Stocks Fall for Third Straight Day as North Korea Tensions Percolate

Stocks Fall for Third Straight Day as North Korea Tensions Percolate

North Korea said it mastered a crucial technology needed to strike the us with a nuclear missile. Security and defense officials on Guam said on August 9, 2017, that there is no imminent threat to people there or in the Northern Mariana Islands after North Korea said it was examining its operational plans for attack.

Safe-haven assets such as gold and the Swiss franc were again in favor.

"There's uncertainty and caution as investors nervously eye the next foreign policy moves".

The statement followed a tweet by President Trump praising what he described as the growing USA nuclear arsenal, adding, "Hopefully we will never have to use this power, but there will never be a time that we are not the most powerful nation in the world!" U.S. Secretary of State Rex Tillerson said he did not believe there was an imminent threat.

The Standard & Poor's 500 index fell 3 points, or 0.1 percent, to 2,471 as of 12:16 p.m.

The Toronto Stock Exchange's S&P/TSX composite index was up 21.58 points, or 0.14 per cent, at 15,277.93 shortly after opening in negative territory.

Japan's Nikkei had been down more than 1% overnight while South Korean shares also slipped.

The Japanese yen hit an eight-week high against the USA dollar, while spot gold also reached a two-month high.

Former Director of National Intelligence James Clapper said Tuesday the rhetoric surrounding North Korea was "becoming quite incendiary" and called on both President Donald Trump and the media to tamp it down.

"Tensions are still high and not going away at the moment".

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Safe-haven assets gained following the rising geopolitical tensions.

The focus on North Korea largely overshadowed a Labor Department report showing an unexpected drop in USA producer prices in the month of July.

However, the early gains were short-lived as the New Zealand dollar tumbled to the lowest since July 18 to last trade at $0.7278.

The euro fell a quarter-of-a-percent against the dollar to trade at $1.1728 as European markets opened.

In currencies, the yen strengthened 0.64% versus the greenback at 109.37 per dollar. Japan is the world's biggest creditor country and there is an assumption investors there will repatriate funds in a crisis. It was last up 1.2 percent at 1.1305 per euro.

Yields on core government debt fell.

Investors continued to react to President Trump's warning to North Korea on Tuesday about facing "fire and fury" if North Korea delivers more threats against the U.S. A gauge of volatility on the S&P 500, the VIX hit its highest reading for over a month.

In commodities, U.S. crude fell 0.67% to $49.23 per barrel and Brent was last at $52.58, down 0.23% on the day. The figure showed a decline of 1.1% versus expectations for a 0.5% drop and reversing from a 1.9% gain in May.

"The frame of mind is we don't like sterling and we will need a significant upturn in the data to change that".

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