Markets

Wall St closed lower, Dow snaps winning streak: ASX to open flat

Wall St closed lower, Dow snaps winning streak: ASX to open flat

The stock exchanges in NY saw tiny losses at the end of trading on Tuesday, while Dow-Jones Index and S & P 500 earlier notched new records. Mainland markets also traded below the flat line, with the Shanghai Composite slipping 0.18% and the Shenzhen Composite lower by 0.14%.

In Asia, most stock indexes were pressured as geopolitical tensions re-entered the spotlight on Wednesday and China consumer inflation missed expectations.

Stocks are ending broadly lower on Wall Street, led by declines in technology companies and banks, two of the highest-performing sectors over the a year ago.

The Nikkei dropped 1.3 percent to 19,738.71, the weakest closing level since May 31, but defence equipment makers attracted buyers, with Ishikawa Seisakusho soaring 5.0 percent, Howa Machinery rising 1.1 percent and Tokyo Keiki advancing 1.4 percent.

Trump's remarks on Tuesday that North Korea would face "fire and fury like the world has never seen" pushed Wall Street lower on Tuesday and drove up the VIX "fear gauge" of expected volatility on the S&P 500 higher.

Silver prices also continued to move higher over the last 24 hours and now they threaten to break through the key $17 region which should only be a matter of time if the tensions between North Korea and the USA continue to dominate the headlines.

With Japan and South Korea also warning North Korea, investors are taking a step back to see what is happening before chipping in back, Bakhos said.

Under-19 Asia Cup shifted from Bengaluru to Malaysia after PCB's objection
PCB had said they fear extremists' reaction if Pakistan team played any match in India because of the current political tensions. Amid this tight schedule, the PCB announced a National T20 Championship running from August 25 to September 10.

Heavyweight Apple could have provided some support for trading with a 0.8 percent rise in prices. The precious metal miners benefited from the flight to safety, with bullion prices hitting near two-month highs on North Korean worries.

Ryu Yong-seok, a market analyst at KB Securities Co., said tensions between North Korea and the United States are a negative factor in the local stock markets that could drag down the index.

The Swiss franc eased about 0.2 percent to 0.9658 per dollar, having surged roughly 1.1 percent on Wednesday.

The Dow Jones industrial average lost 204 points, or 0.9 percent, to 21,844. The Nasdaq composite fell 35 points, or 0.5 percent, to 6,336.

"When investors are optimistic to the extreme, it means that most of their money is already in the market and there's no more money coming in", Bruce Bittles, chief investment strategist at Robert W. Baird & Co in Sarasota, Florida. The Russell 2000 index gave up 1.7 percent to 1,372.54.

The Canadian dollar was trading at an average price of 78.67 cents United States, down 0.04 of a USA cent.

Heightened geopolitical tension remained a drag on global equity markets, with havens assets from the yen to gold in demand. The yield on the 10-year Treasury note rose to 2.27% from 2.26%. Brent crude, used to price worldwide oils, added 26 cents to $52.96.


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