World News

North Korea standoff wipes $1trn off global stocks

North Korea standoff wipes $1trn off global stocks

The euro was 0.14 percent higher against the dollar.

Several indexes closed lower overnight. It soared over 2 percent in the previous two sessions, and is set for a weekly gain of 2.25 percent.

Japanese markets were closed for a holiday.

Many world stock markets have hit record or multi-year highs in recent weeks, leaving them vulnerable to a selloff, and the tensions over North Korea proved to be the trigger. USA gold futures gained 0.26 percent to $1,293.50 an ounce.

"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".

South Korea's KOSPI fell 1.7 percent on Friday to its lowest since May 24, but its losses for the week were a relatively modest 3.2 percent.

The Dow Jones Industrial Average rose 44.33 points, or 0.2 percent, to 21,888.34, the S&P 500 gained 6.01 points, or 0.25 percent, to 2,444.22 and the Nasdaq Composite added 32.10 points, or 0.52 percent, to 6,248.97.

Economists had forecast the CPI rising 0.2% in July and climbing 1.8% year-on-year.

Possibly due to the lack of appetite for risk in the market, the euro suffered on Thursday, down slightly against the dollar by 0.09% at 1.1749, slipping towards a two week low.

Escalating turmoil between the USA and North Korea has continued to dominate the news flow in forex markets as the war of words threatens to spill over into army confrontation.

Trump's threat earlier this week, to unleash "fire and fury" on Pyongyang if it attacked, was ultimately dismissed as bluster by many investors.

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Baker Avenue's Lip said the US market was higher due to "bargain hunters", but "there's more room for the market to come down".

The pan-European FTSEurofirst 300 index lost 1.01 percent and MSCI's gauge of stocks across the globe shed 0.26 percent for a weekly loss of 1.6 percent, the largest since the week to November 4.

The dollar was down 0.77 percent against the yen at 109.21 yen.

The Swiss franc and Japanese yen are often sought out in times of geopolitical tension or global financial stress, partly because both countries have big current account surpluses.

But "the yen may be expected to lose its safe haven status if U.S".

The Swiss franc, the other traditional safety-play among currencies, has benefited too.

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

The dollar weakened after news that USA producer prices unexpectedly fell in July, recording their biggest drop in almost a year and pointing to a further moderation in inflation that could delay a Federal Reserve interest rate increase.

Spot gold prices were little changed at $1,286.05 an ounce, after touching a two-month high earlier. Its weekly gain of 2.6 per cent is the largest since June 2016.

USA crude was down 0.9 percent at $48.16 per barrel, on track for a weekly loss of 2.9 percent.

Global benchmark Brent also fell 0.9 percent to $51.44, after Thursday's 1.5 percent drop.


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