Indian shares drop for third day on Korea tensions
Indian shares drop for third day on Korea tensions
Lower Open Called For China Stock Market
10 August, 2017, 05:53
"If tensions between the USA and North Korea escalate further, we think that the implications for equities in South Korea and elsewhere will remain limited provided that war does not actually break out", wrote Oliver Jones, assistant economist at Capital Economics. The price of gold rose 1.2 percent and the Swiss franc had its best day in almost three years.
"The typical text book trade is that investors rush for safe havens". President Donald TrumpwarnedNorth Korea, saying that any provocation and threats "will be met with fire and fury".
The VIX rose further on Wednesday, rising as far as 12.11, its highest in nearly a month.
Pyongyangsaid it was examining plans for attacking Guam, a US territory in the Pacific with a military base.
In Europe, the pan-continental STOXX 600 index fell 0.9 per cent, with falls deepening after a vehicle rammed a group of soldiers in Paris, injuring six, in what officials said was a suspected terrorist attack.
In Frankfurt, the DAX 30 dropped 1.1% to 12,154.00, and in Paris, the CAC 40 index was fell 1.4% to 5,145.70.
ASIA'S DAY:Japan's benchmark Nikkei 225 slipped 0.3 percent to finish at 19,996.01, while Australia's S&P/ASX 200 lost 0.5 percent to 5,743.80.
The iSharesMSCI South Korea Capped exchange traded fund fell in a volume spike and ended down 0.85 percent.
The pan-European FTSEurofirst 300 index rose 0.18 percent and MSCI's gauge of stocks across the globe shed 0.19 percent after touching a record intraday high. The blue chip STOXX 50 index fell 0.39%.
Assets that investors prefer during periods of geopolitical tension were stronger. The U.S. currency was down 0.3 percent at 109.980 yen, following a retreat to 109.740, its weakest since June 15.
The gold miners were the biggest winners this morning as the precious metal rose to $1,267.71 per ounce from $1,254.02 at close on Tuesday.
The euro fetched $1.1748, not far off from $1.1752 late Wednesday in NY. "For now, the North Korea situation bears watching as there's lots of tough talk, but we'll see if it escalates", said Kinahan.
Travel website operator Priceline fell 7.26 percent, weighing the most on the S&P and the Nasdaq, following a disappointing forecast.
Yields on core government debt fell. The yield on the 10-year Treasury note fell to 2.22 percent from 2.26 percent late Tuesday. 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.
"The market hates uncertainty and that's certainly what we have now", said Ole Hansen, head of commodity strategy at Saxo Bank.
Declining issues outnumbered advancers on the NYSE by 1,927 to 916.
The department attributed this increase to the demonetisation drive, claiming it had curbed the circulation of black money. The percentage growth in the number of returns filed in 2016-17 was 9.9 per cent.
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