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vegassports-odds.com August 24, 2017


Asia stocks, US$ extend slide as US-North Korea tensions intensify

13 August 2017, 02:16 | Melvin Schneider

Daily December Comex Gold

Daily December Comex Gold

President Donald Trump's impromptu warning to North Korea ratcheted up tensions between the US and North Korea and boosted the price of gold. Reuters data show a 28-percent chance for a hike after the Fed's December meeting.

"There is a rhetorical war between the two nations, and traders (as are most human beings) are nervous", said Chris Weston, chief market strategist at IG, in a note to clients.

"For quite some time the market hasn't really reacted to things on the Korean Peninsula because we know from the past it is largely North Korean sabre-rattling, and it may yet be".

Other markets: Asian markets had another tough day (http://www.marketwatch.com/story/asian-markets-extend-selloff-in-face-of-north-korean-crisis-2017-08-10), while the Hong Kong Hang Seng Index and the South Korea Kospi dropped 2.5% and 3.2%, respectively, for the week.

Asian stock markets slumped on Friday following overnight losses on Wall Street as U.S. President Donald Trump's bellicose remarks prompted investors to unload shares in companies that have been on the rise in recent months.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5 percent, while Japan's Nikkei lost 1.3 percent as the stronger yen sapped investor appetite.

The Australian dollar, which rose to a 19-month high near 90.00 yen late in July, was down 0.7 percent at 86.67 yen after slipping to a one-month low of 86.23 yen. It is poised to end the week down 1.9 percent.

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Manuel Oliveri, an FX strategist at Credit Agricole in London, said further gains in the franc were likely to trigger renewed risk of currency intervention by its central bank as it seems to be pursuing a policy of gradual currency weakness.

The Yen gained further ground against the US Dollar during trading on Friday, with the USDJPY dipping below 109.00 for the first time since mid-June.

The dollar index fell 0.3 percent, with the euro up 0.36 percent to $1.1812.

In bond markets, the yield in U.S. Treasuries fell, also pressured by the lowered expectations for a Fed move. The tech-heavy Nasdaq composite lost 2.1 percent to 6,216.87. It is on track for a weekly loss of 2 percent.

The Japanese yen hit an eight-week high against the USA dollar, and US -traded Nikkei stock futures dropped 2 percent to their lowest since mid May. They plunged 2 percent on Thursday on fears of slowing demand and lingering concerns over a global oversupply.

And in a textbook-type cross-asset move toward safety in times of trouble, the Japanese yen hit an eight-week high against the US dollar while spot gold also reached a two-month high.

US crude fell 0.41 percent to $48.39 per barrel and Brent was last at $51.68, down 0.42 percent on the day.



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