Markets

Gold Price Reacts to Trump's North Korea Comments

Gold Price Reacts to Trump's North Korea Comments

USA crude oil futures settled almost 2 percent lower at $48.59 a barrel, as Russian Federation considered a future output resumption and the Organization of the Petroleum Exporting Countries boosted its July production numbers. On an annual basis, inflation grew by 1.7%, below the 1.8% that was expected but above the 1.6% from the previous month.

Overseas markets were also lower Wednesday.

Nikkei 225 futures were last up 0.20% at 19770 suggesting a stronger opening at Tokyo on Thursday. News late Tuesday that North Korea was reviewing plans for an attack on USA military assets on the island of Guam came just hours after President Trump had warned that continued threats would be met "with fire and fury like the world has never seen".

But while investors appeared to favor safe-haven assets, some bargain seekers helped Wall Street's three major indexes pare losses. In the United States, the consumer price index and the Baker Hughes oil rig count are at 1330 BST and 1800 BST, respectively.

Shares of Apple, Amazon and Facebook fell more than 2% Thursday.

Many world stock markets have hit record or multi-year highs in recent weeks, leaving them vulnerable to a sell-off, and the tensions over North Korea have proved the trigger. Elsewhere in Asia Hong Kong share prices fell on tensions on the Korean peninsula but shares in property companies rose on a spinoff plan by a local developer.

The FTSE 100 was 1.16 percent up at 7,304.48 points as of 12:35 BST on Friday, 11 August 2017.

Asian stocks slumped on Friday as tensions ramped up between the USA and North Korea, sending investors fleeing to less risky assets such as gold, the yen and US government bonds.

Four injured after light plane flips on landing at Caloundra Airport
Two people have been trapped inside a light plane after it flipped upon landing at an airport on Queensland's Sunshine Coast. Queensland police report four people were on board the flight, and all passengers have since been retrieved from the plane.

Old Mutual also said it remains on track to deliver the managed separation of its constituent businesses on time, aiming to be fully demerged by the end of 2018.

Yields on core government debt fell.

USA crude shed 15 cents to $49.02 a barrel, while Brent crude fell 21 cents a barrel at $51.93 a barrel.

But others believe North Korea has no intentions of backing down.

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

Valeant's stock, which rallied a day before following quarterly results, sank 9.6 percent to C$17.85 after it said its subsidiaries in Australia were the subject of a tax audit.

Crude oil prices extended their slide as exports from key OPEC producers rose, despite news of lower crude shipments from Saudi Arabia.

On the economic front, the Labor Department released a report showing an unexpected drop in USA producer prices in the month of July. Consumer-focused companies and banks were among the biggest decliners. A wave of consolidation is expected in the telecom industry as cable companies seek additional ways to cut costs and grow with more US consumers cutting their cords.


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