Martedì, 24 Aprile, 2018

Stocks slide on continued concern over tension between U.S. and North Korea

Trump pounds North Korea Trump pounds North Korea
Sveva Terracina | 12 Agosto, 2017, 19:13

When Iraq invaded Kuwait 27 years ago this month, the S&P 500 fell 1.1 percent, and was down 9.3 percent 20 days later.

The S&P hasn't moved more than 0.5 percent in one day since July and has fallen more than 1 percent only twice this year.

Tokyo's Nikkei 225 share index fell 1.3 percent to its lowest since June 1, while South Korea's KOSPI index plunged 1.1 percent to seven-week lows. On the New York Mercantile Exchange light, sweet crude futures for delivery in September rose $0.39, or 0.8%, to $49.56 a barrel.

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

David Madden, market analyst at CMC Markets UK, said: "European stocks have suffered greatly as traders were prompted to cut-and-run due to the escalating tensions between the USA and North Korea". It has been dubbed as the "warmongering" market by some analysts, who have noticed a pattern of rising stocks following previous North Korea tensions. "We want stocks to ratchet down ahead of the budget negotiations", Goldberg said. While the German DAX Index has edged down by 0.1 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index are both down by 1 percent.

"I think the market would put it as a very low probability that this turns into anything extremely meaningful", said Scott Wren, senior global equity strategist at the Wells Fargo Investment Institute. "Hard to assess political risk is now intruding on this scenario".

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. It was trading at 109.16 yen, after retreating 0.8 percent on Thursday.


Japan is the world's biggest creditor country and there is an assumption that investors there will repatriate funds in a crisis.

Geopolitical concerns contributed to the continued strength among treasuries amid an ongoing escalation in tensions between the USA and North Korea. The kiwi was 0.79 percent lower against the greenback after New Zealand's central bank said it was slightly more uncomfortable with the high level of the local dollar than it had been in May.

High-flying technology names suffered outsized losses on the day, with Apple falling 3.2 percent, Amazon 2.6 percent and Facebook 2.2 percent. The Japanese currency rallied broadly against most major currencies.

Oil futures prices rose Wednesday after US government data showed a fall in crude-oil inventories.

A sell-off among heavyweight basic resources stocks heightened the third day of losses for European shares and put them on track for their worst week this year as ratcheting political tensions dented equities worldwide. Anglo American (LON:AAL) is now leading other blue-chip miners lower, having shed 4.22 percent to 1,223.50p.

Manulife Financial Corp was down 1.1 percent to C$25.64.

Consigliato

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