Asian Shares Dip, Yen Gains On Mounting Korean Tensions

Asian Shares Dip, Yen Gains On Mounting Korean Tensions

Asian Shares Dip, Yen Gains On Mounting Korean Tensions

The yen stood tall amid rising tensions between the US and North Korea and spot gold held above the $1,300 level reached overnight while oil gave back some gains after rising more than 3 percent on Monday as Turkey threatened to shut down Kurdish crude shipments through its territory.

Global stocks declined Tuesday as investors watched U.S.

Supported by safe-haven demand, the gold for expiry in the month of October rose 115 points or 0.38 per cent to 30154 whereas the metal for expiry on the far month of December inched up 104 points or 0.34 per cent to 30289 in early trade today.

Gold is also likely to continue to feel pressure from rising U.S. Treasury yields in response to the Fed's hawkish tone.

NORTH KOREA: Investors looked for safe havens for their money after North Korea's top diplomat said a weekend tweet by President Donald Trump was a "declaration of war" and North Korea has the right to shoot down USA bombers. The Dow Jones industrial average shed 0.24 percent, or 53.5 points, to close at 22,296.09, the S&P 500 lost 0.22 percent, or 5.56 points, to finish at 2,496.66, and the Nasdaq tumbled 0.88 percent, or 56.33 points, to finish the session at 6,370.59.

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North Korea has been moving airplanes and boosting defences on its east coast after the United States dispatched B-1B bombers to the Korean peninsula over the weekend, South Korea's Yonhap News Agency reported on Tuesday, citing the country's spy agency.

CURRENCY: The dollar advanced to 111.60 yen from Monday's 111.69 yen.

Gold dropped $27.70 or -2.09% last week in reaction to a hawkish U.S. Federal Reserve meeting.

The yen tends to benefit during times of risk aversion due to Japan's net creditor status and the expectation that Japanese investors would repatriate assets when facing a crisis.

The euro and European government bond yields slipped on Monday after the bloc's most powerful leader, German Chancellor Angela Merkel, won a fourth term but faced a fractured parliament as support for the far right surged. New York Fed President William Dudley argued the USA central bank should stick with its strategy of gradual monetary policy tightening, a view echoed by Yellen.

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The single currency was down 0.69% on the dollar to 1.1868, and nearly as much against the pound at 0.8820, only up against the kiwi. Meanwhile, Chicago Fed President Charles Evans urged caution as did Minneapolis Fed President Neel Kashkari.

Australian shares held largely unchanged even as energy stocks rallied after oil prices jumped to their highest for more than two years on Monday.

West Texas Intermediate crude edged lower to US$52.11 a barrel after jumping 3.1 per cent on Monday. Tech stocks in the Standard & Poor's index lost 1.4 percent - more than three times the loss of any of the other 10 sectors that make up the index.

The spot gold in the USA was almost unchanged at $1,310.61 per ounce at 0339 GMT, marking its biggest intra-day percentage gain since September 7.

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