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Dow plummets 205pts as Trump inflames Korea tension

12 August 2017

Safe-haven assets gained. Gold rose 1.2 percent, while the Swiss franc was on track to post its biggest single day rise in about two-and-a-half years.

In Asia, benchmarks in Hong Kong and South Korea - which had been one of the best performers of 2017 - closed down 2% and 1.7% respectively, Friday, putting the week's drop at 2.5% and 3.2%.

Nevertheless, the geopolitical uncertainty looks set to continue, dealers said, following Trump's fresh warning Friday that the USA military is "locked and loaded" in the event of a misstep by the totalitarian state.

Asian equities were back in the red, snuffing out a nascent recovery as spiralling tensions over North Korea lingered for a second day.

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The pan-European FTSEurofirst 300 index .fteu3 lost 1.01 percent and MSCI's gauge of stocks across the globe .miwd00000pus shed 0.12 percent.

The price of gold climbed to the highest levels in two months on Thursday as the United States and North Korea exchanged more threats, prompting investors to buy bullion as a safe haven asset.

Global stock prices slide Wednesday after President Donald Trump and North Korea traded threats over the North's nuclear program. Pyongyang said it was examining plans for attacking Guam, a USA territory in the Pacific with a military base. Australia's S&P/ASX 200 edged down almost 0.1 percent to 5,760.90, while South Korea's Kospi fell 0.5 percent to 2,357.84.

"More likely than anything else, the price action was a function of an overextended USA equity market that has been in need for a healthy correction off record highs", LMAX Exchange analysts said in a morning note.

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The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link . As of the end of the quarter Cambridge Investment Research Advisors, Inc. had bought 110,543 shares growing its position 4.9%.

"Subdued participation this year and lean positioning suggests that market participants would have to play catch-up on a break higher", she said in a note.

Tillerson's tone was in sharp contrast to that of U.S. president Donald Trump, who warned on Tuesday any North Korean threat to the USA would be met with "fire and fury".

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. The Aussie dollar recoiled 0.5 per cent on its USA counterpart to US$0.7872 and touched a three-week trough at one point. "Because things will happen to them like they never thought possible". Still, he said, "the Washington, D.C., bedlam and North Korea's saber-rattling is muddying the broader landscape". The Nasdaq composite lost 0.2 percent, to 6,370.46. On the Nasdaq, 1,846 issues fell and 953 advanced favoring decliners.

US crude oil crude futures CLc1 were little changed at $48.59 per barrel.

Investors should hold on Stock: Franco-Nevada Corporation (FNV)
Franco-Nevada Corporation ( NYSE FNV ) transacted up 0.01% through out intraday market trading on early Monday , topping $77.67. The stock of Franco Nevada Corp (NYSE:FNV) has "Equal-Weight" rating given on Thursday, July 13 by Barclays Capital.

Ongoing global glut concerns lingered in oil markets despite a bigger-than-expected draw in US crude inventories, leaving prices volatile.

Dow plummets 205pts as Trump inflames Korea tension