Published: Sun, August 13, 2017
Economy | By Annette Adams

European markets end lower amid geopolitical tensions

European markets end lower amid geopolitical tensions

Disappointing company earnings also helped pull the market lower, with consumer-focused companies and technology stocks among the biggest decliners.

U.S. stocks on Friday ended with their worst weekly loss since March after Trump ratcheted up his fiery rhetoric, saying in a tweet: "Military solutions are now fully in place, locked and loaded" against North Korea.

Turning to the oil-linked loonie, it managed to post some gains relative to the greenback despite weakening oil prices.

The Dow Jones industrial average closed up 14 points, a gain of 0.07 percent, the Nasdaq composite rose almost 40 points or 0.64 percent and the S&P 500 gained 3 points or 0.13 percent. Eastern time. The Dow Jones industrial average slid 69 points, or 0.3 percent, to 22,016.

The Nasdaq Composite lost 0.2 percent, to 6,370.46. Late in the session, President Donald Trump said perhaps his threat to unleash "fire and fury" on North Korea "maybe wasn't tough enough". The Korean won fell against the US dollar.

Intensifying turmoil between the United States and North Korea continued to strain forex markets across the globe and to lift demand for assets perceived as safe havens for the second day.

Technology companies led USA stocks slightly higher in midday trading Friday, recouping some of the losses from the day before. Top automaker Hyundai Motor fell 2.07 percent to 142,000 won.

Asian markets swooned from the opening bell, and closed in the red.

S&P 500 e-minis were down 10.25 points, or 0.41 percent, with 217,904 contracts traded.

TIME OUT: Fossil tumbled 23.6 percent after the watch maker said sales continued to weaken, falling short of analysts' estimates. Global stock markets fell.

The data comes amid tepid inflation that has remained below the Fed's 2 percent target, despite low unemployment.

J.C. Penney Co. (JCP) slumped 17% after it reported a wider-than-expected second-quarter loss (http://www.marketwatch.com/story/jc-penney-shares-sink-after-losses-exceed-expectations-2017-08-11). The trend appeared to overshadow strong quarterly revenue growth in the quarter. On the Nasdaq, 1,378 issues rose and 892 fell. Yields fall when bond prices rise. For the week, the benchmark slipped 2.6%.

OIL: Crude oil gave up early gains.

Gold for December delivery was recently up 0.9% at $1,290.70 a troy ounce on the Comex division of the New York Mercantile Exchange, the highest level since June 8. WTI was last trading at $49.74 a barrel while Brent was at $52.95. MCX Gold was trading 0.25 per cent up at Rs 28,915 per 10 gram around 10.45 am (IST).

Spot gold added 0.7 percent to $1,286.00 an ounce.

CURRENCIES: The dollar fell to 109.96 yen from 110.48 yen late Tuesday. The euro rose to $1.1753 from $1.1752.

MARKETS OVERSEAS: Major indexes in Europe were mixed. Germany's DAX dipped 0.1 per cent as the CAC 40 fell 1.1 per cent in Paris. Britain's FTSE 100 was down 1.1 percent.

ASIA'S DAY: South Korea's Kospi sank 1.7 percent to 2,319.71 and Hong Kong's Hang Seng lost 2 percent to 26,883.51. The S&P 500 is up 9 percent, while the Dow is up 10.6 percent. Australia's S&P/ASX 200 dropped 1.2 percent.

Like this: