Sabato, 23 Febbraio, 2019

Futures higher as North Korea tensions fade

Futures higher as North Korea tensions fade Futures higher as North Korea tensions fade
Sveva Terracina | 16 Agosto, 2017, 15:44

It's all change in financial markets at the start of the new week as concerns over a potential conflict between the United States and North Korea eased following an intervention by China.

Wall Street seemed to mostly shrug off Trump's attack on Kenneth Frazier after the Merck CEO quit the president's manufacturing council in protest of the president's response to the events in Charlottesville. Money has poured into the Yen as investors search for safe-haven assets following the "fire and fury" comments from US President Donald Trump, earlier in the week. In response, the DPRK warned of preemptive strikes against the USA military base of Guam in the Pacific.

"Both precious metals are looking increasingly bullish from a technical standpoint, but gold has drifted higher of late, breaking many resistance levels in the process".

The declines contributed to a 0.7 per cent decline in the pan-European Stoxx Europe 600 SXXP, which slipped 0.92 per cent to 380.07.

The S&P/TSX composite index was up 120.35 points to 15,153.73, after 90 minutes of trading.

The yen, which tends to gain on expectations Japanese investors will repatriate assets in a crisis, fell 0.6 per cent to 110.32 per dollar. That follows a 0.3 per cent slide in the Bloomberg Dollar Spot Index on Friday, sparked by the latest CPI report.

"We could have a number of periods of pullbacks", said Kate Moore, BlackRock chief equity strategist.

Money is jumping into safe-havens like Gold and the Japanese Yen, while the Korean Won has fallen to its lowest level in a month- after extending its losses to around 2% for the week.


The dollar was back in demand, with the euro 0.3 percent lower at $1.1791.

The euro was quoted at $1.1733-1736 and 128.95-97 yen against $1.1747-1757 and 129.64-74 yen in NY and $1.1807-1808 and 130.56-60 yen in Tokyo late Tuesday afternoon.

Yields on core government debt fell.

After a week of market jitters from escalating rhetoric between the nuclear-armed nations, investors were emboldened after South Korea's president said resolving North Korea's nuclear ambitions must be done peacefully and USA officials played down the risk of an imminent war.

OIL: Benchmark U.S. crude lost 24 cents to $48.37 per barrel on the on the New York Mercantile Exchange while Brent crude, used to price worldwide oils, declined 20 cents to $51.70 per barrel in London.

USA 10-year Treasury yields US10YT=RR rose 3 bps to 2.47 percent, up from a six-week low of 2.18 percent touched on Friday.

The December gold contract was down $6.30 to $1,281.40 an ounce and the September copper contract was down a penny to $2.91 a pound.

In commodities trading, crude oil futures are rising $0.36 to $49.53 a barrel after slipping $0.22 to $49.17 a barrel on Tuesday.

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