Korean tensions keep yen near eight-week highs

13 Août, 2017, 04:51 | Author: Marc Bacque
  • Japanese fighters conducted air drills with US B-1B bombers

A Chinese state-run newspaper said on Friday that China should make clear that it will stay neutral if North Korea launches an attack that threatens the United States, but that if the usa attacks first and tries to overthrow North Korea's government, China will prevent it doing so.

In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Wednesday.

The Korean story has seen the yen gain around 1.5 percent this week, its biggest rise since mid-May.

"What has changed this time is that the scary threats and war of words between the US and North Korea have intensified to the point that markets can't ignore it", said Shane Oliver, head of investment strategy at AMP Capital in Sydney.

The yen gained more than 0.2 percent in Asian time as investors took their money out of higher-yielding currency plays following another warning from President Donald Trump to Pyongyang. The stock fell $1.01 to $22.02.

J.C. Penney (JCP.N) finished down 16.6 percent after hitting a record low following the retailer's bigger-than-expected quarterly loss. The Nasdaq composite lost 76 points, or 1.2 percent, to 6,275. While the U.K.'s FTSE 100 Index has fallen by 0.8 percent, the German DAX Index and the French CAC 40 Index are down by 1.5 percent and 1.8 percent, respectively. The yield on the 10-year Treasury note slipped to 2.21 percent from 2.25 percent late Wednesday.

The report said labor productivity climbed by 0.9 percent in the second quarter after inching up by a revised 0.1 percent in the first quarter. The stock lost $2.36 to $20.67. Crude oil prices extended their slide as exports from key OPEC producers rose, despite news of lower crude shipments from Saudi Arabia. Kohl's also declined, giving up $2.43, or 5.8 percent, to $39.50.

Benchmark U.S. crude fell 97 cents, or 2 percent, to $48.59 a barrel on the New York Mercantile Exchange. Brent crude, used to price global oils, added 21 cents to $52.91.

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In company news, News Corp shares dropped by $1.00, or 5.4 per cent, to $17.40 after the company reported a full-year loss of $US643 million ($A818 million), courtesy of lower ad revenues in its news business, and writedowns of fixed assets at its Australian and United Kingdom newspapers and its investment in Foxtel.

The market's backstop safety asset, gold, edged up to its latest two-month high of $1,288 an ounce.

REA Group shares fell $4.07 cents, or almost six per cent, to $64.35 after its full-year net profit slipped 19 per cent to $206.3 million.

Spot gold added 0.7% to $1,285.70 an ounce.

Japan's benchmark Nikkei 225 inched down less than 0.1 percent to finish at 19,729.74.

Against the dollar the euro was 0.16 percent lower.

But the S&P Bank sub-sector.SPXBK fell 0.7 percent on dimming prospects of another rate hike this year since higher rates tend to boost bank profits. Against the euro, the dollar is valued at $1.1741 compared to yesterday's $1.1752.

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