Monday, 23 October, 2017

Stock markets extend losses at open

Stock markets extend losses at open Stock markets extend losses at open
Juana Turner | 14 August, 2017, 00:08

The euro dipped 0.1 percent to $1.1737 EUR= but the single European currency has been slipping this week against the dollar, having hit a more than 2 1/2-year high of $1.1892 on August 2.

North Korea had responded to Trump's previous promise to unleash "fire and fury", with a threat to land a missile near the U.S. Pacific territory of Guam.

Global stock markets have sunk further into the red after Donald Trump ratcheted up his fiery rhetoric over North Korea's nuclear threats. "The U.S. president at a [golf] links again let out a load of nonsense about 'fire and fury, ' failing to grasp the on-going grave situation". USA gold futures for December delivery rose 0.5% to $1,285 per ounce.

"Ahead of the USA inflation numbers gold will likely trade sideways until there's more direction", said Fawad Razaqzada, an analyst at FOREX.com.

Markets are now awaiting United States consumer price data for July, due later today.

In Europe, the pan-continental STOXX 600 index lost 0.9 percent, with falls deepening after reports a auto had rammed a group of soldiers in Paris, injuring six. The Nasdaq composite lost 76 points, or 1.2 percent, to 6,275.

The 30-year bond last /32 in price to yield 2.7933 percent, from 2.794 percent late on Thursday. The S&P has lost more than 1 percent on only three days this year.

When Japanese traders get back to their desks Monday, stocks will need to catch up with Friday's regional weakness and the yen's recent gains against the dollar, up 1.5% on the week. "Whether it is a credit crunch in China, policy error from the Fed, or fear of an over-valued US stock market, there are many reasons to maintain a balanced multi-asset portfolio that has exposure to defensive asset classes and currencies". Platinum also moved up 0.8% to $979.85, while palladium moved up a percentage point to $900.30.

Tokyo's Nikkei 225 tumbled 1.3 percent to 19,740.12 and Seoul's Kospi fell 0.8 percent to 2,375.88.

The CBOE Volatility Index .VIX , a barometer of expected near-term stock market volatility, closed at its highest since the US presidential election on Thursday, but was down 1.22 points at 14.82 points on Friday.

Disappointing US inflation and jobs data have not helped the dollar. USA -traded Nikkei futures fell 2 percent to their lowest since mid-May. As well, producer prices in Japan rose 0.3% on month in July, a tick higher than the 0.2% gain seen and at a 2.6% gain on year, also beating expectations. That "looks high enough to be consistent with a 5 percent-plus pace for real GDP growth", said Jim O'Sullivan of High Frequency Economics in a report.

London's FTSE 100 dipped by about 90 points, or more than 1%, in morning trading on Friday, adding to a slump of more than 100 points the day before and taking it to its lowest level since May.

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