Stocks slide on continued concern over tension between USA and North Korea

Stocks slide on continued concern over tension between USA and North Korea

Stocks slide on continued concern over tension between USA and North Korea

The influential financial stocks were among the biggest drags on the index, with Royal Bank of Canada down 1.5 percent to C$92.88, and Manulife Financial Corp falling 4.7 percent to C$24.43, its largest drop since early August past year. Futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) are lower, as well, in what could be a third straight loss for US stocks.

A sell-off in heavyweight basic resources stocks prompted a third day of losses for European shares on Friday, posting their worst week this year amid a ramp-up of tensions between the U.S. and North Korea.

The modest rebound came at the end of a turbulent week on Wall Street as escalating tensions between the USA and North Korea rattled global markets. The index had its biggest drop since mid-May a day earlier.

North Korea on Thursday outlined details for a missile strike near the USA territory of Guam, adding fuel to rising tensions with the United States.

U.S. President Donald Trump said on Thursday afternoon that his earlier warnings to North Korea may not have been tough enough.

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"It's fantastic when you consider the headlines just how calm the equity markets are, how they've taken things in their stride", said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.

Friday was the FTSE's third straight day of losses after U.S. president Donald Trump said that his earlier remark to unleash "fire and fury" on Pyongyang may not have been tough enough.

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Oil prices were under pressure (http://www.marketwatch.com/story/oil-prices-head-lower-as-global-tensions-continue-unabated-2017-08-11), with prices ticking lower after the International Energy Agency said oil supply rose for a third month as compliance with an OPEC output deal faltered.

"If the US and South Korea carry out strikes and try to overthrow the North Korean regime and change the political pattern of the Korean Peninsula, China will prevent them from doing so", the editorial's authors said. Regions Financial shed 23 cents, or 1.6 per cent, to $14.07.

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Boris Johnson has said the regime of Kim Jong Un is responsible for the crisis over North Korea's nuclear programme and must now "fix it".

Belgian drugmaker Galapagos was a rare bright spot, finishing up 4.8 per cent as brokers upgraded their view on the stock which also outperformed on Thursday after a successful drug trial. "This may suggest much is in the price, and therefore risk appetite is taking its own summer holiday", he said in a note to clients.

Oil prices were lifted by a sustained decline in inventories and as Saudi Arabia prepared to cut crude supplies to its prized Asian customers.

The dollar slipped to 109.04 yen from 109.26 late Thursday.

In Asia, several indexes closed lower overnight. While the German DAX Index has inched up by 0.1%, the UK's FTSE 100 Index and the French CAC 40 Index are down by 0.9% and 1%, respectively.

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