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S. Korean shares extend losses on heightened tensions over N

14 August, 2017, 01:44 | Author: Samuel Sharp
  • S. Korean shares extend losses on heightened tensions over N. Korea

Investors' unease over escalating tensions between the US and North Korea had weighed on stocks earlier in the day, pushing gold and bond prices slightly higher.

Eight of the 11 major S&P sectors were lower, with the consumer discretionary index's 0.59 per cent fall leading the decliners.

Analysts pointed to the harsh threats and sabre rattling from US President Donald Trump, including a message Wednesday on Twitter boasting the United States' nuclear arsenal was now "more powerful than ever before".

The S&P/TSX composite index was down 39.02 points to 15,217.33, with most sectors finishing in the red while bullion stocks surged almost 1.9 per cent. Its rouble-based peer MICEX shed 1.2 percent to 1,937 points, its lowest since August 1. The Dow closed up 0.07% and the Nasdaq was up 0.64%. South Korea's KOSPI fell 1.8 percent to almost a three-month low.

Almost $1 trillion has been wiped out from global equity markets since tensions were sparked off by Trump's "fire and fury" comments on Tuesday.

"If the USA and South Korea carry out strikes and try to overthrow the North Korean regime and change the political pattern of the Korean Peninsula, China will prevent them from doing so", the editorial's authors said. The Dow Jones industrial average lost 0.15 percent, with the tech-heavy Nasdaq composite index declining 0.21 percent.

The CBOE Volatility Index .VIX , a barometer of expected near-term stock market volatility, closed at its highest since the US presidential election on Thursday, but was down 1.22 points at 14.82 points on Friday.


LACKLUSTER QUARTER: Office Depot sank 24.5 percent after the office supply company's second-quarter results fell short of Wall Street's projections.

Trump was responding to North Korea's claim it was completing plans to fire four intermediate-range missiles over Japan to land near the U.S. Pacific territory of Guam.

Travel website operator Priceline fell 7.26 per cent, weighing the most on the S&P and the Nasdaq, following a disappointing forecast. Brent crude, used to price global oils, slid 52 cents, or 1 percent, to $52.18. Silver gained 47 cents, or 2.9 percent, to $16.86 an ounce.

Benchmark U.S. crude fell 83 cents, or 1.7 percent, to $48.73 a barrel on the New York Mercantile Exchange. The euro rose to $1.1753 from $1.1752. Brent crude, used to price worldwide oils, gave up 29 cents to $51.85 in London. The September copper contract was down two cents to US$2.91 a pound.

In other energy futures trading, wholesale gasoline was little changed at $1.62 a gallon, heating oil rose 2 cents to $1.65 a gallon and natural gas rose 6 cents to $2.88 per 1,000 cubic feet.

In oil, Brent crude was dragged 0.5% lower at 52.46 USA dollars a barrel despite Opec forecasting increased demand for oil next year.

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