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vegassports-odds.com August 24, 2017


Dow Jones stumbles on Trump's North Korea threats

13 August 2017, 10:43 | Melvin Schneider

US STOCKS-Wall Street swings lower after Trump warns North Korea

FTSE 100 preview Geopolitical worries to pressure index

United States stocks were lower yesterday as investors rushed to safe-haven assets after President Donald Trump's "fire and fury" warning to North Korea escalated tensions with the nuclear-armed nation.

"While not necessary unexpected - as the U.S. had to respond to threats made by North Korea that they will fire rockets due to land just off the coast of Guam soon - new comments by Trump propelled stocks lower".

Gold enjoyed another strong session as traders sought out safe havens, with the price lifting 0.1% to 1,287.8 U.S. dollars an ounce. On the Nasdaq, 1,846 issues fell and 953 advanced favouring decliners.

Tensions between Washington and Pyongyang added to pressure from lower oil prices.

The Nasdaq composite fell 13.31 points, or 0.2 percent, to 6,370.46.

OPEC pumped more oil in July as global oil supplies rose for the third straight month, the IEA said Friday, giving figures that cast further doubt on the cartel's pledge to cut output to raise prices. The CBOE Volatility Index (VIX), jumped almost 11% to 11.02.

The Nasdaq Composite number was down 16.88 points, or 0.26 per cent, at 6,353.58.

Computer hardware, semiconductor, and retail stocks are also seeing considerable weakness, while gold stocks are among the few groups bucking the downtrend. Viacom slid 60 cents, or 1.9 percent, to $30.17.

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Trump said he has yet to speak with the governor of the territory, but said, "I feel that they will be very safe, believe me". Earlier this week, nuclear-armed North Korea threatened to strike the United States and its Pacific territory of Guam.

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Meanwhile, markets in Japan, South Korea and other Asian countries were also lower, and so-called futures signaled that US markets would also open down. Or are people using these geopolitical concerns as an excuse to take money out of the market -- tech stocks in particular?

Retailers Wal-Mart (WMT), Home Depot (HD), Target (TGT), Staples (SPLS), and Gap (GPS) are also among the companies due to report their quarterly results next week. Copper rose 4 cents to $2.94 a pound.

The September crude contract was up 20 cents to US$49.76 per barrel and the September natural gas contract was up seven cents to US$2.95 per mmBTU.

"The market has been looking for an excuse to sell off and North Korea and the president gave the market that excuse", said David Schiegoleit, managing director at the U.S. Bank Private Client Wealth Management.

Sterling was also down 0.1% versus the euro at 1.104.

The FTSE 100 firm announced in March a year ago that it would run its US-based asset management operation, its UK-based wealth unit, an emerging markets division and Nedbank in South Africa as separate businesses.

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.



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