Wall Street rises on inflation data but on track for weekly losses
13 August, 2017, 21:18 | Author: Leticia Walters
LONDON, Aug 11 (Reuters) - The dollar was pinned close to an eight-week low against the yen on Friday as escalating tension over North Korea dominated currency markets thinned out by the summer holidays in Europe and the United States. For now, Wall Street watchers seem doubtful that's in the cards. The Nasdaq composite lost 36 points, or 0.6 percent, to 6,315.
The Swiss franc, by contrast, was on track for its biggest single-day rise in more than 2 1/2 years.
"The typical text book trade is that investors rush for safe havens".
But the yen added to an already-strong weekly rally of close to 1.5 percent, hitting its highest in nearly four months versus the dollar at 108.73 yen. "The war of words between the leaders of the US and North Korea continues to dominate investor sentiment", said Forex.com technical analyst Fawad Razaqzada. Thursday's producer-price index came out tepid, analysts said. Gold miners bucked the 1.3 per cent fall for Australia's benchmark index.
South Korea's KOSPI fell 1.7 percent to its lowest since May 24, but its losses for the week are a relatively modest 3.2 percent.
The Dow Jones industrial average fell 36 points, or 0.2 percent, to 22,048.
It stood 0.16 percent down on the day at 109.03 yen per dollar by 1047 GMT. Chinese blue chips.CSI300 closed flat but Hong Kong's Hang Seng fell 0.4 percent.HSI.
Gold is considered a safe haven asset in times of uncertainty.
The Swiss franc reversed a two-week losing streak and gained 1.1 percent to 0.9611 per dollar CHF=.
Mining shares were among biggest the decliners as investors shunned assets seen as more risky.
"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.
"Where the current tensions escalate sharply, we would expect an acceleration of this week's price action, i.e. a sharp rise in risk premiums across asset classes, substantial falls in United States and German government bonds yields, significant JPY and CHF strength and a massive sell-off in equities, particularly in Europe which is more linked into the global cycle".
The euro, which hit its highest since the start of 2015 on August 2, dipped 0.1 percent to $1.1761 in morning trade in Europe.
Yields on core government debt fell.
Nasdaq 100 e-minis were down 17 points, or 0.29 percent, on volume of 36,232 contracts.
"It's awesome when you consider the headlines just how calm the equity markets are, how they've taken things in their stride", said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina. USA -traded Nikkei futures fell 2 percent to their lowest since mid-May.
Giroud got the victor with an 85th-minute header, and he said afterward that Arsenal never doubted they could come back. It's only the second time in eight seasons that Arsene Wenger's side have secured three points in their opening fixture.
South Korea's Kospi index fell as much as 1.2% as foreigners sold shares, before paring the drop to 0.4% at the close. Mothers told him they were "really apprehensive" because "you just don't know what's really going to happen".
West Ham United goalkeeper Adrian is reportedly wanted by Newcastle United and Crystal Palace in the summer transfer window. "There wasn't an terrible lot of movement goalkeeper-wise this summer, so I'm very grateful to get this opportunity".
He virtually confirmed left-arm wrist spinner Kuldeep Yadav's place in the starting line-up in place of Jadeja. With the first innings score stretched to 487, it was time for the Indian bowlers to take centerstage.
In the eastern city of Biratnagar, the airport was closed after the runway was submerged under more than 2 feet of water. Home Minister Janardan Sharma said hi-level talks are on between the two countries to open all the gates.
If an investigation begins, the US government could seek remedies either through the World Trade Organization or outside of it. In April, he said he wouldn't label China a currency manipulator, in return for help in dealing with North Korea.
Treasuries, gold and the safe-haven yen rose in early Asian trading on Wednesday after tensions on the Korean peninsula escalated. Shanghai's main index also tumbled 1.6 percent to 3,208.54 while Australia's S&P/ASX 200 dropped 1.2 percent to 5,693.10.
Even without him, however, Theo Walcott, Alex Iwobi and Danny Welbeck are desperate to compete with he French forwards . But Leicester, which so astonishingly won the league in 2016, couldn't hold on for its first win at Arsenal since 1973.