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Wall Street opens higher; investors await Fed minutes
Today's Brokerage Rating: Cisco Systems, Inc. (CSCO), Micron Technology, Inc. (MU)
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Swiss franc, yen rise as North Korea tensions brew
12 August 2017, 09:53 | Jan Cross
(EDITORIAL from Korea JoongAng Daily on Aug. 7)
"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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In ancient India, he said, people believed that the severed head of a deity named Rahu caused eclipses by swallowing the sun. If you haven't placed an order yet - or your glasses are arriving after the solar eclipse - don't panic yet.
As Trump Threatens, US Negotiates With North Korea
On one issue there is unanimity of opinion: There are no good military options to take out North Korea's arsenal pre-emptively. On Friday, he tweeted: "Military solutions are now fully in place, locked and loaded , should North Korea act unwisely".
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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The Nasdaq finished the day at 6,216.87, a slide of 135.46, while the S&P 500 lost almost 1.5 percent, ending the day at 2,438.21. Benchmark U.S. 10-year notes last rose 6/32 in price to yield 2.1905 percent, from 2.211 percent late on Thursday.
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Opening-day woe for Leicester
Not only as a player, he's a fantastic player but as well in the group. We had a lot of experienced defenders out injured for the game.