US Stock Futures Pull Back On Rising North Korea Tensions
14 Августа, 2017, 01:40 | Author: Franklin Nunez
US stock indexes were set to open little changed on Friday, with the S&P 500 on track to post its biggest weekly loss in nine months, as investors remained cautious on heightened tensions between the United States and North Korea.
The Labor Department said its consumer price index inched up by 0.1 percent in July after coming in unchanged in June.
"What has changed this time is that the scary threats and war of words between the USA and North Korea have intensified to the point that markets can't ignore it", said Shane Oliver, head of investment strategy at AMP Capital in Sydney, as quoted by Reuters.
MARKETS OVERSEAS: Major indexes in Europe slumped. But for the week the S&P 500 lost 1.3 percent, its worst weekly showing since March. The Nasdaq composite lost 99 points, or 1.6 percent, to 6,252.
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.
"They will be met with fire and the fury like the world has never seen".
"Of course it's all come at a time when share markets are due for a correction, so North Korea has provided a flawless trigger", he added.
The Nasdaq Composite was down 37.30 points, or 0.59%, at 6 315.03.
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. The yield on the 10-year Treasury note slipped to 2.21 percent from 2.25 percent late Wednesday.
The drop by Disney came after the company reported fiscal third quarter earnings that came in above estimates but on weaker than expected revenues. North Korea responded with threats to launch missiles into the Pacific Ocean near Guam, a USA territory.
Charter Communications rose 2.9 percent on news Altice is exploring a bid for the cable giant. Brent crude, used to price worldwide oils, gave up 29 cents to $51.85 in London. Brent crude, used to price worldwide oils, slid 52 cents, or 1 percent, to $52.18.
Travel website operator Priceline fell 7.26 per cent, weighing the most on the S&P and the Nasdaq, following a disappointing forecast. Silver gained 47 cents, or 2.9 percent, to $16.86 an ounce.
In oil, the price of Brent crude sunk by 0.5% to 51.65 USA dollars a barrel amid concerns about over supply in the market. The September copper contract was down two cents to US$2.91 a pound. The euro edged down to $1.1726 from $1.1751. They suggest the USA and China, a North Korean ally, could work together to de-escalate the situation.
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