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giftedviz.com May 22, 2018


Gold climbs amid US-North Korean 'sabre-rattling'

14 August 2017, 01:42 | Austin Hogan

The Hong Kong Stock Exchange is seen in Hong Kong China

The Hong Kong Stock Exchange is closed as Typhoon Haima approaches in Hong Kong

At 10:57 a.m. ET (1457 GMT), the Dow Jones Industrial Average was up 54.38 points, or 0.25 percent, at 21,898.39, the S&P 500 was up 8.69 points, or 0.35 percent, at 2,446.90. Reuters data show a 28 percent chance for a hike after the Fed's December meeting.

The S&P was, however, on track to post its biggest weekly loss in about five months and the Dow on course to record its biggest weekly fall in almost four months.

Tokyo's Nikkei index had dropped 1.3% by the time European stock markets opened on Wednesday morning, with similar falls on the German and French bourses.

"We believe continued sabre-rattling between the two nuclear powers could take gold prices higher still".

The remarks followed a new report asserting that US intelligence has assessed that Pyongyang has successfully produced a nuclear warhead that can fit inside its missiles.

The pan-European FTSEurofirst 300 index lost 1.01 per cent and MSCI's gauge ofstocks across the globe shed 0.26 per cent for a weekly loss of 1.6 per cent, the largest since the week to November 4.

"The comments by the State Secretary is a message that nothing important has been decided on North Korea", Haruki Kawaguchi, a manager in the stock trading department at Marusan Securities, told Bloomberg News.

North Korea had responded to Trump's previous promise to unleash "fire and fury" with a threat to land missiles near the U.S. Pacific territory of Guam.

Dow member Disney dropped 3.9 percent as it reported flat third-quarter revenues due in part to weakness in its cable subscription business.

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In Europe, Germany's DAX fell 1.1 percent, while France's CAC 40 slid 1.4 percent.

The mood on markets was decidedly risk off leaving stock markets lower.

"I think a few investors are capitulating to it". The U.S. currency was down 0.5 percent at 109.73 yen, following a retreat to 109.740, its weakest since June 15.

"It's unbelievable 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. The yield on the 10-year Treasury note fell to 2.23 percent from 2.26 percent late Tuesday.

Perrigo rose $1.58, or 2.1 percent, to $78.43. US gold futures for December delivery was mostly unchanged at $1,290.50 per ounce.

The euro was down 0.3 percent at just over $1.17 and nearing a two-week low, while the New Zealand dollar tumbled a full 1 percent as its central bank head bluntly said he wanted it lower.

In currency markets, the South Korean won was among the worst hit, falling 0.9% to 1,135.18 against the dollar as its Northern neighbour's tough talking intensified.

Euro zone stocks and blue-chips also dropped 0.7 percent, while the miner-heavy FTSE underperformed and was down 0.8 percent.

Elsewhere in commodities, the September crude contract advanced 20 cents to $49.76 per barrel and the September natural gas contract was up seven cents to $2.95 per mmBTU.



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