Friday, 20 October, 2017

Dow Jones Industrial Average Futures Fall on North Korea Risk, Disney Earnings

Wall Street Records Losses After Trump's North Korea Warning FOREX-Euro falls as risk appetite disolves
Jo Caldwell | 12 August, 2017, 00:24

South Korea staged what military officials called a "routine" exercise near its contentious western border with North Korea, with Seoul's marines using K9 self-propelled howitzers to fire more than 200 artillery rounds and launching a Spike surface-to-surface missile. The remarks were made by presidential Blue House spokesman Park Su-hyun in a media briefing after the standing committee of the Blue House's National Security Council held a regular meeting to discuss recent events.

Safe-haven demand rose after North Korea said it was "carefully examining" a plan to strike Guam, where a US military base is located, shrugging off President Donald Trump's earlier warning that further threats to the United States will be met with "fire and fury".

Outside of geopolitical concerns, disappointing company earnings and outlooks put traders in a selling mood.

Technology companies were leading a broad slide in USA stocks in morning trading Thursday as investors pored over the latest batch of corporate earnings reports. The stock fell 85 cents to $12.76.

There were also signs of a "buy-the-dip mentality" as the day wore on, according to Katrina Lamb, head of investment strategy and research at MV Financial in Bethesda, Maryland. Lockheed Martin, Raytheon, General Dynamics and Northrop Grumman and the Dow Jones U.S. defense index was up 1.48 percent after hitting a record high. Brent crude, used to price worldwide oils, slid 80 cents, or 1.5 percent, to $51.90.

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The US Energy Information Administration raised its 2017 and 2018 US crude output estimates to 9.9 million and 9.33 million barrels a day respectively, Weston said, but "on the other hand, we are hearing the UAE, Kazakhstan and Iraq will fully comply with the OPEC agreement" to cut oversupply. Netflix also fell, giving up $2.58, or 1.4 percent, to $175.78. Wholesale gasoline dropped 2 cents to $1.60 a gallon, while heating oil shed 2 cents to $1.63 a gallon.

The franc jumped 1.4 percent to 0.9611 francs per euro in early trades.

After a dip of as much as 0.52 percent earlier in the day, investors appeared to take some comfort in Tillerson's comments, said Richard Steinberg, managing director at HighTower Advisors in NY. Copper fell 2 cents to $2.90 a pound. The stock lost $142.20 to $1,906.80.

The Swiss franc reversed a two-week losing streak, rising rose 1.12 percent versus the greenback at 0.96 per dollar.

CURRENCIES: The dollar slipped to 109.35 yen from 109.85 late Wednesday. MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.68 percent, snapping a brief foray into posiive territory early in the day and extended losses from Wednesday. On Tuesday, the DAX added 0.3 percent, the CAC 40 gained 0.2 percent and the FTSE rose 0.1 percent. Australia bucked the trend with a 0.4% gain.

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