Asia stocks, US$ extend slide as US-North Korea tensions intensify
13 August, 2017, 14:14 | Author: Leticia Walters
With the tense mood pushing European shares down for a third day and Wall Street set to fall again, global stocks were on course for their worst week since Donald Trump won November's USA presidential election.
Until this week, the equity market had managed to shake off negative news, including previous saber-rattling over North Korea and failures in Washington to pass high-profile bills, such as repealing and replacing Obamacare.
Trump warned North Korea again on Thursday not to strike Guam or USA allies, saying his earlier threat to unleash "fire and fury" on Pyongyang if it launched an attack may not have been tough enough.
Japan is the world's biggest creditor country and there is an assumption that investors there will repatriate funds in a crisis. Two weeks ago it saw its biggest weakly fall against the euro since the start of 2015. It was on course for a weekly rise of about 5%, the biggest such gain since July 2016.
The Japanese Yen has sharply appreciated against its major trading partners, following the escalation in geopolitical tensions between the United States and North Korea. "What we're seeing today is political tensions over North Korea and the United States. making people nervous", said Robert Pavlik, chief market strategist at Boston Private Wealth in NY.
"Heightened geopolitical risks overnight have seen the markets flip from risk-on to risk-off and we have to wait and see how long this move runs before adding some positions", said Viraj Patel, an FX strategist at ING in London.
Many world stock markets have hit record or multi-year highs in recent weeks, leaving them vulnerable to a sell-off, and the tensions over North Korea have proved the trigger.
More than 430 stocks from all USA exchanges hit their lowest levels in 52 weeks or more on Thursday, the most for any session since mid-November right after Trump was elected.
"The level which we are looking at now is $1,300".
US -traded Nikkei futures (NKc1) fell 2 percent to their lowest since mid-May.
"Of course, it's all come at a time when share markets are due for a correction, so North Korea has provided a flawless trigger".
South Korea's Kospi sank 1.7 percent to 2,319.83 and Hong Kong's Hang Seng shed 1.8 percent to 26,946.81.
The S&P 500 dropped the most since May and MSCI's gauge of stocks across the globe .MIWD00000PUS lost 1.1 percent in its third straight day of declines, as it pulled further back from all-time highs.
A spokesman for the Korean People's Army said in a statement that it was "carefully examining" plans for a missile attack on the U.S. Pacific territory, which has a large American military base.
The euro eased 0.1 percent to $1.1766, staying below a high of around $1.1910 set last week, the euro's strongest level in 2-1/2 years. It is set for a weekly gain of 2.4 percent. They plunged 2 percent on Thursday on fears of slowing demand and lingering concerns over a global oversupply.
The parliament's majority voted for the bill, which was a response to the USA new sanctions against the Islamic Republic. During his campaign he threatened to tear up the 2015 nuclear deal with Iran, which he has called "the worst deal ever".
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Noor shot through the open driver-side window from the passenger seat and fatally struck the Australian bride-to-be. The search warrant application was filed Thursday by an agent with the Minnesota Bureau of Criminal Apprehension.
The USS John S McCain destroyer cnducted a fereedom of navigation patrol in disputed waters of the South China Sea on Thursday. Trump has pushed China to use its influence to compel North Korea to stop its missile tests and nuclear weapons development.
The second-seeded Federer is seeking a third Rogers Cup title, but his first in Montreal , having won in 2004 and 2006 in Toronto. The clay king is looking to reclaim his No. 1 ranking in ATP by winning this year's Roger Cup .
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I'd say he's being incredibly irresponsible and he's putting us in a situation where you could have an accidental launch. The phone call with the French President came hours after Trump spoke with Chinese President Xi Jinping.
Video footage shows a silver Dodge Charger racing down the narrow street, plowing into pedestrians before slamming into two cars. Martin Kumer, superintendent of the Albemarle-Charlottesville Regional Jail, said Fields was in custody there Saturday night.
Half an hour later "the submarine suddenly sank and the owner was subsequently rescued on a private motorboat". Two helicopters and three ships scoured the Baltic Sea waters between Copenhagen and the island of Bornholm.
In a statement accompanying the release of the letter, Conyers said that as a Korean War veteran, he was "ashamed" of Trump. Locked and loaded - that's how President Trump described the US military solutions for dealing with North Korea .
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