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prensaestatal.com Agosto 16, 2017


Swiss Franc Consolidates After Rallying Hard on North Korea Tensions

12 Agosto 2017, 05:49 | Crisanna Felipe

Swiss Franc Consolidates After Rallying Hard on North Korea Tensions

South Korea Reacts After North Korea Launches Another Test Missile

"The slight bias to the upside (in stocks) is a result of the CPI number".

JJ Kinahan, chief strategist at TD Ameritrade, said geopolitics had "splashed cold water on the markets".

THE QUOTE: "Risk-averse sentiment is dominating global equities markets, and USA indices have retraced from record levels over the last two days".

North Korea dismissed on Thursday warnings by US President Donald Trump that it would face "fire and fury" if it threatened the United States as a "load of nonsense", and outlined detailed plans for a missile strike near the Pacific territory of Guam. The S&P shed 1.4%, its worst week since March, while the Nasdaq posted a weekly loss of 1.5%, its worst since June.

The technology sector .SPLRCT was the S&P's biggest drag with a 2.2 per cent drop. Hong Kong's Hang Seng Index plunged by 2%, while South Korea's Kospi Index slumped by 1.7%.

Rio Tinto, Glencore, Antofagasta, Anglo American, BHP Billiton and Arcelormittal all fell 2.3 to 4.1 percent.

"Pretty remarkable, perhaps even extraordinary, considering", said Tim Ash, strategist at fund manager BlueBay.

The FTSE 100 fell by more than 100 points as global investors continued to act on North Korea-related jitters.

The decline in equity markets and a dip in U.S. bond yields triggered fresh demand for precious metals and gold pushed to fresh 2-month highs around $1,288.

In other words, investors are dumping stocks and buying bonds, which many view as a safe haven in times of turmoil.

The euro fell a quarter-of-a-percent against the dollar to trade at $1.1728 as European markets opened.

"Although we certainly can get a 5 to 7 percent correction, we don't think it's the start of a significant bear market", Peterson noted.

Disappointing economic data releases weighed on both sides of the Atlantic today with a negative goods trade balance for the United Kingdom (-0.1% versus expectations of 1.4%), higher unemployment claims from the U.S. (244,000) and also a negative month-on-month PPI figure for the USA (-0.1%). Basically if the streak of trading days without a 1%+ up or down day is going to be broken, it's better for it to break with a 1%+ down day than a 1%+ up day. The dollar index, which measures its strength against a basket of currencies, was roughly flat at 93.420.

WALL STREET: Losses in health care and consumer-focused companies pulled US stocks lower, snapping a 10-day winning streak for the Dow Jones industrial average.

USA producer prices Thursday disappointed, as traders await consumer price inflation figures later Friday.

Benchmark US 10-year notes last rose 6/32 in price to yield 2.1905 per cent, from 2.211 per cent late on Thursday.

The 30-year bond last rose 5/32 in price to yield 2.8107 percent, from 2.818 percent late on Wednesday.

Gold, a classic safe haven asset, was trading at around $1,292 per ounce, up more than two percent this week and near a nine-week high.

Japanese markets were closed for a holiday but the yen powered on, hitting an eight-week high of 108.91 yen to the dollar, adding to its biggest weekly gain since May.

Markets remained concerned over the risk of a United States first-strike against North Korean nuclear facilities. Brent crude, used to price worldwide oils, added 4 cents to $52.74.



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