Asian stocks slump on profit-taking amid US-NKorea tensions

13 Août, 2017, 03:52 | Author: Marc Bacque
  • Asian stocks slump on profit-taking amid US-NKorea tensions

Federal Hall's George Washington statue stands near the flag-covered pillars of the New York Stock Exchange.

"A global stock market fund will have its fair share of value and growth companies, unlike -say- the FTSE 100 index which is predominately value-orientated with its bias towards energy, mining and financial, or the Japanese TOPIX which is growth-orientated with a predominance of consumer goods companies".

Markets were also lower in Europe and Asia.

US stocks closed lower on Tuesday after a late afternoon selling spree as investors fled for safety after Trump's vow to respond aggressively to any North Korean threats.

Politics lifted US defense stocks.

"Should the North Korea situation develop it may just prove to be the catalyst to push the institutional world to commit flows back to this asset class on a sustained basis", he said.

The Standard & Poor's 500 index slipped 0.90 points, or 0.04 percent, to 2,474.02. The Dow rose slightly on Friday after shedding 205 points the day before, its worst slide in almost three months. The S&P 500 and Dow were both coming off record highs.

Dow e-minis were up 6 points, or 0.03 percent, with 29,187 contracts changing hands at 8:34 a.m. ET (1234 GMT).

To that end, gold prices shot up to near $1,300 an ounce - their highest level in several months. Gold has rallied 2.6% this week, while the 10-year Treasury yield touched a six-week low of 2.1%.

President Donald Trump's warning North Korea faced "fire and fury" and Pyongyang's response it was considering an attack on Guam drove investors out of stocks on Wednesday and into the safety of the yen, Swiss franc, gold and government debt.

Geopolitics aside, investors would also focus on U.S. economic data and monetary policy, with inflation data being released and two Federal Reserve policymakers making an appearance, Erlam said.

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Beyond geopolitical concerns, investors continued to size up company earnings reports. The stock fell $3.30 to $30.09.

Biotechnology, tobacco, and transportation stocks also saw considerable strength, while steel stocks extended a recent move to the downside.

Traders snapped up shares in companies that delivered strong quarterly results.

Ralph Lauren gained $10.38, or 13.3 percent, to $88.53, while peer-to-peer loan company LendingClub added 99 cents, or 18.1 percent, to $6.45. They outweighed gains in health care stocks and elsewhere. Its shares slid $9.77, or 5.3 percent, to $174.02. Brent crude, used to price global oils, declined 29 cents to $51.61 per barrel in London.

In Australia, the S&P/ASX 200 finished 0.38% higher at 5,765.66, underpinned by the weighty financials subindex, which added 0.73%. Natural gas was also flat at $2.98 per 1,000 cubic feet.

Gold rose 0.6 per cent to US$1,268 an ounce.

The U.S. dollar fell to 110.48 yen from 110.72 yen late Monday. The euro edged down to $1.1726 from $1.1751.

Markets overseas were mixed Tuesday.

In Europe, the pan-continental STOXX 600 index lost 0.8 per cent, with falls deepening after reports a auto had rammed a group of soldiers in Paris, injuring six.

The Dow Jones industrial average lost 50 points, or 0.2 percent, to 22,032. But for the week the S&P 500 lost 1.3 percent, its worst weekly showing since March. Hong Kong's Hang Seng Index plunged by 2%, while South Korea's Kospi Index slumped by 1.7%.

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