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etvfutures.com August 19, 2017


Wall Street falls on North Korea concerns

13 August 2017, 01:58 | Cesar Cruz

Wall Street falls on North Korea concerns

Stock markets in Asia, Europe fall on rising unease over North Korea

"There's not a fundamental reason why what we're seeing out of North Korea right now should affect stock market prices, but it's being used as the reason to sell off right now because we've been looking for it for so long", Schiegoleit said.

Besides, persistent buying by local jewellers at domestic spot market stoked the uptrend.

Elsewhere in commodities, the September crude contract advanced 20 cents to $49.76 per barrel and the September natural gas contract was up seven cents to $2.95 per mmBTU.

The Dow Jones Industrial Average fell 163 points, or 0.74%, to 21,886, the S&P 500 lost 31 points, or 1.23%, to 2,443 and the Nasdaq Composite dropped 117 points, or 1.84%, to 6,236.

Shanghai posted its biggest one-day drop since December while Seoul stocks again ended deep in negative territory.

Investors will keenly watch appearances later on Friday by Dallas Fed boss Robert Kaplan and Minneapolis Fed President Neel Kashkari for clues on inflation and the future path of rate hikes.

"Also people may be on vacation and might not be watching the market as closely".

In other news, United States wholesale inflation dropped in July, the first contraction in almost a year and another data point that could weaken the case for the Federal Reserve to raise the benchmark interest rate again later this year.

Excluding energy and food prices, core PPI fell by 0.1% month-on-month, while analysts anticipated the index to rise by 0.1 percentage points to 0.2%.

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Benchmark 10-year notes last rose 5/32 in price to yield 2.2255 per cent, from 2.242 per cent late on Wednesday. MetLife fell 75 cents, or 1.6 percent, to $47.56, while Charles Schwab slid 69 cents, or 1.6 percent, to $41.33.

Until then, Wall Street surprised by its low volatility, wrote on Tuesday.

Smaller-company stocks also fell sharply.

But then oil prices succumbed to the overall selling pressure for risky assets, aided by an OPEC report showing crude production by cartel members increased slightly in July, including Saudi Arabia, which had championed efforts by the organization and its allies to extend an output freeze.

All three United States indices fell sharply, with the broad-based S&P 500 tumbling 1.5 percent.

In other energy futures trading, wholesale gasoline rose 1 cent to $1.61 a gallon, while heating oil was little changed at $1.63 a gallon.

Sterling was sitting at 1.287 against the American currency, while the euro was at 1.17 during Friday trading, as relations between Kim Jong-un's rogue state and the USA president continued to deteriorate.

The local currency was trading at 1,145.05 won against the US dollar, down 3.05 won from the previous session's close. Australia's S&P/ASX 200 dropped 1.2 percent, while Japan was closed on a public holiday.



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