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North Korea Threatens Guam

North Korea Threatens Guam

LONDON, Aug 10 (Reuters) - World stocks fell for a third day on Thursday and investors moved back into the Swiss franc, yen and gold as North Korea ratcheted up tensions with the United States with a threat to land a missile just short of the usa territory of Guam.

Gold is inching higher early Thursday, but yesterday's high remains intact.

The Standard & Poor's 500 index fell 0.2 percent, to 2,474.92. The Dow Jones Industrial Average was down 71 points, or.32 percent, ending a 10-day streak of rises.

Late Tuesday, North Korea had said it was considering plans to fire missiles at Guam, a us territory, after Trump's warning earlier in the day.

North Korea on Thursday outlined details for a missile strike near the U.S. territory of Guam, adding fuel to rising tensions with the United States.

Overall the market remains supported from investors looking for diversification and a hedge against risks such as a stock market correction, North Korea, Trump uncertainty, and potential announcements at the Fed's annual economic Symposium at Jackson Hole on August 24-26. The hope, and perhaps the expectation, is that this latest round of rhetoric will also turn out to be just talk, said Brian Jacobsen, chief portfolio strategist at Wells Fargo Funds Management.

"You'd need to see something more tangible than just rhetoric for a broader pullback", said Richard Steinberg, managing director at HSW Advisors, a finance team within HighTower Advisors, in NY.

"I feel that the presence of the military on Guam will help us a lot", said Virgie Matson, 51, a resident of Dededo, Guam's most populated village.

Disney shares closed down 3.9 percent as investors were skeptical of its plan to launch streaming services rather than rely on Netflix. On the Nasdaq, 1,685 issues fell and 615 advanced favoring decliners.

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USA stocks felt significant early drag, with the S&P 500 down 0.5% at the open. While both firms reported strong quarterly revenue gains, they were more cautious about growth prospects ahead.

TIME OUT: Fossil tumbled 23.6 percent after the watch maker said sales continued to weaken, falling short of analysts' estimates. The company booked a hefty charge and said its CFO is leaving the company. The stock lost $142.20 to $1,906.80.

Asian stock markets slid Wednesday after President Donald Trump and North Korea traded threats over the North's nuclear program and Wall Street declined overnight. The stock shed $1.37 to $4.74. However, strength in the Health Care and Materials sectors limited the losses. Shares of Kohl's (KSS) rose 2.7% after an earnings beat (http://www.marketwatch.com/story/kohls-stock-jumps-premarket-after-earnings-beat-2017-08-10). Seoul is 2,000 miles (3,200 kilometers) to the northwest, Tokyo is 1,500 miles (2,400 kilometers) north and Taipei is 1,700 miles (2,700 kilometers) west.

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. South Korea's Kospi fell 0.5 percent.

The pan-European FTSEurofirst 300 index lost 1.19%. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, fell by 2.9 basis points to 2.212 percent.

Precious metals miners were among a smattering of United Kingdom stocks enjoying a stronger session as investors set course for safe havens.

Spot gold rose 0.6 per cent to $1,267.79 per ounce at early trade.

Charter Communications rose 2.9 per cent on news Altice is exploring a bid for the cable giant. Brent crude, used to price global oils, gained 56 cents to $52.70 in London.

CURRENCIES: The dollar slipped to 109.78 yen from 110.06 late Wednesday in Asia.


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