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emfizz.com August 17, 2017


Asian Stocks Fall Amid Escalating US, North Korea Tension

14 August 2017, 01:41 | Jan Cross

Drew Angerer Getty Images A monitor on the floor of the New York Stock Exchange showing the Dow Jones Industrial Average about 22,000

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Technology companies were leading a broad slide in US stocks in early trading Thursday as investors pored over the latest batch of corporate earnings reports. The sector was the biggest decliner on Thursday.

Tensions between the USA and North Korea continued to simmer early Friday.

Energy stocks also fell along with the price of crude oil.

The Standard & Poor's 500 index slipped 0.90 points, or 0.04 percent, to 2,474.02. Eastern time. The Dow Jones industrial average slid 120 points, or 0.5 percent, to 21,928.

Emerging market stocks lost 1.20 percent. The Russell 2000 index of smaller-company stocks picked up 1 point, or 0.1%, to 1,373.

North Korea had responded to Trump's previous promise to unleash "fire and fury" with a threat to land missiles near the US Pacific territory of Guam.

Park Chun-young, an analyst at Daishin Securities, also said North Korea's latest threat against the USA weighed on the main index. A U.S. Navy destroyer sailed within 12 nautical miles of an artificial island built up by China in a challenge to Beijing's territorial claims, officials told Reuters. Disappointing company earnings also helped pull the market lower, with financial and consumer-focused companies outweighing gains among health care stocks. Alliance Data Systems fell $6.28, or 2.7 percent, to $225.64. These have ranged from an investigation into Russia's possible interference in the 2016 U.S. presidential election, to concern about China's risky debt levels, to stubbornly low inflation in the US.

The dollar index .DXY fell 0.32 percent, with the euro up 0.42 percent to $1.1819.

About 6.48 billion shares changed hands on USA exchanges on Wednesday compared with the 6.16 billion average for the last 20 sessions. Macy's was down 4.4 percent after the company said its sales continued to decline in the second quarter.

Avis Budget Group slumped 9.9 percent after the auto rental company cut its guidance following a weak second quarter.

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Nvidia's quarterly revenue in its data center and automotive businesses missed estimates, dragging the chipmaker's shares down 3.90 percent.

Charter Communications rose 2.9 percent on news Altice is exploring a bid for the cable giant.

Benchmark US 10-year notes last rose 6/32 in price to yield 2.1905 per cent, from 2.211 per cent late on Thursday.

Markets saw a tentative recovery in risk appetite in overnight US and early Asian trading, but anxiety mounted again as Asian stocks fell back and London, Frankfurt and Paris dropped 0.5-1.2 percent in Europe. WTI was last trading at $49.74 a barrel while Brent was at $52.95. US crude was down 0.9 percent at $48.16 per barrel, on track for a weekly loss of 2.9 percent.

On Thursday the greenback had shed 0.8 per cent versus the yen, with the Japanese currency rallying broadly against most major currencies.

The euro held steady at $1.1776.

Disappointing economic data releases weighed on both sides of the Atlantic today with a negative goods trade balance for the United Kingdom (-0.1% versus expectations of 1.4%), higher unemployment claims from the U.S. (244,000) and also a negative month-on-month PPI figure for the USA (-0.1%).

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 percent in early trading, while Japan's Nikkei was 1.2 percent lower as the stronger yen sapped investors' appetite.

South Korea's KOSPI fell 1.7 percent on Friday to its lowest level since May 24, but its losses for the week are a relatively modest 3.2 percent. Australia's S&P/ASX 200 dropped 1.2 percent.



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