FTSE sell-off gathers strength on North Korea fears

Trump pounds North Korea

Technology companies were leading a broad slide in US stocks in early trading Thursday, Aug. 10, 2017, as investors pored over the latest batch of corporate earnings reports.

Stock markets around the world were under pressure on Wednesday amid increased tensions between the US and North Korea following comments from President Donald Trump, and big entertainment stocks were among the many decliners.

US equities steepened their losses late in the session after President Donald Trump said his earlier warnings to North Korea may not have been tough enough.

Bond and gold prices, traditional havens for nervous investors, were little changed, and the VIX, a measure of how much volatility investors expect in stocks, slid 6.7 percent following a 44.4 percent jump the day before.

The Dow Jones industrial average closed up 14 points, a gain of 0.07 percent, the Nasdaq composite rose almost 40 points or 0.64 percent and the S&P 500 gained 3 points or 0.13 percent. On Thursday, the Dow Jones Industrial Average, which has been steadily hitting records, posted its biggest decline since May.

In Europe, Britain's FTSE 100 was down 1.1 percent to 7,306, while France's CAC 40 fell 1.1 percent to 5,058.

OIL: Benchmark U.S. crude was down 14 cents to $48.47 a barrel on the on the New York Mercantile Exchange.

Johnson: UK working to bring diplomatic end to North Korea crisis
Following that vote, reports indicated that the country has developed a miniaturized nuclear warhead capable of fitting on a missile.

How major United States stock market indexes fared Thursday
The dollar-denominated RTS index was down 1.5 percent at 1,013 points as of 0834 GMT, taking its year-to-date loss to 12 percent. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, dipped by 2.3 basis points to 2.189%.

North Korea Tensions Hit Global Stock Markets
Shares Snap fell 1.94, or 14%, to 11.83 after the Snapchat parent reported earnings late Thursday that missed analyst forecasts. Investors instead turned to safe-haven assets such as gold, pushing it to a two-month high, and the Japanese yen rose.

Charter Communications rose 2.9 per cent on news Altice is exploring a bid for the cable giant. In a note to investors, Paul Christopher, head global market strategist, and Tracie McMillion, head of global asset allocation, suggest, "the threat of a nuclear weapon is certainly more serious than previous threats, but that threat also may increase the probability of a diplomatic solution".

Sterling slipped below $1.30, close to a two-and-a-half-week low but it strengthened against the euro by 0.2%, following Tuesday's 10-month low.

Ralph Lauren gained $10.38, or 13.3 percent, to $88.53, while peer-to-peer loan company LendingClub added 99 cents, or 18.1 percent, to $6.45. Morgan Stanley fell 68 cents, or 1.5 percent, to $45.62.

The pound was up 0.3% against the euro at 1.1091 and down nearly 0.1% on the dollar at 1.2994.

Ongoing global glut concerns lingered in oil markets despite a bigger-than-expected draw in United States crude inventories, leaving prices volatile. Germany's DAX fared better, trading only 0.2 percent lower at 11,989. Regeneron Pharmaceuticals led the pack, adding $4.47, or 1 percent, to $474.15. In Asia, several indexes closed lower overnight.

The mounting tensions between North Korea and the USA took its toll on the market for the third day in a row.

Nvidia's quarterly revenue in its data center and automotive businesses missed estimates, dragging the chipmaker's shares down 5.43 percent. Hong Kong's Hang Seng was off 0.3 percent.

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