Finance

World markets slide for third day on political tension

World markets slide for third day on political tension

U.S. President Donald Trump, in his latest warning to North Korea, said military solutions were "fully in place" and referred to American weapons as being "locked and loaded" should the nuclear-armed nation act "unwisely".

The markets are poised for any commentary from the President and Washington regarding North Korea's threat to attack the United States territory of Guam. United States stocks looked set to extend yesterday's losses, with the Dow Jones opening 0.2% lower, the S&P 500 by 0.5% and the NASDAQ Composite by 0.9%.

The euro, which hit its highest since the start of 2015 on August 2, dipped 0.1 percent to $1.1761 in morning trade in Europe.

Investors' unease over escalating tensions between the US and North Korea had weighed on stocks earlier in the day, pushing gold and bond prices slightly higher.

The limited fall in the price of Asian stocks suggests that stockholders are not unduly alarmed, experts said.

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

Bond prices rose. The yield on the 10-year Treasury fell to 2.20 percent. The Nasdaq composite lost 96 points, or 1.5 percent, to 6,256. A rise in expectations for global inflation has left investors generally short of the two currencies and the turnaround in the franc this week by contrast follows its worst week since the Swiss National Bank removed a ceiling on the currency in January 2015.

SoundCloud may face liquidation today, unless investors accept 'do-or-die' proposal
In July, SoundCloud cut 40% of its staff , triggering rumours it was running out of cash and would shortly shut down. Now, founder Ljung will step away from his role as CEO to focus on his role a chairman of the company.

"For quite some time the market hasn't really reacted to things on the Korean Peninsula because we know from the past it is largely North Korean sabre-rattling, and it may yet be". The Nasdaq lost 135 points, or 2.1 percent, to 6,216. That's the index's lowest level in two months.

The Japanese yen hit an eight-week high against the USA dollar, while spot gold also reached a two-month high. Netflix also fell, giving up $2.58, or 1.4 percent, to $175.78.

The Yen gained further ground against the US Dollar during trading on Friday, with the USDJPY dipping below 109.00 for the first time since mid-June.

Australian financial services provider AMP reported half-yearly underlying profit increased 4 percent to A$533 million ($420 million) - higher than the A$514.5 million forecast in a Reuters poll.

On Thursday, Federal Reserve Bank of New York President William Dudley offered a positive outlook for the USA economy, job market and inflation, saying better conditions would help support the most vulnerable Americans.

In currency markets, the Canadian dollar was trading at an average price of 78.71 cents USA, down 0.20 of a USA cent. Lockheed Martin, Raytheon, General Dynamics and Northrop Grumman all rose and the Dow Jones U.S. defense index .DJUSDN was up 1.6 percent after hitting a record high. It is set for a weekly gain of 2.4 percent.

Crude futures meanwhile extended losses on fears of slowing demand and lingering concerns over global oversupply. The beat in GDP growth gave the Singapore dollar a slight boost: The currency traded at S$1.3623 to the dollar at 8:31 a.m. HK/SIN compared to levels around S$1.3634 seen before the release.


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