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S&P 500, Nasdaq, Dow Fell Lower on August 10 amid Global Tensions

12 Août 2017

Wall Street put a floor under global equities on Friday after a weak inflation reading brought investors back into U.S. stocks even as tensions between the United States and North Korea continued to escalate and inspire safe-haven buying of gold and the yen.

In an apparent response to Trump's tweet, a statement issued by North Korea's official KCNA news agency claimed the president is "driving the situation on the Korean peninsula to the brink of a nuclear war".

In Europe, Britain's FTSE 100 was down 1.1 percent to 7,306, while France's CAC 40 fell 1.1 percent to 5,058.

The selling was spread across the region led by Hong Kong's Hang Seng (-1.9 per cent) with Korea's Kopsi (-1.6 per cent) and Shanghai (-1.4per cent) not far behind. "What we're seeing today is political tensions over North Korea and the United States. making people nervous", said Robert Pavlik, chief market strategist at Boston Private Wealth in NY.

World stocks fell for a third day yesterday and investors moved back into the Swiss franc, yen and gold as North Korea ratcheted up tensions with the United States with a threat to land a missile just short of the United States territory of Guam.

The yen has also registered its biggest weekly gain since May against the dollar amid speculation that investors of Japan, as the biggest creditor nation, would repatriate their funds should a war break out.

The Russian dollar-traded index RTS was down 1.49 percent, and ruble-traded MICEX fell 1.29 percent by midday. MSCI's broadest index of Asia-Pacific shares outside Japan .miapj0000pus closed 1.37 percent lower. In Australia, the S&P/ASX 200 was down 1.13%.

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The index was also dragged lower after Beijing ordered probes into three major Chinese social networking platforms over outlawed content.

Later on Friday, investors will look to US July consumer price data for hints on the Fed's policy outlook and near-term moves in the dollar.

US Treasury long-dated yields dropped to six-week lows, pressured by US-North Korea tensions and the weak data that further reduced expectations of an interest rate hike in December.

Market participants are also nervous about escalating tensions between the USA and North Korea. CP Foods, one of the world's biggest poultry, pork and seafood processors, is forecast to rally 28 percent within a year, the top projected gain based on consensus analyst price targets compiled by Bloomberg. "But now, tensions climb rather than decrease", says Michael Currie, vice president, investment advisory at wealth Management TD. South Korea's Kospi declined 1.7% Friday, putting its weekly drop at 3.2% - its largest since June 2016.

Spot gold added 0.7 per cent to $1,285.70 an ounce.

The September crude contract was up 20 cents to US$49.76 per barrel and the September natural gas contract was up seven cents to US$2.95 per mmBTU.

S&P 500, Nasdaq, Dow Fell Lower on August 10 amid Global Tensions