Published: Sun, August 13, 2017
Markets | By Noel Gibbs

Russian Federation touts "plan" with China to ease US-N. Korea standoff

Russian Federation touts

The stage was set for the USA indexes to go lower early Wednesday as investors around the world reacted to the rising war of words between the US and North Korea, pushing global market indexes lower.

If North Korea launches an attack that threatens the United States, China should stay neutral, but if the US attacks first and tries to overthrow North Korea's government, China will stop them, a Chinese state-run newspaper said on Friday.

Spot gold inched down 0.1 percent to $1,284.64 per ounce as of 0616 GMT, but was set for a weekly gain of over 2 percent.

On the USA economic front, a report released by the Labor Department showed a modest uptick in consumer prices in the U.S.in the month of July.

The dollar weakened after news that USA producer prices unexpectedly fell in July, recording their biggest drop in almost a year and pointing to a further moderation in inflation that could delay a Federal Reserve interest rate increase.

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Markets also await speeches by Fed officials Robert Kaplan and Neel Kashkari for further direction. Northern Star Resources was up 3 per cent, while Evolution Mining rose 2 per cent, Newcrest Mining gained 2.3 per cent and Resolute Mining rose 2.1 per cent. Westgold Resources was the biggest gainer, rising 6.6 per cent.

In currencies, the yen strengthened 0.64 per cent versus the greenback at 109.37 per dollar.

Silver futures for September delivery on the Comex rose 2.5 percent, heading for the biggest gain for a most-active contract since January.

Department store operator J.C. Penney (JCP) is also among the companies due to report their results before the start of trading on Friday.

Within the internet sector, Synacor (SYNC) fell sharply after the internet content provider reported better than expected second quarter results but provided disappointing guidance. Morgan Stanley fell 70 cents, or 1.5 percent, to $45.61. The euro slid to $1.1732 from $1.1752. The 30-year bond was last up 4/32 in price to yield 2.7871 per cent, from 2.794 per cent late on Thursday.

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While the German DAX Index has edged down by 0.1%, the French CAC 40 Index and the UK's FTSE 100 Index are both down by 1%.

Bond prices rose. The yield on the 10-year Treasury note slipped to 2.20 percent from 2.25 percent late Wednesday.

A Reuters Datastream index of more than 7,000 stocks across the globe saw its market capitalization drop from a record high $61.36 trillion on Monday to $60.43 trillion at the close on Thursday.

ASIA'S DAY: South Korea's Kospi sank 1.7 percent to 2,319.71 and Hong Kong's Hang Seng lost 2 percent to 26,883.51.

The Korean won continued to fall versus the dollar, down 0.13 percent to 1,143.5 on Friday for a 1.6 percent decline on the week.

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Thin liquidity could also amplify market moves, she added, with markets in Singapore closed for a public holiday, and many market participants in Japan taking time off this week ahead of a public holiday on Friday.

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