Shares slip, yen and gold gain as Korea tensions escalate

Shares slip, yen and gold gain as Korea tensions escalate

Shares slip, yen and gold gain as Korea tensions escalate

"The direction in global equities will likely play a major role in the yen's direction today, while the market will also be interested to see what comes of US CPI data".

LONDON, Aug 11 (Reuters) - The dollar was pinned close to an eight-week low against the yen on Friday as escalating tension over North Korea dominated currency markets thinned out by the summer holidays in Europe and the United States.

U.S. President Donald Trump issued a new verbal warning to Pyongyang on Thursday, saying that his previous promise to unleash "fire and fury" may not have been strong enough after North Korea responded with a threat to land a missile near the U.S. Pacific territory of Guam. Tensions have been rising in the Korean Peninsula, and reached a new level with President Trump's "threat" of "fire and fury" against North Korea if they should proceed with a missile strike against Guam, a U.S. territory located in the Pacific.

Overnight, MSCI's broadest index of Asia-Pacific shares outside Japan had skidded 1.55 percent, its biggest one-day loss since mid-December, to leave it down 2.5 percent for the week. Pacific territory, which has a large USA military base.

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Macy's tumbled 10.2 percent after the company said its sales continued to decline in the second quarter. South Korea's Kospi fell 0.5 percent. Broadcom gave up $5.72, or 2.3 percent, to $243.45.

Shortly after the start of trading, the Commerce Department is scheduled to release its report on wholesale inventories in the month of June.

"More likely than anything else, the price action was a function of an overextended USA equity market that has been in need for a healthy correction off record highs", LMAX Exchange analysts said in a morning note. The Dow edged down 33.08 points or 0.2 percent to 22,085.34, the Nasdaq dipped 13.31 points or 0.2 percent to 6,370.46 and the S&P 500 slipped 5.99 points or 0.2 percent to 2,474.92.

Shares of Snap (SNAP.N) ended down 14 percent after hitting a record low following a miss on revenue and daily active users. The euro slid 0.6 percent to 128.92 yen, and fell 0.1 percent against the dollar to $1.1735.

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While the data gave investors appetite for growth sectors such as information technology and biotechnology it soured them to rate-sensitive stocks such as banks, said Keith Lerner, Chief Market Strategist, SunTrust Advisory services in Atlanta.

The major European markets have also shown notable moves to the downside on the day.

In commodities trading, crude oil futures are rising $0.36 to $49.53 a barrel after slipping $0.22 to $49.17 a barrel on Tuesday.

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

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"A combination of softer euro zone economic data, solid US reports and market positioning all resulted in a markedly heavier tone for the single currency", Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington, said in a note.

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