Korean shares end lower on foreign selling amid tensions over N. Korea

15 Août, 2017, 09:45 | Author: Marc Bacque
  • US gold futures for December delivery was mostly unchanged at $1,290.50 per ounce

The dollar inched lower to 109.99 yen on Thursday, holding above Wednesday's low of 109.56 yen, which was the greenback's lowest level since June 15.

U.S. stocks on Friday ended with their worst weekly loss since March after Trump ratcheted up his fiery rhetoric, saying in a tweet: "Military solutions are now fully in place, locked and loaded" against North Korea. The catalyst behind the selling pressure was a report in the Washington Post that said North Korea had successfully created a miniaturized nuclear weapon designed to fit inside its missiles.

Despite the ongoing turmoil, investors' focus was slowly returning to the United States economy after Chicago Federal Reserve president Charles Evans said Wednesday it would be "reasonable" to announce the beginning of a reduction of the Fed's balance sheet next month.

"If earnings can stay strong and interest rates remain low investors can look beyond North Korea and continue to rally equities", Phipps said.

The Nasdaq composite fell 13.31 points, or 0.2 percent, to 6,370.46.

The broader Topix shed 0.65 point to 1,617.25, while the JPX-Nikkei Index 400 shed 8.16 points, or 0.1 percent, to end at 14,367.56. But for the week the S&P 500 lost 1.3 percent, its worst weekly showing since March.

The dollar index, which tracks the greenback against a basket of six major rivals, was almost flat on the day at 93.646, remaining above last week's 15-month low of 92.548. South Korea's Kospi fell 0.2%. 'Pretty remarkable, perhaps even extraordinary, considering, ' said Tim Ash, strategist at fund manager BlueBay.

Technology and consumer-focused companies helped lift USA stocks higher Tuesday, steering the market indexes further into record territory.

The market's main backstop in times of strain, gold, hit a two-month high of $1,282 an ounce amid the nervousness.

Although Japan could be in the front line of any clash with North Korea, the yen is benefiting because Japan is the world's biggest creditor nation and Japanese investors tend to repatriate funds in times of stress, attracting other flows.

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In the eurozone, the Paris CAC 40 dropped nearly 0.7 percent to 5,081.92 points compared with the closing level on Thursday.

The dollar was further weighed on Friday by the soft US inflation data.

The consumer price data, which pointed to weak inflation, could cause the Federal Reserve to hold off from raising rates again this year.

Five of the 11 major S&P sectors were higher, with the technology's 0.80 percent rise leading the advancers.

By 4.10pm, the fall was hovering between 99 and 100 points - around 1.34% - down.

Stock market losses slowly deepened throughout the day. "The big buy stop orders will be resting above $1,295; I therefore think that gold will probe the resting liquidity above $1,295 in the coming days".

Benchmark 10-year notes last rose 7/32 in price to yield 2.1888 percent, from 2.211 percent late on Thursday.

Bond prices were little changed.

The market's backstop safety asset, gold, edged up to its latest two-month high of $1,288 an ounce. Globally, gold rose 0.23 per cent to United States dollars 1,288.70 an ounce in NY in yesterday's trade.

The U.S. equity market is hovering near record levels and volume has been tepid following the onset of summer.

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