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North Korea talk drags stocks lower; gold, yen rise

13 Août 2017

Cracks are showing in what has been a virtually non-stop USA equity rally after a rapid escalation of tension between North Korea and the United States this week. Reuters data show a 28-percent chance for a hike after the Fed's December meeting.

The Dow slumped 204.69 points, or 0.9%, to 21,844.01, while the S&P 500 dropped 1.5% to finish at 2,438.21.

"Traders should closely watch global equities today, with further falls and risk aversion likely pumping more safe-haven flows into precious metals", said Jeffrey Halley, a senior market analyst at OANDA.

In Washington D.C., President Donald Trump doubled down on his rebuff of the Pyongyang regime and its nuclear program on Wednesday, which helped send many world markets down over the past two days.

"If the USA and South Korea carry out strikes and try to overthrow the North Korean regime and change the political pattern of the Korean Peninsula, China will prevent them from doing so", the editorial's authors said.

Global benchmark Brent also fell 0.9 percent to $51.44, after Thursday's 1.5 percent drop.

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

Russian Federation responded directly to the mounting war of words between the US and North Korea Friday, with Foreign Minister Sergei Lavrov saying that the wiser and stronger will make the first move to deescalate tensions. The DJIA was poised for a fall of 1.1%, making for its worst week since a 1.5% drop in the one ended March 24.

Corée du Nord. Aubaine pour Guam ?
D'après l'annonce faite par Pyongyang, ces localités pourraient se trouver sur la trajectoire de missiles nord-coréens. Durant leur trajet, les engins survoleraient les préfectures japonaises de Shimane, Hiroshima et Koichi.

"If the data continues to come in on the softer side, the market might start to price the Fed staying on hold this year", said Sireen Harajli, FX strategist at Mizuho in NY.

Disappointing US inflation and jobs data have not helped the dollar.

The Dollar weakened against a basket of major currencies on Thursday, after U.S producer prices declined the most in 11 months - falling 0.1% in July, while unemployment claims rose last week.

The dollar index fell 0.3 percent, with the euro up 0.36 percent to $1.1812. We can also say that if the above things go badly, it would seem that gold (more than other safe haven assets like the dollar, yen, and treasuries) would benefit, so if you don't have 5-10 per cent of your assets in gold as a hedge, we'd suggest that you relook at this. It soared over 2 percent in the previous two sessions, and is set for a weekly gain of 2.25 percent. US gold futures gained 0.26 percent to $1,293.50 an ounce.

Crude futures meanwhile extended losses on fears of slowing demand and lingering concerns over global oversupply.

Spot gold was up 0.1% at $1,287 per ounce by 2.17pm GMT, set for its biggest weekly gain since April.

US crude shed 20 cents to $48.97 a barrel, while Brent crude fell 26 cents to $51.88 a barrel.

North Korea talk drags stocks lower; gold, yen rise