ibusinesslines.com
ibusinesslines.com August 22, 2017


S&P closes barely lower despite N. Korea tensions

13 August 2017, 11:11 | Erica Roy

Image Japan's Nikkei had fallen overnight on Tuesday following the rise in tension

A man looks at an electronic board showing Japan's Nikkei average outside a brokerage at a business district in Tokyo Japan

At 10:34 a.m. ET (1434 GMT), the Toronto Stock Exchange's S&P/TSX composite index fell 70.95 points, or 0.47 percent, to 15,146.38.

With the tense mood pushing European shares down for a third day and Wall Street set to fall again, global stocks were on course for their worst week since Donald Trump won November's US presidential election.

About 6.48 billion shares changed hands on US exchanges on Wednesday compared with the 6.16 billion average for the last 20 sessions.

But U.S. stocks regained some lost ground, despite Trump's comments Friday that U.S. weapons are "locked and loaded", ready to respond if North Korea acts "unwisely".

The North Korea situation isn't the only thing weighing on stocks.

Euro zone stocks and blue-chips also dropped 0.7 percent, while the miner-heavy FTSE underperformed and was down 0.8 percent. The precious metal is often seen as a safe haven for investors during times of uncertainty.

Gold and bond prices were headed higher.

North Korea has since threatened to launch missiles at the US territory of Guam, and the country previously threatened "all-out war, wiping out all the strongholds of enemies, including the USA mainland". Germany's DAX was flat, while France's CAC 40 fell 1.1 percent.


Trump, whose threat this week to bring "fire and fury" was dismissed by North Korea, said Thursday that statement might not have been "tough enough".

And US stock indices the Dow Jones and S&P 500 are down for the second day in a row after the North Korean dictator threatened a missile strike on US bases in Guam. The Russell 2000 index of smaller-company stocks picked up 1.69 points, or 0.1 percent, to 1,374.23.

The CBOE Volatility Index, the most widely followed barometer of expected near-term stock market volatility, ended at a session low of 11.11 after rising as high as 12.63.

In the United Kingdom, the FTSE 100 closed down 0.59%, or 44.67 points, at 7498, broadly in line with negative trends in European markets. Gold rose as much as 1.2 percent to a near two-month high, while the Swiss franc was on track to post its biggest single-day rise in about two-and-a-half years.

Update: The FTSE 100 has slumped further into the red amid persisting fears over North Korea tensions, with the sell-off accelerated by a slump in United States markets. Travel-review website operator TripAdvisor was down 2.7 percent.

USA crude was down 0.9 percent at $48.16 per barrel, on track for a weekly loss of 2.9 percent. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is down by 2.1 basis points at 2.220 percent.

The dollar was further weighed Friday by the soft USA inflation data.

Shares gaining ground included insurer Aegon and soft drinks bottler Coca Cola, which rose 5.3pc and 9.2pc respectively after their updates.



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