Global safe-haven trades jump on escalating North Korea tensions

Major earnings and North Korea worries set to claim the limelight on Wall Street

Major earnings and North Korea worries set to claim the limelight on Wall Street

Oil managed to end higher today, after the Energy Information Administration reported a bigger-than-expected decrease in domestic crude inventories last week.

In the latest economic data, the consumer-price index (http://www.marketwatch.com/story/us-consumer-inflation-remains-soft-in-july-cpi-shows-2017-08-11) rose a seasonally adjusted 0.1% in July, its fifth straight month of softness, raising more questions about whether inflation will eventually rise to hit the Federal Reserve's 2% annual rate target.

'Stock markets in Europe are still under pressure because of the heightened tensions surrounding North Korea, ' said David Madden, market analyst at CMC Markets UK.

The broad-based S&P 500 was hit even harder, dropping 1.5 percent to close at 2,438.22, while the tech-rich Nasdaq Composite Index lost 2.2 percent 6,216.87.

However, the S&P was still not far off record levels.

The pan-European FTSEurofirst 300 index .FTEU3 lost 1.01 percent and MSCI's gauge of stocks across the globe .MIWD00000PUS shed 0.26 percent for a weekly loss of 1.6 percent, the largest since the week to November 4.

The Toronto Stock Exchange's S&P/TSX composite index fell 143.08 points to 15,074.25, with almost all of its sectors moving lower.

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Bond prices were little changed.

Benchmark 10-year notes last rose 5/32 in price to yield 2.2255 percent, from 2.242 percent late on Wednesday. Major indexes in Asia closed lower. The slide deepened after Trump's remarks on North Korea aired. Active stocks included Barrick Gold Corp. Global stock markets fell. The euro fell to $1.1791 from $1.1774.

"Therefore, there is a high probability that the current tension will ease off, and the recent flight into defensive stocks will reverse".

Traders snapped up shares in companies that delivered strong quarterly results.

Outside the political arena, declines in a pair of technology stocks added to the cautious tone on the day.

The price of gold also surged for the second day in a row as the December bullion contract advanced $10.80 U.S.to $1,290.10 U.S.an ounce.

Crude oil less than 0.5 percent higher with prices at $49 per barrel.

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The euro held steady at $1.1776. Natural gas gained 2 cents to $2.82 per 1,000 cubic feet.

The December gold contract was ahead $16.70 United States to US$1,279.30 an ounce. Copper fell 2 cents to $2.93 a pound.

The yen on Friday added to a strong weekly rally against the dollar of close to 1.5 percent, hitting its highest versus the greenback in nearly four months, at 108.73 yen.

Sterling slid against the dollar below the $1.3000 mark.

Markets overseas were mixed Tuesday.

However, bank stocks, including Goldman Sachs, Bank of America and Morgan Stanley, were down about 1 percent on the dimming prospects of another rate hike this year. Germany's DAX fell 0.9 percent, while the CAC 40 in France lost 0.5 percent.

The Korean won continued to fall versus the dollar, down 0.13 per cent to 1,143.5 yesterday for a 1.6 per cent decline on the week. Hong Kong's Hang Seng was off 0.3 percent.

Justin Bieber Pursues Girl on Instagram, Finds Out She's Taken!
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