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emfizz.com August 17, 2017


Swiss franc, yen rise as North Korea tensions brew

12 August 2017, 09:53 | Jan Cross

(EDITORIAL from Korea JoongAng Daily on Aug. 7)

A man walks by a TV screen showing a local news program with a file image of North Korean leader Kim Jong Un at Seoul Train Station in Seoul South Korea Wednesday Aug. 9 2017

"The war of words between the leaders of the USA and North Korea continues to dominate investor sentiment", said Forex.com technical analyst Fawad Razaqzada.

The broader Topix shed 0.65 point to 1,617.25, while the JPX-Nikkei Index 400 shed 8.16 points, or 0.1 percent, to end at 14,367.56.

Small attributed a large part of the Dow's decline to disappointing earnings from Disney after the media giant reported a weak quarter, said it would pull its movies from Netflix and start two of its own video streaming services.

European shares were also lower following reports that a vehicle had rammed a group of soldiers in Paris, injuring six before speeding off in what officials identified as a suspected terrorist attack.

US stock futures were pointing to a weaker open on Wednesday. Sony Corp. shares in Tokyo dropped 1.6 percent.

Mr. Trump's remarks on Tuesday that North Korea would face "fire and fury like the world has never seen" pushed Wall Street lower on Tuesday and drove up the VIX "fear gauge" of expected volatility on the S&P 500 higher. US officials attempt to calm US-North Korea tension appeared to sedate anxious investors.

With Japan and South Korea also warning North Korea, investors are taking a step back to see what is happening before chipping in back, Bakhos said.

The VIX rose further on Wednesday, rising as far as 12.11, its highest in nearly a month.

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The price of gold also surged for the second day in a row as the December bullion contract advanced US$10.80 to US$1,290.10 an ounce. The Nasdaq composite lost 114 points, or 1.8 percent, to 6,237.

"Investors rushed to buy the yen as a safe-haven currency after geopolitical risks increased sharply in response to a bitter war of words between the United States and North Korea", an official of a foreign exchange brokerage house said.

"It is a market that is beginning to encounter some major threats and of course the threat is geopolitical", said Peter Cardillo, chief market economist at First Standard Financial. The Dow Jones industrial average fell 0.17 percent, with the tech-heavy Nasdaq composite index declining 0.28 percent.

Among European markets, Britain's FTSE 100 fared the worst, down 1.10% as 80% of index members tumbled, led by the telecommunication sector.

The benchmark 10-year yield jumped to trade at 2.28 percent after the jobs openings and labor turnover survey showed a record number of job openings for June .

However, shares of Dean Foods tumbled, trading 20.1 per cent weaker at US$11.96 as of 2.24pm in NY, after the U.S. dairy processor posted quarterly results that fell short of expectations and downgraded its full-year forecast amid "a challenging and rapidly evolving retail environment".

USA and British equivalents were also trading a touch above Wednesday's six-week lows.



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