Markets

Dow slips 100 points as tensions with N.Korea escalate

Dow slips 100 points as tensions with N.Korea escalate

The dollar index slipped to a one-week low on Friday after the U.S. data.

The dollar was steady against a basket of six major currencies at 93.412 after falling 0.2 percent on Thursday, with disappointing USA inflation and jobs data adding to the greenback's woes.

Biotechnology stocks are turning in some of the market's worst performances in morning trading, resulting in a 1.6% drop by the NYSE Arca Biotechnology Index.

The overall financials group, which accounts for roughly a third of the index, declined 1.4 per cent, while energy shares also fell 1.4 per cent as oil prices turned down.

Pan American Silver Corp, which reported second-quarter results late Wednesday, rallied 10.7 per cent to C$22.47.

If the North Korean regime "does anything" to the U.S. or a U.S. ally "things will happen to them like they never thought possible", he told reporters on Thursday, according to Bloomberg.

USA equities steepened their losses late in the session after President Donald Trump said his earlier warnings to North Korea may not have been tough enough.

North Korea said it was completing plans to fire four intermediate - range missiles over Japan to land near the U.S. Pacific island territory of Guam.

Children Have Died Of Encephalitis In The Last 48 Hours In Gorakhpur
Following this, he claimed that Rs 35 lakh has now been made available, and the company will "continue" oxygen supply. The statement further said that the district administration was present at the hospital and monitoring the situation.

Late in the afternoon, Trump told reporters that his "fire and fury" warning to North Korea may not have been tough enough. The Dow is down 98.98 points or 0.5% at 21,949.72, the Nasdaq is down 65.83 points or 1% at 6,286.50 and the S&P 500 is down 16.77 points or 0.7% at 2,457.25.

Thai shares fell as much as 0.5 per cent, hurt by industrials, while Malaysian shares fell slightly as industrials and consumer discretionary stocks lost ground. It is now on track for its biggest weekly drop since the week before the November 8 US presidential election. It had gained about 3% for the week so far.

"If the market truly believed the North Korea reaction was imminent, I think it would be down a lot more than it is", said Alan Skrainka, chief investment officer at Cornerstone Wealth Management.

The MSCI World index slipped 0.1 percent, extending Thursday's 1.1 percent drop, its biggest one-day slide since May 17, as U.S. President Donald Trump stepped up his rhetoric against North Korea.

The Kospi 200 Volatility index jumped 30 per cent.

Most South-east Asian stock markets closed lower too, as investors flocked instead to traditional safe-havens such as gold, the Japanese yen, and the bond market.

Shares of Macy's tumbled 8.3 percent and Kohl's 7.3 percent after the department store operators reported a drop in quarterly same-store sales that stoked concerns that their turnaround may still be a long way off.

About 7.5 billion shares changed hands on USA exchanges, well above the 6.25 billion average for the last 20 days.


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