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FTSE ends down as shares hit by US-North Korea tensions

13 August, 2017, 01:11 | Author: Samuel Sharp
  • President Donald Trump speaks in the Roosevelt Room of the White House in Washington Wednesday Aug. 2 2017

The U.S. blue-chip index is down 1.1% this week and the S&P 500 is 1.6% lower, facing its worst weekly performance since November. Nervous markets: Global markets are heading for a third consecutive day of losses amid growing tensions between North Korea and the U.S.

In the first four days of the week, the Standard & Poor's 500 index swung from marking its latest record high to posting its biggest single-day drop in almost three months.

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. US officials attempt to calm US-North Korea tension appeared to sedate anxious investors. The S&P 500 index was also down 0.3% and the Nasdaq Composite down 0.2%.

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.

The recovery fit a recent pattern of investors using dips to put more money in stocks.

The stock has had an impressive rally in 2017 so far, up 30% in the year to date.

"He's been pushing the world around for a long time", he said, in reference to the North Korean leader, Kim Jong Un.

USA stock futures were pointing to a weaker open on Friday.

Some investors are on edge after U.S. President Donald Trump warned North Korea of "fire and fury".

Trump suggested in remarks on Thursday that his comments threatening North Korea with "fire and fury" may not have been tough enough.

The dollar pulled back 0.1 percent to $0.9635 Swiss francs on Friday, after dropping as much as 1.2 percent to a two-week low overnight. It's still the highest it's been since May.

Weakness in U.S. Treasury yields may also be supporting the yen, some analysts said.

Copper CMCU3 rose 1.05 percent to $6,481.50 a tonne. -North Korea tension also weighed on the Canadian dollar, which weakened against its USA counterpart, despite higher oil prices and stronger-than-expected domestic housing data. Defense and home improvement stocks were among the day's risers while travel & tourism and consumer electronics lagged.

Sales rose by 56% to $2.23 billion, exceeding estimates of $1.96 billion.

SeaWorld Entertainment shares lost more than 6 percent.

Shares of Kohl's were up 3.96 percent in premarket trading after the department store operator reported a rise in quarterly profit. (JWN) jumped almost 3% in premarket trading after exceeding profit and sales forecasts over its recent quarter.

Benchmark U.S. crude fell 22 cents to $49.17 a barrel on the New York Mercantile Exchange. It is poised to end the week down 1.9 per cent.

Peers Aviva and Prudential also closed down 2.1% and 2.3%, respectively, with financial services suffering amid the tensions between the United States and North Korea. Natural gas gained 2 cents to $2.82 per 1,000 cubic feet.

The technology sector .SPLRCT was the S&P's biggest drag with a 2.2 per cent drop.

The Japanese yen last strengthened 0.03 per cent versus the greenback at 109.22 per dollar.

By 4.10pm, the fall was hovering between 99 and 100 points - around 1.34% - down.

Despite the drop, analysts said the market seemed to be a bit sceptical that the North Korea situation would grow into a major crisis, noting that the losses were still not that deep.

The S&P's record close on August 7 likely helped fuel its latest sell-off.

South Korea's fell 1.7 percent to its lowest since May 24, but its losses for the week are a relatively modest 3.2 percent.

Manulife Financial Corp was down 1.1 percent to C$25.64. The Japanese markets were closed for a holiday.


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