Missile makers Raytheon and Lockheed Martin have outperformed Wall Street by nearly four per cent in recent days and the Dow Jones US defence index is at a record high and on a seven-day unbroken run of gains.

Sterling touched a three-week low against the dollar as a mixed bag of output and trade data did little to alter investors' downbeat view of an economy struggling to meet Bank of England targets.

The dollar was down 0.77 percent against the yen JPY= at 109.21 yen.

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The dollar index, which tracks the greenback against a basket of six major rivals, was almost flat on the day at 93.657, remaining above last week's 15-month low of 92.548.

Markets are now awaiting United States consumer price data for July, due later today. The euro edged down to $1.1726 from $1.1751.

"On many occasions, we've also heard from the Russians, and from Russian oil producers, that once the deal is complete and free production reigns again that Russia will prime the pump", said Greg McKenna, an analyst at AxiTrader.

Inflation has risen 1.7 percent over the past 12 months, suggesting that inflation pressures remain well under control. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2 basis points at 2.192 percent.

Gold futures for December delivery climbed 1.3 per cent to settle at $1,279.30 (U.S.) an ounce on the Comex in NY. Its weekly gain of 2.6 per cent is the largest since June 2016. Brent crude, used to price worldwide oils, added 26 cents to $52.96.

Strong gains in NY, where the Dow saw repeated record highs up until three day ago, had kept investor optimism high when news of the conflict first broke, Currie said.



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