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TSX hits 1-month low on risk aversion, lower oil prices

TSX hits 1-month low on risk aversion, lower oil prices

"The data confirms the Fed will have a wait-and-see attitude", said King Lip, chief investment officer at Baker Avenue Asset Management in San Francisco. -North Korea tensions and the weak data that further reduced expectations of a Fed rate hike in December.

Japanese markets were closed for a holiday, but the tense mood dragged Asian shares lower and an MSCI index of stocks across the globe posted its largest weekly drop since the week before Donald Trump won the USA presidential election in November.

If the North Korean regime "does anything" to the United States or a United States ally "things will happen to them like they never thought possible", he told reporters on Thursday, according to Bloomberg.

North Korea said it was completing plans to fire four intermediate - range missiles over Japan to land near the U.S. Pacific island territory of Guam. He said that North Korea "can be very very nervous" if it acts on either the United States or its allies, and warned that "things will happen to them like they never thought possible".

Asian equities extended heavy losses yesterday as a worldwide sell-off triggered by US President Donald Trump doubling down on his North Korea rhetoric showed no sign of abating.

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

Chinese bluechips lost 0.75 percent, while Hong Kong's Hang Seng was 1.6 percent lower.

The euro fell a quarter-of-a-percent against the dollar to trade at $1.1728 as European markets opened.

"Pretty remarkable, perhaps even extraordinary, considering", said Tim Ash, strategist at fund manager BlueBay.

"If you strip away what's going on in North Korea, and if you strip away what's going on in Washington, which are things that are tougher to predict, the economy, the global recovery, earnings, it all paints a very positive picture for the rest of the year", Kravetz said. Futures pointed to further declines on Wall Street, with S&P 500 futures down 0.3 percent at 2,465.70 and Dow futures falling 0.2 percent to 21,986.00.

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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.

"If the data continues to come in on the softer side, the market might start to price the Fed staying on hold this year", said Sireen Harajli, FX strategist at Mizuho in NY.

In Europe, France's CAC 40 fell 1.6 percent to 5,135 while Germany's DAX was down 1.3 percent at 12,133.

London's FTSE 100 dipped by about 90 points, or more than 1%, in morning trading on Friday, adding to a slump of more than 100 points the day before and taking it to its lowest level since May.

In bond markets, the yield on US Treasuries fell, also pressured by the lowered expectations for a Fed move.

The 30-year bond US30YT=RR last rose 28/32 in price to yield 2.7759 percent, from 2.818 percent late on Wednesday.

The market's main backstop in times of strain, gold, hit a two-month high of $1,282 an ounce amid the nervousness.

Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose $3.40, or 0.26%, to $1,293.37 a troy ounce.

Oil prices rose nearly half a percent in today's trading following a bigger-than-expected drop in U.S. crude inventories. Brent crude, used to price global oils, gained 40 cents to $52.54 in London.


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