gpolit.com
gpolit.com September 20, 2017


Futures lower as North Korea tensions extend to third day

11 August 2017, 12:09 | Rudolph Thomas

Stocks open lower, slip from record highs as Wall Street awaits Disney earnings

62 pct of Americans support defending S. Korea in event of NK attack: survey

In New York, the Dow Jones industrial average fell 36.64 points to 22,048.70, the S&P 500 index inched down 0.90 of a point to 2,474.02 and the Nasdaq composite index lost 18.13 points to 6,352.33.

"Traders would require nerves of steel to start buying into the stock market now, given standoff between the US and North Korea", David Madden, market analyst at CMC Markets U.K., said in a note to clients.

The small USA territory of Guam has become a focal point after North Korea's army threatened to use ballistic missiles to create an "enveloping fire" around the island.

It was not only the threat of conflict with nuclear-ambitious North Korea.

"They've been doing this to our country for a long time, for many years, and it's about time that somebody stuck up for the people of this country and for the people of other countries", Trump said.

In response to two test-fires of intercontinental ballistic missiles (ICBM) by North Korea last month, the US and South Korea repeatedly fired surface-to-surface missiles into neutral waters close to North Korea.

ENERGY: Benchmark U.S. crude gained 39 cents to $49.95 a barrel in electronic trading on the New York Mercantile Exchange.

The FTSE 100 index was pulled down 0.6% to 7,498.17. Core PPI is expected to rise by 0.2%. "We're going to take good care of Guam".

Economic docket: Data on tap includes weekly jobless claims at 8:30 a.m.

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 dollar index, which tracks the greenback against a basket of six major rivals, was almost flat on the day at 93.657, remaining above last week's 15-month low of 92.548.

Cempra ( CEMP ) helped to lead the biotech sector lower, extending the pullback seen over the course of the previous session. Consumer-focused companies and technology stocks slumped.

MARKETS OVERSEAS: Major indexes in Europe slumped.

Retailers' results are being keenly watched by investors to gauge the companies' strategy to counter No. 1 online retailer Amazon.com's growth.

Gold was up for the third day, hitting an intra-day high of $1,280.38 an ounce that was last recorded mid-June. He is considered one of the most powerful members of the Federal Open Market Committee. Hong Kong's Hang Seng dipped 1.1 percent to 27,444.00. On August 9, the market started the day with a weaker sentiment but regained strength as the day progressed.

Globally, gold rose by 0.09 percent to Dollars 1,278 an ounce and silver by 0.44 percent to USD 16.99 in Singapore.

THE QUOTE: "The market has been looking for an excuse to sell off and North Korea and the president gave the market that excuse", said David Schiegoleit, managing director at the U.S. Bank Private Client Wealth Management.

Charter Communications rose 2.9 per cent on news Altice is exploring a bid for the cable giant.



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