Global stocks selloff stops at Wall Street; gold, yen tick up

Judith Bessette
Agosto 14, 2017

After touching a more than two-month high, spot gold last added 0.3 percent to $1,290.00 an ounce.

Traders saw the chance of a rate hike in December fall to 40 percent from 42 percent shortly before the release of the data, according to Federal funds futures. South Korea's Kospi lost 1.7 percent, while Hong Kong's Hang Seng slid 2 percent.

On Thursday, the CBOE Volatility Index, a barometer of expected near-term stock market volatility, closed at its highest since the USA presidential election.

The Nasdaq Composite was up 38.25 points, or 0.62 percent, at 6,255.12.

Looking to commodities, oil prices eked out gains in early trade, however sentiment was capped as concerns linger over OPEC's ability to rein in supply.

Earlier, the dollar slipped as low as 108.91 yen, its weakest level since June 14th, when the greenback fell as low as 108.81 yen. The Russell 2000 index of smaller-company stocks picked up 1 point, or 0.1%, to 1,373.

The North Korea situation isn't the only thing weighing on stocks. North Korea has reacted by promising to land a missile near the U.S. Pacific territory of Guam.

Nervous investors drove shares lower earlier in the week, after President Trump declared Tuesday that the USA would react with "fire and fury" to further nuclear provocations from North Korea.

Disney shares closed down 3.9 percent as investors were skeptical of its plan to launch streaming services rather than rely on Netflix. Alliance Data Systems fell $6.28, or 2.7 percent, to $225.64.

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UN Secretary-General Antonio Guterres said he was deeply concerned about the tensions on the Korean Peninsula and was "troubled" by the increase in confrontational rhetoric. Its shares slid $9.77, or 5.3 percent, to $174.02.

The Labor Department said on Friday its Consumer Price Index edged up 0.1 percent in July, which was below the 0.2 percent rise expected by economists polled by Reuters.

He continues: "There are few better illustrations as to why a long term investor, keen to maximise returns while keeping portfolio volatility low, should hold core government bonds in their portfolio as part of a balanced portfolio".

Charter Communications rose 2.9 percent on news Altice is exploring a bid for the cable giant.

Sterling was last trading at $1.3007, up 0.25 percent on the day. US gold futures gained 0.50 percent to $1,296.60 an ounce. The yield on three-year Treasurys fell 0.9 basis point to 1.824 percent and the return on benchmark five-year government bonds shed 1.4 basis points to 2.024 percent.

Looking at currency movements during the Asian session, the yen continued strengthening against the dollar, with the pair trading below the 110 level at 109.96 ahead of European trading.

The local currency closed at 1,142.00 won against the US dollar, down 6.80 won from the previous session's close.

In commodities, US crude fell 0.67 percent to $49.23 per barrel and Brent was last at $52.58, down 0.23 percent on the day.

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