Saturday, 19 August, 2017

Asia stocks snap back into the red on lingering North Korea tensions

Men walk past an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo Thursday Aug. 10 2017. Asian stocks were mostly lower in Thursday trading as investors began to digest worries over the escalating tensions caused Wall Street Records Losses After Trump's North Korea Warning
Juana Turner | 12 August, 2017, 00:26

"In accordance with existing procedures, we informed North Korea of the training plan in advance through the UN Command Military Armistice Commission". The remarks were made by presidential Blue House spokesman Park Su-hyun in a media briefing after the standing committee of the Blue House's National Security Council held a regular meeting to discuss recent events.

The moves come after President Trump ratcheted up the war of words with Kim Jong Un's regime, saying it will "face fire and fury like the world has never seen" if it keeps threatening the United States. Advanced Micro Devices gave up 38 cents, or 3 percent, to $12.45.

RETAIL SLUMP: Disappointing quarterly results from big department store chains put investors in a selling mood.

Technology companies were leading a broad slide in US stocks in morning trading Thursday as investors pored over the latest batch of corporate earnings reports. The stock fell 76 cents to $5.48. In turn, Wells Fargo, Jefferies, and Telsey cut their price targets for FOSL, which is down 22% in electronic trading, and could hit a multi-year low.

In Singapore, the stock market is closed for a public holiday to celebrate the country's National Day.

Oil prices edged higher after a report showed USA refineries processed record amounts of crude in the latest week, eating into inventories, although a surprise jump in gasoline stockpiles limited gains.

Benchmark U.S. crude added 39 cents to settle at $49.56 a barrel on the New York Mercantile Exchange.

Other energy futures trading was mixed. MetLife fell $1.38, or 2.9 percent, to $46.93, while Synchrony Financial slid $1.01, or 3.3 percent, to $29.24. Wholesale gasoline dropped 2 cents to $1.60 a gallon, while heating oil shed 2 cents to $1.63 a gallon. Silver gained 20 cents, or 1.2 percent, to $17.07 an ounce. After paring gains it was still on track for its biggest one-day percentage gain since May 17.

In Europe, Germany's DAX fell 1.1 percent, while the CAC 40 in France lost 0.6 percent. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.68 percent, snapping a brief foray into posiive territory early in the day and extended losses from Wednesday.

The Japanese yen strengthened 0.35 percent versus the greenback at 109.94 per dollar. The euro slid to $1.1752 from $1.1793. The FTSE 100 index of leading British shares declined 0.6 percent.

Early in the fighting after a surprise attack, South Korean and American forces barely clung to a small pocket of the Korean Peninsula with Seoul and all of Korea overrun by the North. Japan's Nikkei 225 slipped 0.3 percent, while Australia's S&P/ASX 200 lost 0.5 percent.

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