Asian stocks slump on profit-taking after US-NKorea tensions

By Saikat Chatterjee

Biotechnology stocks are turning in some of the market's worst performances on the day, resulting in a 2.4 percent drop by the NYSE Arca Biotechnology Index.

U.S. crude oil settled 0.4% lower at $49.17/bbl, as the U.S. Energy Information Administration said it forecasts U.S. crude production to average 9.9M bbl/day in 2018, the highest annual average production on record. Tensions have been rising in the Korean Peninsula, and reached a new level with President Trump's "threat" of "fire and fury" against North Korea if they should proceed with a missile strike against Guam, a United States territory located in the Pacific.

Materials, a sector that includes gold producers and other resource-based companies, was the lone gainer among the index's 10 main sectors, rising 0.7 percent.

On Thursday, New York Fed President William Dudley said he expects sluggish USA inflation to rise over the next several months while the hot labor market gets even hotter. European stocks (http://www.marketwatch.com/story/european-stocks-fall-as-caution-over-geopolitical-tensions-linger-2017-08-10) also closed in the red.

"That may have weighed a little bit" on markets, said Phil Guarco, global investment specialist J.P. Morgan Private Bank.

US 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.

The broad-based S&P 500 dipped to 2,474.92, and the tech-rich Nasdaq Composite Index dropped to 6,370.46.

Markets Right Now: Stocks open lower
The broad-based S&P 500 shed 0.6 percent to 2,459.50, while the tech-rich Nasdaq Composite Index tumbled 0.8 percent to 6,299.12. Kim Jong Un's regime outlined a plan to fire missiles towards the USA territory of Guam after Trump's remarks on Tuesday .

North: Media to Partly Blame for Escalating US-N. Korea Tension
Heretofore, the administration has urged China to press North Korea as a kind of subcontractor to achieve American objectives. The US and North Korea have exchanged a series of warmongering statements over the recent week.

FTSE Slips on North Korea Fears
Housebuilders Persimmon and Barratt Developments were among the biggest gainers of the day, up 1.58% and 1.02% respectively. On the London stock market, mining shares saw the biggest falls as many metal prices were hit by the geopolitical concerns.

The market indexes wavered between small gains and losses for much of the morning, then veered lower by afternoon.

U.S. Treasury prices finished lower, with the two-year yield (1.36%) and 10-year yield (2.28%) higher by one and three bps, respectively.

Macy's (M) slipped more than 10% as the retailer reaffirmed downbeat guidance, but reported second-quarter earnings and revenue that beat expectation (http://www.marketwatch.com/story/macys-shares-rise-after-earnings-revenue-beat-2017-08-10) s.

Traders snapped up shares in companies that delivered strong quarterly results. Brent, the worldwide benchmark, was last down 25 cents a barrel at $51.89. Gold gained 0.54 percent to $1,266 an ounce, but that is only its highest in less than a week.

Economists polled by MarketWatch had expected the government to report that initial claims for regular state unemployment-insurance benefits rose 2,000 to 242,000.

In overseas trading, stock markets across the Asia-Pacific region saw further downside during trading on Thursday. The common currency had lost about 0.4 percent overnight after news USA job openings surged to a record in June reinforced Friday's robust payrolls data and supported the greenback.

South Korea's Kospi slid 1.1% to 2,368.39, while the Hang Seng Index in Hong Kong was 0.35% softer at 27,757.09.

Related:

  • Giroud's late goal powers Arsenal past Leicester City

    Giroud's late goal powers Arsenal past Leicester City

    Chelsea , without European football, were able to run away with the title, as Leicester managed to do the season before. I know how important he is not only as a player - he's a fantastic player - but also in the group he has a big weight.
    US, South Korea set for war games as North plans missile launch

    US, South Korea set for war games as North plans missile launch

    A statue of Guam hero Ricardo Bordallo is pictured at the entrance of the Governor's Complex on the island of Guam , a U.S. Andersen Air Force Base hosts a Navy helicopter squadron and Air Force bombers that rotate to Guam from the USA mainland.
    Asian stocks mostly lower on growing unease over North Korea

    Asian stocks mostly lower on growing unease over North Korea

    Geopolitical concerns continued to weigh on Wall Street amid an ongoing escalation in tensions between the USA and North Korea. In commodities, US crude fell 0.67 percent to $49.23 per barrel and Brent was last at $52.58, down 0.23 percent on the day.
  • S&P falls 1.4 percent in safety flight on North Korea tensions

    Shares of Kohl's were down 8.4 percent, while Macy's fell 4 percent after the department store operators reported a fall in sales. The major index futures are now pointing to a modestly higher open for the markets, with the Dow futures up by 21 points.
    Ezekiel Elliott responds to six-game suspension

    Ezekiel Elliott responds to six-game suspension

    Elliott will be appealing the suspension and will have the full support of Cowboys owner Jerry Jones throughout the process. He can play in preseason games and practice until September 2, regardless of the outcome of the appeal.

    United States stocks tumble on North Korea worries

    In commodities, Crude failed to hold the 50 per barrel level, falling almost 2% topping at $50.22 earlier in the session. Gold futures for December delivery hit their highest level since June, rising $3.90 to settle at $1,294 per ounce.
  • Neo-nazis and white supremacists are celebrating Trump's remarks about the Charlottesville riots

    Neo-nazis and white supremacists are celebrating Trump's remarks about the Charlottesville riots

    He said he thinks removing the statue amounts to erasing history and said the "counter-protesters are crazier than the alt-right". Trump tweeted condolences about the woman killed the protests Saturday evening, more than five hours after the crash.
    Tottenham target Davinson Sanchez offered new contract by Ajax

    Tottenham target Davinson Sanchez offered new contract by Ajax

    But the wait for their first signing looks nearly over on the eve of Tottenham's first league match of the season at Newcastle. His performances for Ajax also got him into the Colombia setup, and he made his debut for their senior national team in 2016.
    Redskins linebacker Trent Murphy to miss season with knee injury

    Redskins linebacker Trent Murphy to miss season with knee injury

    According to NFL Network's Mike Garafolo , Murphy will serve his four game suspension while on Injured Reserve. Additionally, the team has waived tackle Kevin Bowen, designated as injured.
  • Jets quiet Titans in a defensive struggle

    Jets quiet Titans in a defensive struggle

    Hackenberg's average depth of target hovered around three yards until his final series, and he averaged 5.08 yards per attempt. Christian Hackenberg , a second-round pick in 2016, took over for McCown and played until late in the third quarter.
    Yego, Farah, Bolt, and Day 9 London Worlds highlights

    Yego, Farah, Bolt, and Day 9 London Worlds highlights

    Beijing worlds silver medalists China finished fourth with second-leg runner Xie Zhenye just coming back from injury. Jakub Vadlejch of the Czech Republic finished second in 89.73m, ahead of fellow countryman Petr Frydrych on 88.32m.
    Trump again cites 'military' option against North Korea

    Trump again cites 'military' option against North Korea

    Macron also stressed that the global community should keep on working in order to "encourage Pyongyang to return to dialogue without preconditions".

Comments

Latest news

United in talks with Ibrahimovic about striker staying
Mourinho has no new injury concerns, with Marcos Rojo, Luke Shaw and Ashley Young his only long-term absentees. Despite his lack of playing time he still managed 8 league goals as the London side captured the title.

Brighton vs Manchester City, Premier League
The attacking duo of Gabriel Jesus and Sergio Aguero have formed a lethal partnership, as was evident in the pre-season. The likes of Delph and Nasri seem to be headed out as there is no place for them in this already star studded midfield.

Japan's leader vows to protect his people from missiles
The PAC-3 deployment is created to prepare for a contingency if any North Korean missiles malfunction and come down over Japan for technological or other reasons.

Nationals' Bryce Harper Leaves Game With Apparent Knee Injury
The Nationals and Giants game spent about three hours in a rain delay prior to the game after having Friday's game rained out. The play occurred in the top of the first inning against the San Francisco Giants on a groundball to first base.

Justin Upton hammers walk-off two-run home run
After Martinez walked to load the bases, McCann jumped on a first-pitch, off-speed offering and pounded it over the fence in left. Stanton went 3 for 4 with two runs scored and is hitting.382 (13 for 34) with eight home runs and 15 RBI in his last nine games.

As tensions with North Korea escalate, Trump retweets several comparisons with Obama
But as Lewis told me, this is nothing more than a study that doesn't appear to have been completed or acted upon in any manner. Ben Rhodes, a former deputy national security adviser in the Obama administration, tweeted back at Trump on Wednesday morning.

Pearson completes remarkable comeback at world titles
It was as the athletics program began in Brazil previous year that Pearson chose to coach herself which proved to be a masterstroke.

Suspect accused in deadly crash at Charlottesville rally from Ohio
Martin Kumer, superintendent of the Albemarle-Charlottesville Regional Jail, said Fields was in custody there Saturday night. Police say 19 other people reported suffering injuries from the crash.

Jose Mourinho "happy" with Romelu Lukaku, Nemanja Matic displays
Chelsea , without European football, were able to run away with the title , as Leicester managed to do the season before. If they want to get back to title contention - or even a top-four finish - they'll need Alexis Sanchez in the side.

Trump warns NKorea that USA is 'locked and loaded'
David Cicilline, D-R.I., is urging the House to "immediately" reconvene amid the increasing threats from North Korea . Trump , in true Trump fashion, doubled down on his previous comments, saying that "maybe it wasn't tough enough".

'I'm on fire' - Man United boss Mourinho ready for Champions League challenge
Check out our Top Fantasy Football Tips to see which of these huge summer signings offer the best value for money on the game. I'm not sure Alvaro Morata will play on Saturday and if Chelsea win that then he might not start for the first few matches.

EPL: Burnley Shock Chelsea, Watford Hold Liverpool, Huddersfield Win
Replacing Michy Batshuayi with almost an hour gone, Morata entered the game with his team 3-0 down after a nightmarish first half. Britos was standing nearly on the line before nudging in the loose ball after Simon Mignolet pushed it onto the bar.

County schools plan a 'phenomenal' extended day for upcoming solar eclipse
You can use solar eclipse paper over the lens, but experts say that even at full-zoom, your photos will be small, KGW reported . The school system has acquired special glasses which are safe for solar viewing to allow students to view the eclipse.

BJP President Amit Shah Offers Chief Minister Nitish Kumar To Join NDA
He added that this was not a personal fight against Nitish Kumar but a fight of principles and to save democracy and brotherhood. Nitish, however, swore-in as the Bihar Chief Minister the very next day with Sushil Modi as his Deputy Chief Minister.

Mourinho makes Man Utd title pledge and hails Matic display
However, the club did win the Europa League and the League Cup , giving the manager a platform of success on which to build. I saw him on the TV last season, but it will depend on how he and the other players adjust to the Premier League .

Other news