World News

European shares fall on Paris incident, North Korea worries

European shares fall on Paris incident, North Korea worries

Travel and media companies led USA stocks lower in afternoon trading Wednesday as some rare earnings disappointments weighed on the market.

Geopolitical concerns continue to weigh on Wall Street amid an ongoing escalation in tensions between the USA and North Korea. But for the week the S&P 500 lost 1.3 percent, its worst weekly showing since March.

The Dow Jones Industrial Average fell 75.62 points, or 0.34 percent, to 21,973.08.

The Nasdaq Composite was down 115.35 points, or 1.82 percent, at 6,236.98.

The influential financial stocks were among the biggest drags on the index, with Royal Bank of Canada down 1.0 percent to C$93.36, and Manulife Financial Corp falling 2.8 percent to C$24.93. The S&P 500 VIX Index, or CBOE Volatility Index, measures uncertainty in the market.

Travel website operator Priceline fell 7.26 percent, weighing the most on the S&P and the Nasdaq, following a disappointing forecast.

The 30-year bond last /32 in price to yield 2.7933 percent, from 2.794 percent late on Thursday.

Ten out of the 11 major S&P 500 sectors ended lower after the comments with the only gains seen in the utilities sector, which is seen as a bond proxy because of its slow but predictable growth and dividends.

The Labor Department said its producer price index for final demand edged down by 0.1 percent in July after inching up by 0.1 percent in June.

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The NASDAQ Composite Index and Dow started the day lower but regained strength and recovered some losses as the day progressed.

The news was also greeted with dismay by traders in Asia, with Tokyo down 1.3 percent, Hong Kong losing 0.4 percent and Seoul registering a 1.1-percent decline.

Results also drove some sharp moves lower.

Away from the geopolitical drama, US inflation data is due at 1330 GMT.

US trading volume has been low with summer setting in and Congress expected to be in recess until September 5.

The VSTOXX, the main European gauge of equity investor anxiety, jumped 26 percent to 23.8, a near four-month high, though it remained near historically depressed levels.

The price of gold rose 1% to 1,274.39 United States dollars per ounce, with Fresnillo and Randgold Resources up 72p to 1,544p and 200p to 7,380p respectively. Germany's DAX was flat, while France's CAC 40 fell 1.1 percent.

The losses have been triggered by rising tensions between the United States and North Korea.

Revenues in the first six months of the year rose 5.6% to 3.21bn euros (£2.9bn), helped by June's hot weather, and operating profits jumped almost 21% to 266.4m euros. The September copper contract was down two cents to US$2.91 a pound. Brent crude, used to price worldwide oils, gained 16 cents to $52.30 in London. Wholesale gasoline was little changed at $1.62 a gallon, heating oil rose 2 cents to $1.65 a gallon and natural gas rose 6 cents to $2.88 per 1,000 cubic feet. Euro zone blue chips slipped 1.1pc.


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