All people are rising up to retaliate against the US: North Korea

14 August, 2017, 04:28 | Author: Valerie Burke

The US is against North Korea's nuclear weapons but Pyongyang says it will not give up on its nuclear deterrence unless Washington ends its hostile policy toward the country and dissolves the US-led United Nations command in South Korea.

The S&P 500 index had its biggest one-day drop in nearly three months on Thursday as investors fled riskier assets, with technology stocks leading the charge, in response to an increasingly aggressive exchange of threats between the United States and North Korea.

At least 3.5 million young people and retired soldiers have joined the North Korean military to fight in the event of a war against the U.S., state media said, adding that people are rising up "to retaliate against" Washington.

U.S. President Donald Trump issued a new verbal warning to Pyongyang on Thursday, saying that his previous promise to unleash "fire and fury" may not have been strong enough after North Korea responded with a threat to land a missile near the U.S. Pacific territory of Guam.

The franc jumped 1.4% to 1.1272 francs per euro in early trades, its biggest daily rise in more than 2½ years before settling at 1.1315. Silver also rose, gaining 43 cents, or 2.6 percent, to $16.82 an ounce.

Gold futures prices GCZ7, +1.18% were up almost 1% to $1,273.80 per ounce.

INFLATION: The Labor Department said consumer prices edged up 0.1 percent in July following no gain in June.

However, bank stocks, including Goldman Sachs, Bank of America and Morgan Stanley, were down about 1 percent on the dimming prospects of another rate hike this year.

Outside the political arena, declines in a pair of technology stocks added to the cautious tone on the day. Apple was down 2.3 percent, weighing most on the index. Its shares slid $9.77, or 5.3 percent, to $174.02.

MARKETS OVERSEAS: Major indexes in Europe were mixed. Britain's FTSE 100 added 0.1 percent.

OIL: Benchmark U.S. crude lost 12 cents to $48.47 per barrel on the on the New York Mercantile Exchange.

"With European, U.S. and Asian markets all suffering heavily in anticipation of a potential conflict in Asia, it is worthwhile noting that we have heard similar posturing between Trump and Kim Jong Un before", said Mahony.

The technology sector was the biggest weight on the S&P 500 index with a 1.9-percent drop. Brent crude dipped 5 cents to $52.18 a barrel.

CURRENCIES: The dollar fell to 109.96 yen from 110.48 yen late Tuesday. "If the rest of the world remains supportive, then there's reason in these earnings to be encouraged about the direction of the Japanese market, which has sort of been in a holding pattern for the past two months".

The dollar index, which measures the US currency against a basket of major peers, slipped 0.1 per cent as US Treasury yields fell.

ASIA'S DAY: Earlier, Asia bore the brunt of the mounting geopolitical uncertainty, with South Korea's Kospi index closing down 1.7 percent at 2,319.71 and Hong Kong's Hang Seng ending 2 percent lower at 26,883.51.

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