Seoul shares open lower amid escalating tensions over North Korea

Judith Bessette
Agosto 14, 2017

Losses in health care and consumer-focused companies pulled US stocks broadly lower Tuesday, snapping a 10-day winning streak for the Dow Jones industrial average.

Oil prices edged higher after a report showed U.S. refineries processed record amounts of crude in the latest week, eating into inventories, although a surprise jump in gasoline stockpiles limited gains. In that environment, these geopolitical headlines will have more impact, more punch.

Global stock markets have sunk further into the red after Donald Trump ratcheted up his fiery rhetoric over North Korea's nuclear threats.

McCain said in the radio interview that the Trump administration should immediately engage with China following the reports that the North Korean military now has a miniaturized nuclear device that can fit atop an intercontinental ballistic missile.

Palladium fell 0.2 percent to $895.30 per ounce. Fifteen of the Dow's 30 stocks ended higher, led by Home Depot and Travelers' 1.2% rallies.

In 3.23pm trading in NY, the Dow Jones Industrial Average gave up 0.7 per cent, while the Nasdaq Composite Index dropped 1.8 per cent. The Standard & Poor's 500 index fell 0.2 percent, to 2,474.92.

Bond prices were little changed. "Risk aversion is still very much a concern for markets".

Gold rose to its highest level in nearly two months, while the Swiss franc increased by more than 1% against the U.S. dollar and saw its biggest one-day gain against the euro in more than two and a half years.

Avis Budget Group slumped 9.9 percent after the vehicle rental company cut its guidance following a weak second quarter. The stock added $3.44 to $37.91. Wall Street was expecting more inflation. The stock fell 85 cents to $12.76.

Nordstrom shares were up 1.63 percent at $45.60 following the apparel retailer's better-than-expected quarterly same-store sales. The stock was the biggest gainer in the S&P 500, adding $8.02 to $45.25. But it was up 10 percent in 250 days.

Japan GDP Jumps 1.0% In Q2
Japanese economic growth soared in the three months to June, logging the fastest increase in more than two years. As for foreign demand, exports of goods and services decreased 0.5% while imports increased 1.4%.

U.S. stocks also fell, lingering in negative territory the entire session, but notching smaller declines than in overseas markets.

Spot gold rose 0.3 percent to $1,264.50 per ounce at 0324 GMT, while US gold futures for December delivery rose 0.6 percent to $1,270.40 per ounce. WTI was last trading at $49.74 a barrel while Brent was at $52.95. Against the euro, the dollar is valued at $1.826 compared to yesterday's $1.1772. Natural gas gained 2 cents to $2.82 per 1,000 cubic feet.

The December gold contract was ahead $16.70 USA to US$1,279.30 an ounce. Perrigo rose $1.58, or 2.1 percent, to $78.43.

The U.S. equity market is hovering near record levels and volume has been tepid following the onset of summer.

Sterling slid against the dollar below the $1.3000 mark. The major index futures are now pointing to a modestly higher open for the markets, with the Dow futures up by 21 points.

Energy stocks dropped 0.5 percent despite higher oil prices. Britain's FTSE 100 was down 1.1 percent.

In Asia, markets were mostly lower after disappointing Chinese trade data.

Japan's benchmark Nikkei 225 slipped 0.2 percent to 19,705.96.

South Korea's Kospi fell 1.8% to an 11-and-a-half-week low, taking its losses this week to 3.2%.

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