Gold jumps on rising US-North Korea tensions

14 Août, 2017, 04:23 | Author: Marc Bacque

"That reset is being triggered by North Korea geopolitical concern and stretched valuations", said Peter Kenny, senior market strategist at Global Markets Advisory Group in NY.

"As a portfolio manager, you say, 'Do I think we'll get a war out of this?'" said Torsten Slok, chief global economist at Deutsche Bank, referring to the back and forth between North Korea and President Donald Trump.

U.S. President Donald Trump issued a new verbal warning to Pyongyang on Thursday, saying that his previous promise to unleash "fire and fury" may not have been strong enough after North Korea responded with a threat to land a missile near the U.S. Pacific territory of Guam.

In Europe, the pan-continental STOXX 600 index lost 0.8 per cent, with falls deepening after reports a vehicle had rammed a group of soldiers in Paris, injuring six. The Swiss currency was also on track for its biggest daily gain against the euro since the Swiss National Bank removed its cap on the currency in January 2015. Heating oil fell 1 cent to $1.63 a gallon.

Technology companies led USA stocks slightly higher in afternoon trading Friday, recouping some of the losses from the day before. Perrigo rose $1.58, or 2.1 percent, to $78.43.

"The unpredictable nature of North Korea means it is hard to gauge exactly how likely an attack is, yet given the military power of both nations, there is no surprise we are seeing markets shift out of risk assets and into havens such as the yen and gold", said IG market analyst Joshua Mahony, in a note.

Energy stocks also fell along with the price of crude oil. TMX Group Ltd was up 3.5 percent to C$68.23, while Quebecor Inc added 2.9 percent to C$44.60.

The market volatility - the VIX index, nicknamed " the fear index, had been dashed the night before - remained high compared to the evolution since the beginning of the year.

SeaWorld Entertainment slid 6.2 percent after the theme park operator reported second-quarter revenue that fell short of Wall Street's expectations. Its shares slid $9.77, or 5.3 percent, to $174.02.

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Canadian Tire Corp Ltd rose 3.4 percent to C$146.65.

After a dip of as much as 0.52 percent earlier in the day, Wall Street's three major indexes bounced off intraday lows.

In Europe, the pan-continental STOXX 600 index fell 0.9 per cent, with falls deepening after a auto rammed a group of soldiers in Paris, injuring six, in what officials said was a suspected terrorist attack.

BONDS: Bond prices rose. Hong Kong's Hang Seng Index plunged by 2%, while South Korea's Kospi Index slumped by 1.7%.

Benchmark U.S. crude was down 21 cents to $48.38 a barrel on the New York Mercantile Exchange.

At 10:34 a.m. ET (1434 GMT), the Toronto Stock Exchange's S&P/TSX composite index fell 70.95 points, or 0.47 percent, to 15,146.38.

US crude rose 1.08 percent to $49.70 per barrel and Brent was last at $52.78, up 1.23 percent on the day.

In other precious metals, silver was almost flat at $16.90 per ounce after hitting its highest since June 15 earlier in the session.

The bond market was without direction: the yield of u.s. Treasury bills to 10 years, which evolves to the inverse of the bond price, appears to 2,190 %, compared to 2,198 % Thursday evening, and that bills to 30 years at 2,786 %, compared to 2,773 %.

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