IT&Software

Trump on North Korea; Google scandal; Trouble at Snap

Trump on North Korea; Google scandal; Trouble at Snap

Equity markets had traded with a soft tone in Europe and there was a sharp increase in selling pressure in NY with the S&P 500 index declining by close to 1.0%.

"The slight bias to the upside (in stocks) is a result of the CPI number".

Reuters data show a 22 per cent perceived chance for a rate increase after the Fed's December meeting.

North Korea went further with its threat to the US by providing detailed plans about how it plans to launch missile strikes on the US-Pacific territory of Guam.

In the first four days of the week, the Standard & Poor's 500 index swung from marking its latest record high to posting its biggest single-day drop in almost three months.

"There's not a great incentive to buy big", said Lerner of SunTrust Advisory.

Gold has rallied 2.3% this week on the heels of renewed tension with North Korea.

At 9:38am ET (1338 GMT) the Dow Jones Industrial Average was down 85.43 points, or 0.39%, at 21,963.27, and the S&P 500 was down 10.31 points, or 0.42% at 2,463.71. Shares of Macy's lost 10% and Kohl's fell 5.8%.

South Korea's KOSPI fell 1.7 per cent on Friday to its lowest since May 24, but its losses for the week were a relatively modest 3.2 per cent. The 1.3 percent gain for the market's main other choice for borrowing to fund speculation, the Swiss franc against the euro, is its biggest rise in more than a year.

Yen is safest. These are some of the strategies analysts are recommending as the escalating threats between USA and North Korea send investors fleeing.

Seagate Technology gained 2.3 percent after investor ValueAct disclosed that it had acquired a 7.2 percent stake in the company.

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The Japanese currency is often a safe have asset too.

Germany's DAX Index fell 0.6%, the UK's FTSE 100 Index retreated 1.2% and France's CAC 40 Index slid 1.4%.

The dollar index slipped to a one-week low on Friday after the U.S. data.

"More likely than anything else, the price action was a function of an overextended USA equity market that has been in need for a healthy correction off record highs", LMAX Exchange analysts said in a morning note.

The pound was down 0.09% against the euro at 1.1049 and down nearly 0.2% on the dollar at 1.2978.

Data from the U.S. Commodity Futures Trading Commission released last week showed that currency speculators still held a large net short position in the yen during the week ended August 1, although somewhat smaller than the levels seen a couple of weeks earlier, when their bearish bets against the yen grew to the largest since January 2014.

But losses soon resumed, with Tokyo edging down as the Nikkei again came under pressure from the strength of the safe-haven yen, which hit eight-week highs Wednesday against the dollar. Disappointing company earnings also helped pull the market lower, with financial and consumer-focused companies outweighing gains among health care stocks.

The data comes amid tepid inflation that has remained below the Fed's 2% target, despite low unemployment. The September copper contract was down two cents to US$2.91 a pound.

The dollar last changed hands at 108.96 yen, down 0.2 percent. It was on course for a weekly rise of about 5%, the biggest such gain since July 2016. Brent crude, used to price global oils, gained 40 cents to $52.54 in London.

OIL: Benchmark U.S. crude lost 24 cents to $48.37 per barrel on the on the New York Mercantile Exchange while Brent crude, used to price global oils, declined 20 cents to $51.70 per barrel in London.


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