Global stocks slide as US-North Korea nuclear tensions rise

Global stocks slide as US-North Korea nuclear tensions rise

Gold rose to its highest level in nearly two months, while the Swiss franc increased by more than 1% against the U.S. dollar and saw its biggest one-day gain against the euro in more than two and a half years.

Japan's benchmark Nikkei 225 inched down less than 0.1 percent to finish at 19,729.74.

In New Zealand, the Kiwi Dollar edged higher after the central bank there left rates unchanged at the current 1.75%.

Away from the futures market, London-based gold bullion traders also reported brisk buying by worldwide investors.

The Dow Jones Industrial Average climbed 0.08% on Friday, Aug. 11, the S&P 500 gained 0.13%, and the Nasdaq added 0.64%.

North Korea had responded to Trump's previous promise to unleash "fire and fury" with a threat to land a missile near the U.S. Pacific territory of Guam.

The US military's options are "locked and loaded", Trump said on Friday in a warning to North Korea if it made a decision to "act unwisely".

Korea said it is examining an operational plan for firing a ballistic missile towards Guam. The consumer discretionary index .SPLRCD was one of its biggest losers with a 0.47 per cent drop.

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President Donald Trump says that perhaps his "fire and fury" warning to North Korea "wasn't tough enough".

The pan-European FTSEurofirst 300 index (.FTEU3) lost 1.11 percent.

"North Korea doesn't seem like they're going to back down and the United States has also made a very strong stance this time". The Shanghai Composite Index lost 0.2 percent to 3,275.57 and Hong Kong's Hang Seng was off 0.3 percent at 27,757.09.

Japanese markets were closed for a holiday, but the tense mood dragged Asian shares lower and an MSCI index of stocks across the globe .miwd00000pus was on track to post its largest weekly drop since the week before Donald Trump won the US presidential election in November.

"When investors are optimistic to the extreme, it means that most of their money is already in the market and there's no more money coming in", Bruce Bittles, chief investment strategist at Robert W. Baird & Co in Sarasota, Florida. "Because things will happen to them like they never thought possible". But Michael said the overall market was still expected to saw-tooth its way higher due in part to a batch of better-than-expected earnings and low interest rates, despite the shift toward raising rates. The euro edged down to $1.1727 from $1.1751. Still, he said, "the Washington, D.C., bedlam and North Korea's saber-rattling is muddying the broader landscape".

Josh Saul, chief executive officer of London-based The Pure Gold Company, which is among the bullion merchants reporting incremental trading, said: "We've seen a 64% increase in people purchasing physical gold for the first time in recent sessions citing the breakdown of worldwide relations".

Brent crude LCOc1 was up 30 cents at $53.00 a barrel and USA crude was up 22 cents at $49.78.

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