Published: Сб, Августа 12, 2017
Money | By Armando Alvarado

Stock markets lower, gold price continues to rise amid political tensions

Stock markets lower, gold price continues to rise amid political tensions

USA equity indexes opened lower in response to comments from the previous day.

In defence of Trump's comments he said, "What the president is doing is sending a strong message to North Korea in language that Kim Jong Un would understand, because he doesn't seem to understand diplomatic language [.] I think it was important that he deliver that message to avoid any miscalculation on their part".

More than 430 stocks from all United States exchanges hit their lowest levels in 52 weeks or more yesterday, the most for any session since mid-November right after Trump was elected.

J.C. Penney sank 16.6% after the struggling department store chain reported quarterly results that fell short of Wall Street's expectations.

The influential financial stocks were among the biggest drags on the index, with Royal Bank of Canada down 1.5 percent to C$92.88, and Manulife Financial Corp falling 4.7 percent to C$24.43, its largest drop since early August a year ago. TMX Group Ltd was up 3.2 percent to C$68.02, while Quebecor Inc added 4.3 percent to C$45.20 and Canadian Tire Corp Ltd climbed 5.7 percent to C$149.89.

Traders sold off financial stocks amid speculation that the Fed will decide to hold off on raising interest rates next month.

Emerging market stocks lost 1.28 percent.

Six of the 11 major S&P sectors were higher, with the technology's .SPLRCT 0.36 percent rise leading the advancers. The collapse of sterling after the Brexit vote previous year helped boost profits by 16%, the company said, adding that strong United Kingdom operations and acquisitions had also contributed to the rise.

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Strong gains in NY, where the Dow saw repeated record highs up until three day ago, had kept investor optimism high when news of the conflict first broke, Currie said.

In other energy futures trading, wholesale gasoline rose 1 cent to $1.61 a gallon, while heating oil was little changed at $1.63 a gallon.

The December gold contract was up US$12.40 to US$1,285.40 an ounce.

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.

The dollar slipped to 109.04 yen from 109.26 late Thursday. On the Nasdaq, 1,462 issues rose and 1,227 fell.

South Korea's KOSPI fell 1.7 percent to its lowest since May 24, but its losses for the week are a relatively modest 3.2 percent.

In Asia, several indexes closed lower overnight.

Asian markets closed in the red: Tokyo's Nikkei fell 0.1 per cent, Hong Kong's Hang Seng dropped 1.1 per cent, and China's Shanghai Composite lost 0.4 per cent.

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