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Global shares mostly lower on rising unease over North Korea
12 Agosto 2017, 08:34 | Dolorita Barahona
President Donald Trump speaks in the Roosevelt Room of the White House in Washington Wednesday Aug. 2 2017
Earlier in the day, the Dow had climbed to a record high of 22,179.11. We should also be aware of the risk of responding to geo-political shocks by selling assets: too often we find ourselves selling at the moment of highest fear, only to be out of the market as a rebound in stock market prices takes place as tensions wind down.
Shares of Kura Oncology (KURA) are moving higher in pre-market trading after the biopharmaceutical company priced a public offering of 7.7 million shares of its common stock at USD6.50 per share. A strong jobs report last Friday gave the dollar index .DXY its strongest daily performance this year. The S&P 500 is up 9 percent, while the Dow is up 10.6 percent.
"He's been pushing the world around for a long time", he said, in reference to the North Korean leader, Kim Jong Un.
The dollar was further weighed Friday by the soft US inflation data.
Buying interest was somewhat subdued, however, as the ever-escalating war of words between President Donald Trump and North Korea continued to raise geopolitical concerns.
Trump further ratcheted up the rhetoric in remarks this afternoon, suggesting that his "fire and fury" comments may not have been tough enough.
North Korea have since threatened to launch missiles at the USA territory of Guam.
Still, there were fewer signs of anxiousness in the markets Friday. The Swiss franc, another safe-haven, failed to maintain momentum from earlier days, losing ground relative to the euro and was last broadly flat versus the dollar after dollar/franc fell to a fresh two-week low 0.9582 earlier in the day. It's still the highest it's been since May.
Low U.S. Treasury yields are also weighing on the dollar.
A small rise in a measure of U.S. consumer prices pointed to benign inflation that could make the Federal Reserve cautious about raising interest rates again this year, which would be favourable to equity investors.
Gold prices were up almost 1% (http://www.marketwatch.com/story/gold-gains-about-1-as-us-north-korea-tensions-grow-2017-08-09) to $1,273.30 an ounce.
Data storage company Seagate Technology (STX) posted a standout gain within the hardware sector, jumping by 2.4 percent.
Biotech companies Celgene and Amgen lost 3.8 percent and 2.6 percent, respectively.
Revenue rose 13% in the period, or 6.2% higher at constant currency to GBP3.97 billion from GBP3.53 billion, but G4S said it is still expecting annual revenue in 2017 to grow only by 4.0% to 6.0%.
The FTSE 100 firm announced in March previous year that it would run its US-based asset management operation, its UK-based wealth unit, an emerging markets division and Nedbank in South Africa as separate businesses.
Small attributed a large part of the Dow's decline to disappointing earnings from Disney after the media giant reported a weak quarter, said it would pull its movies from Netflix and start two of its own video streaming services.
Focusing on United Kingdom stocks, Old Mutual was among the biggest fallers after saying it was taking a "cautious" approach to the dividend despite hiking half-year profits. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, dipped by 2.3 basis points to 2.189 percent.
The Swiss franc, a barometer of risk sentiment, surged 0.6 percent to 0.9688 francs against the US dollar, reversing a two-week losing streak. Rival Advanced Micro Devices was also down 2.6 percent.
Gold rose 0.6 percent to $1,268 an ounce. Natural gas gained 2 cents to $2.82 per 1,000 cubic feet.
The Japanese yen last strengthened 0.03 per cent versus the greenback at 109.22 per dollar.
"Trump's response was aggressive and that's why the market turned lower", said Ken Polcari, Director of the NYSE floor division at O'Neil Securities.
Jittery stock markets fall amid global tension over North Korea
Unit labor costs had been expected to climb by 1.2% compared to the 2.2% jump that had been reported for the previous quarter. The data comes amid tepid inflation that has remained below the Federal Reserve's 2 percent target, despite low unemployment.
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