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EUROPE MARKETS: European Stocks Slide After US And North Korea Cross Swords
11 August 2017, 12:10 | Rufus Hill
Europe: Political tensions continue to weigh on stocks
The UK benchmark index has fallen deep into the red in today's session, with investors shunning riskier assets and flocking to safe havens such as gold amid tension between the USA and North Korea.
Unsurprisingly, Acacia Mining led the movers on London's second-tier index, bucking the miner trend which saw most of its competitors fall, thanks to rising silver and gold prices on the back of the news out of Asia.
"Despite Brent Crude (oil) pushing above $53 per barrel.there was a sea of red in the commodity sector", said analyst Connor Campbell from Spreadex.
In the eurozone, the Paris CAC 40 lost 0.2 per cent to 5,133.64 points compared with the closing level on Wednesday.
Frankfurt's DAX 30 was also down, shedding nearly 0.8 percent at 12,059.51. Trump's comments came after a Washington Post report (https://www.washingtonpost.com/world/national-security/north-korea-now-making-missile-ready-nuclear-weapons-us-analysts-say/2017/08/08/e14b882a-7b6b-11e7-9d08-b79f191668ed_story.html?utm_term=.0938becb046e) that North Korea has built a miniaturized nuclear warhead.
"The market's dent only lasted for a week in April when tension rose between them after North Korea launched a missile".
Mounting tensions between the United States and North Korea battered blue-chip stocks yesterday, knocking the London market's attempts of securing a record high.
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.
South Korea's Kospi fell 1.1 per cent as the won, ... Those shares tracked a climb of more than 1% in gold prices, to almost $1,280 an ounce. Global sentiment has been subdued today after US President Donald Trump warned North Korea that threats will be met with "fire and fury".
The reclusive state raised the stakes further with a detailed plan to send a salvo of missiles towards the USA territory of Guam.
"Tensions will continue to mount and could eventually develop into a "black swan" event that the markets are not prudently considering", said Steve Hanke, professor of Applied Economics at America's Johns Hopkins University.
But he also cautioned disappointing inflation data may delay interest rate increases.
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