Markets

FTSE Slips on North Korea Fears

FTSE Slips on North Korea Fears

Spot gold added 0.7 percent to $1,285.70 an ounce.

Japan's benchmark Nikkei 225 inched down less than 0.1 percent to finish at 19,729.74. MCX Silver was higher by 0.76% at Rs 38,885 per 1 kg.

Asian equities were back in the red, snuffing out a nascent recovery as spiralling tensions over North Korea lingered for a second day. Falls of just 0.3% were recorded by both the Dow Jones industrial average and the more broad-based S&P 500 in early trading.

Rising geopolitical tensions were heightened further when U.S. President Donald Trump warned Pyongyang it should be "very, very nervous" if it even thinks about attacking the United States or its allies, after Pyongyang said it was making plans to fire missiles over Japan to land near the U.S. Pacific territory of Guam. The reclusive state raised the stakes further with a detailed plan to send a salvo of missiles towards the U.S. territory of Guam.

The dollar index .dxy fell 0.39 percent, with the euro up 0.48 percent to $1.1827.

"The overnight Korean news has prompted some unwinding of the cheapening trades on the franc that has been going on for some time and though positioning is not stretched by any means, the franc's strength may have room to run", said Timothy Graf, head of macro strategy at State Street Global Markets in London. The Korean won fell against the USA dollar.

Red Wings denounce use of logo at white nationalist rally
The team immediately released a statement denouncing any involvement with their actions and what happened in the riots. Fights broke out Friday night when hundreds of white nationalists marched through the UVA campus carrying torches.

The smaller than expected increase in consumer prices has led to optimism that the Federal Reserve will not be in a hurry to raise interest rates. "Risk aversion is still very much a concern for markets", said Shaun Osborne, chief currency strategist, at Scotiabank in Toronto.

It is "a bullish sign that the equity markets are rebounding somewhat on a Friday, in spite of the fact that investors will need to wait for two days to react to any geopolitical news that comes out over the weekend", said Robert Phipps, a director at Per Stirling Capital Management in Austin, Texas. They are looking for confirmation that the Fed is sticking with plans for a possible December interest rate hike.

S&P 500 e-minis were down 9.25 points, or 0.37 percent, with 296,288 contracts traded.

South Korea's KOSPI fell 1.4 percent, taking its losses this week to almost 3 percent.

"The won has recently been reacting quite sensitively to Trump's comments and investors' anxieties worsened today as the North came up with an aggressive response", said Jung Sung Yoon, a foreign exchange analyst at Hyundai Futures. On commodities markets, oil advanced with USA crude nearing $50 a barrel after figures from industry group the American Petroleum Institute showed a sharp decrease in stockpiles, a clear indication of the easing supply glut.

US crude oil crude futures CLc1 were little changed at $48.59 per barrel.


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