Tuesday, 22 August, 2017

Trump escalates North Korea tension

Terence Owen | 13 August, 2017, 01:09

USA president Donald Trump has thwarted the Dow Jones' nine-day winning streak with threats of "fire and fury" against North Korea as the Vix reaches a monthly high.

"Today's inflation data put the Fed on pause and really diminishes the fact that there's still some noise going around with the North Korea-U.S. situation", said Phil Blancato, CEO of Ladenburg Thalmann Asset Management.

After moving lower early in the session, stocks remain mostly negative in mid-day trading on Wednesday. Australia's S&P/ASX 200 dropped 1.2 percent.

The Dow ended a nine-day streak of closing records, falling by 0.24%, while the Nasdaq fell by just under half a percent and the S&P was down by 0.21%.

Money also flowed into consumer discretionary stocks.

The pan-European STOXX 600 was down 0.7% at closing, France's CAC 40 fell 1.4% after a vehicle hit a group of soldiers in Paris in what is thought to have been a deliberate act, and a fall in bond yields saw Germany's DAX down 1.1%. The S&P 500 index was down 18.45 points to 2,455.57 and the Nasdaq composite index was down 68.32 points to 6,284.01.

Demonetisation effect? RBI halves dividend payout to govt to Rs 30659 crore
This is the lowest-ever surplus transfer by the RBI to the Centre since 2011-12 when it transferred Rs. 16,010 crore. According to RBI, the decision to transfer the surplus was taken by its Central Board which met here on Thursday.

Stocks tumbled today after President Donald J. Trump said his "fire and fury" comment to North Korea "maybe wasn't tough enough". The comments follow reports that North Korea has mastered a crucial technology needed to strike the United States with a nuclear missile. Germany's DAX Index fell 0.6 percent, while the UK's FTSE 100 Index retreated 1.2 percent, and France's CAC 40 Index slid 1.4 percent.

'Equity markets have behaved as you would expect by selling off sharply, an entirely predictable outcome at any time but more so when volatility levels are as low as they are, which now suggests that these moves lower have the potential to gather pace until the rhetoric gets dialled back'.

Semafo jumped 10.3 percent to C$2.99 after Credit Suisse raised its recommendation on the gold miner to "outperform" from "neutral" following its second-quarter results, and Finning International Inc rose 6.9 percent to C$27.63 after the heavy equipment company reported quarterly earnings that beat expectations and raised its dividend.

Analysts said media and entertainment stocks also seemed to get caught up in the broader market drop, but emphasized it was often hard to isolate reasons behind specific stocks' movements.

Investors opted for the perceived safety of US Treasuries, which pushed the yield on the 10-year note three basis points lower to 2.21 percent.

Avis Budget Group slumped 9.9 per cent as it cut its full-year earnings forecast due to weak car-rental pricing amid a glut of autos. The euro slid to 1.1752 dollars from 1.1793. Regions Financial shed 23 cents, or 1.6 percent, to $14.07.

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