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prensaestatal.com Diciembre 15, 2017


TSX slides as investors flee riskier assets; gold gains

12 Agosto 2017, 04:23 | Dolorita Barahona

TSX slides as investors flee riskier assets; gold gains

TSX slides as investors flee riskier assets; gold gains

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

Australian shares were down 1.2 percent, set for a weekly loss of 0.5 percent.

The Dow Jones Industrial Average gained 14.31 (+0.07 percent) to finish at 21,858.32. Benchmarks in Taiwan and New Zealand also declined. Macy's sank 10.3 percent and Kohl's lost 5.8 percent.

Global markets have been on edge for the bulk of the week after Trump warned North Korea of severe retribution should the authoritarian state proceed with any more missile tests or threats.

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.

It also outlined detailed plans for a missile strike near Guam, which is more than 3,000 km (2,000 miles) to the southeast of North Korea and home to about 163,000 people, a U.S. Navy base that includes a submarine squadron and an air base.

Until this week, the equity market had managed to shake off negative news, including previous saber-rattling over North Korea and failures in Washington to pass high-profile bills, such as repealing and replacing Obamacare.

The CBOE Volatility Index, better known as the VIX and the most widely-followed barometer of expected near-term stock market volatility, closed at 10.96, its highest in about a month. "When earnings are not beating expectations there's a sell off in the companies, and we're just not seeing that money reinvested because of the geopolitical risks".

TECH SLIDE: Losses among technology stocks led the market slide. Top automaker Hyundai Motor fell 2.07 percent to 142,000 won. South Korea's Kospi fell 0.5 percent. Both were coming off record highs. The data suggested little sign of inflationary pressure within the economy. The NFIB small business optimism index rose to 105.2 in July from 103.6 in June.

The dollar weakened after news that US producer prices unexpectedly fell in July, recording their biggest drop in almost a year and pointing to a further moderation in inflation that could delay a Federal Reserve interest rate increase. But US Secretary of State Rex Tillerson said he did not believe there was an imminent threat. Against that backdrop, Dudley might provide an upbeat outlook and confirm the Fed is on track for a rate hike, said Innes.

The Japanese yen last strengthened 0.03 per cent versus the greenback at 109.22 per dollar.

Gold added to early gains, and the dollar pulled back, following the release of USA data showing a cooler reading for inflation at the wholesale level.

Elsewhere in commodities, the September crude contract was up 39 cents to US$49.56 per barrel, September natural gas advanced six cents at US$2.88 per mmBTU and the September copper contract declined two cents at US$2.93 a pound.



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