Korea tensions cast long shadow over markets

13 August, 2017, 22:48 | Author: Leticia Walters

Meanwhile, markets in Japan, South Korea and other Asian countries were also lower, and so-called futures signaled that USA markets would also open down.

Stocks are ending broadly lower on Wall Street, led by declines in technology companies and banks, two of the highest-performing sectors over the a year ago. Only utilities sector stocks eked out a gain on a day of mostly listless trading as investors kept an eye on the latest company earnings and geopolitical news.

Titled "Reckless game over the Korean Peninsula runs risk of real war", the editorial suggested China will stay neutral if North Korea strikes first, but will intervene if the U.S.is the first mover.

KOREA JITTERS: With President Donald Trump warning North Korea of "fire and fury", investors have become concerned that the war of words between Washington and Pyongyang could escalate. The stock fell $169 to $1,879.98.

Market bellwether Samsung Electronics Co. backtracked 3.49 percent, and No. 2 chipmaker SK hynix Inc. was down 4.04 percent.

The local currency was trading at 1,137.90 won against the United States dollar, down 2.70 won from the previous session's close. Brent crude, used to price worldwide oils, slid 80 cents, or 1.5 percent, to $51.90.

"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.

Damage for the week: The days of verbal sparring between Washington and Pyongyang looks set to bruise weekly performances for the major USA indexes.

In Europe, Germany's DAX fell 1.1 percent, while France's CAC 40 slid 1.4 percent. "I would expect the markets to react again pretty negatively to any more tough talk from either side, but for now, everybody seems to have settled down, and we'll see what happens". With one session left to go, the S&P 500 was headed for a weekly drop of around 1.6%, which would be its biggest since a fall of 1.9% for the week ended November 4, 2016.

Shares of Snap were off 12.48 percent following a miss on revenue and daily active users, leading to a slew of price target cuts.

The Standard & Poor's 500 index fell 10 points, or 0.4 percent, to 2,463. South Korea's KOSPI was down 1.7 percent and Hong Kong's Hang Seng 1.8 percent. Silver also rose, gaining 43 cents, or 2.6 percent, to $16.82 an ounce.

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. Copper rose 4 cents to $2.94 a pound. The euro slid to $1.1732 from $1.1752.

The top-flight also sank lower as a number of stocks went ex-dividend, a process where new buyers no longer qualify for the latest dividend payment.

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