Markets

Global Stocks Slide After Trump's 'Fire And Fury' Comment

Global Stocks Slide After Trump's 'Fire And Fury' Comment

"The data confirms the Fed will have a wait-and-see attitude", said King Lip, chief investment officer at Baker Avenue Asset Management in San Francisco.

Other support for the precious metal comes from the rising odds of a steady United States interest rate this year following lower-than-expected inflation.

Trump declined to say whether the U.S. might consider a pre-emptive strike against North Korea, but said he was still open to negotiation. Pyongyang said it was examining plans for attacking Guam, a USA territory in the Pacific with a military base.

Baker Avenue's Lip said the US market was higher due to "bargain hunters", but "there's more room for the market to come down".

The Standard & Poor's 500 index fell 3 points, or 0.1 percent, to 2,471 as of 12:16 p.m.

Emerging market stocks lost 1.28 percent. The S&P hasn't moved more than 0.5 percent in one day since July and has fallen more than 1 percent only twice this year. Tokyo's Nikkei 225 tumbled 1.3 percent, while Seoul's Kospi fell 1.1 percent.

"Pretty remarkable, perhaps even extraordinary, considering", said Tim Ash, strategist at fund manager BlueBay. Japanese markets were closed for a holiday.

Thai shares plunged % to close at points as regional stock markets were shaken by the rising tensions between North Korea and the USA. The index hit a life-high of 415.49 earlier.

Equity screens were also awash with red in Asia as investors fled to safe haven assets after US President Donald Trump doubled down on his North Korea rhetoric.

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MSCI's gauge of stocks across the globe shed 0.77 percent, on track for its third straight day of declines as it pulled further back from all-time highs.

On the macroeconomic front, data from the US Labor Department showed that consumer price index inched up by 0.1% in July after coming in unchanged in June.

Disappointing listed-company earnings for the second quarter, largely due to weaker-than-expected net profits of large firms, also dampened investors' risk appetite, Mr Chaiyaporn said. Lockheed Martin, Raytheon, General Dynamics and Northrop Grumman were all up, with the Dow Jones US defense index up 1.48 percent at 409.58.

The Japanese Yen is regularly seen as a trader's best friend in times of uncertainty, and what we are noticing is a continuation of the same trend.

Gold is sensitive to moves in US rates, which lift the opportunity cost of holding non-yielding assets such as bullion.

A small rise in a measure of U.S. consumer prices pointed to benign inflation that could make the Federal Reserve cautious about raising interest rates again this year, which would be favourable to equity investors. Copper rose 4 cents to $2.94 a pound.

Financial stocks underperformed after US Treasury yields fell as bond prices rose in a flight to safety by nervous investors.

United States gold futures for December delivery rose 0.2% to $1,281.90 per ounce on Thursday.

The Hang Seng Index was the top loser in the region, slumping 2%, while South Korean shares ended 1.7% lower, the Shanghai Composite Index plummeted 1.6%, Singapore's FTSE Straits Times Index ended down 1.3% - its biggest percentage loss since October 2016 - and Indonesia's Jakarta Composite plunged 1%.


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