ibusinesslines.com
ibusinesslines.com August 20, 2017


As North warns of missile plan, US-South Korea wargames near

12 August 2017, 09:49 | Kelvin Horton

(EDITORIAL from Korea JoongAng Daily on Aug. 7)

Security Advisers of S. Korea US Promise Collaboration against N. Korea

The stock exchanges in NY saw tiny losses at the end of trading on Tuesday, while Dow-Jones Index and S & P 500 earlier notched new records. "We do believe the trend is still up". U.S. bond prices also rose while gold closed at its highest for the week up 1.52% to $1281.

Canadian Tire Corp Ltd rose 3.4 percent to C$146.65.

Spot gold was up 0.2 percent at $1,287.90 per ounce at 0042 GMT.

Declining issues outnumbered advancing ones on the TSX by 161 to 87, for a 1.85-to-1 ratio on the downside.

The North's latest threat came as US President Donald Trump warned Tuesday that North Korea will be met with "fire and fury" should it stick to ambitions to hit the US with ballistic missiles.

"We experienced volume pressure from both a macro and competitive perspective that impacted our total volume performance within the quarter, and we anticipate this will carry forward for the remainder of 2017", Chief Executive Officer Ralph Scozzafava said in a statement.

Japan is the world's biggest creditor nation and there is an assumption Japanese investors may repatriate their foreign holdings in times of heightened global uncertainty.


"You'd need to see something more tangible than just rhetoric for a broader pullback", Richard Steinberg, managing director at HighTower Advisors in NY. Gold rose 1.2%, while the Swiss franc was on track to post its biggest single day increase against the euro in about two-and-a-half years.

Crude oil prices tumbled on the back of the selloff on Wall Street and lingering concerns over global oversupply. The Dow lost 36 points or -0.17%, the S&P 500 slipped just -0.04% and Nasdaq fell -0.28%.

Politics lifted USA defence stocks. South Korea's Kospi fell 0.2%.

The Vix, a measure of how much volatility investors expect in stocks, jumped to its highest level since May after North Korea revealed a plan to launch ballistic missiles toward a major US military hub in the Pacific. With the sell-off on the day, the Nasdaq and the S&P 500 fell to their lowest closing levels in a month. The consumer discretionary index .SPLRCD was one of its biggest losers with a 0.47 per cent drop.

JAPAN MACHINERY DISAPPOINTS: Orders for machinery in June, considered a leading economic indicator, were slower than analysts had forecast and at their weakest since May 2016.

SeaWorld Entertainment shares lost more than 6 percent. Western Digital advanced 1.6% to $82.30.

Department store operator J.C. Penney (JCP) is also among the companies due to report their results before the start of trading on Friday.



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