Trump on North Korea; Google scandal; Trouble at Snap
Aug 12 2017 by Johnny Bowman
Simmering tensions between the USA and North Korea have come back to the boil in recent days after Pyongyang disclosed plans to fire missiles over Japan to land near America's Pacific territory of Guam.
ASIA'S DAY: Earlier, Asia bore the brunt of the mounting geopolitical uncertainty, with South Korea's Kospi index closing down 1.7 percent at 2,319.71 and Hong Kong's Hang Seng ending 2 percent lower at 26,883.51. The Nasdaq Composite dropped 40.64 points, or 0.64 percent, to 6,311.70.
Increased geopolitical concerns between the USA and North Korea limited the S&P 500's upward movement. The S&P 500 and Dow were both coming off record highs.
On the currency markets, the pound slipped 0.1% against the dollar to $1.2968 but rose 0.1% against the euro to 1.1034 euros.
Volatility jumped and the pan-European STOXX 600 .STOXX fell 1.1 percent, taking weekly losses to 2.8 percent, its worst since early November 2016.
Investors instead turned to safe-haven assets such as gold, pushing it to a two-month high, and the Japanese yen rose. The slide deepened after Trump's remarks on North Korea aired.
Everton vs Stoke City: Injury Report
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In a note to investors, Paul Christopher, head global market strategist, and Tracie McMillion, head of global asset allocation, suggest, "the threat of a nuclear weapon is certainly more serious than previous threats, but that threat also may increase the probability of a diplomatic solution".
US crude oil futures settled almost 2 percent lower at $48.59 a barrel, as Russian Federation considered a future output resumption and the Organization of the Petroleum Exporting Countries boosted its July production numbers.
The September crude contract was up 20 cents to US$49.76 per barrel and the September natural gas contract was up seven cents to US$2.95 per mmBTU.
USA trading volume has been low with summer setting in and Congress expected to be in recess until September 5. On the Nasdaq, 1,846 issues fell and 953 advanced favoring decliners.
Meanwhile, shares of Kraft Heinz rose as the U.S. food and beverage company, which has struggled with flagging sales, and Oprah Winfrey announced a new line of "four "flavourful soups and four savoury sides" under the name O, That's Good! as part of a previously-announced partnership between the two".
The pound was up 0.3% against the euro at 1.1091 and down nearly 0.1% on the dollar at 1.2994.
Ongoing global glut concerns lingered in oil markets despite a bigger-than-expected draw in US crude inventories, leaving prices volatile.