US Stocks Close Lower, Snapping Dow's 10-Day Winning Streak

Dow's nine days of records finally ends

USA indexes were set to open lower for the third straight day on Thursday as North Korea's threat to land a missile just short of the US territory of Guam added fuel to simmering tensions with the United States.

Secretary of State Rex Tillerson later insisted the USA isn't signalling it's about to mete out a military response despite threats from North Korea suggesting it could attack Guam, a US island territory in the Pacific.

"Much of the rally (in gold) is because of the increased safe-haven demand", said OCBC Bank analyst Barnabas Gan. He added that in China, the USA and South Korea, stocks that are showing the biggest declines since the rise of tensions between the US and North Korea are the companies that have risen most since June.

Trump was responding to North Korea's claim it was completing plans to fire four intermediate-range missiles over Japan to land near the U.S. Pacific territory of Guam. The Korean currency last traded at 1,137.70 won to the dollar.

Global benchmark Brent also fell 0.9 percent to $51.44, after Thursday's 1.5 percent drop.

Swiss franc, yen rise as North Korea tensions brew
In the wake of the USA and North Korea tension Wall Street , Asian markets and European markets have all closed in red territory. The UK blue-chip index closed 113 points, or 1.5%, lower at 7,385, steadily losing ground as the trading session wore on.

All three major equity benchmarks stumbled firmly lower on Thursday, with the trifecta of indexes on track to fall in three consecutive sessions in unison for the first time since mid April amid a persistent war of words between the US and North Korea.

Instead, investors turned to assets that tend to benefit in times of geopolitical and financial stress. The EUR/JPY was down 0.54% to trade at 128.924 Yen while the GBP/JPY was down 0.58% to trade at 142.489 Yen.

Health-care equipment and services company Henry Schein declined amid a broader slide by health care stocks. Australia's S&P/ASX 200 dropped 1.2 percent to 5,693.10.

Meanwhile, U.S. wholesale prices (http://www.marketwatch.com/story/us-wholesale-inflation-fall-01-in-july-first-decline-in-almost-a-year-2017-08-10) declined in July for the first time in nearly a year, providing additional evidence of tepid inflation that is bedeviling the Federal Reserve.

On the earnings front, Hong Kong Exchanges and Clearing announced Wednesday that its second-quarter net profit climbed 12.5 percent to HK$1.8 billion ($230 million), higher than an average analyst forecast of HK$1.6 billion, Reuters said.

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Yields on core government debt fell.

The Topix index of all first-section issues edged down 0.04 percent, or 0.65 points, to 1,617.25 for a weekly loss of 0.87 percent.

"Dollar/yen has already gone below 110.00 yen, and at this stage we are likely to see the pair begin to bottom out as the market finds time to assess the situation", said Kyosuke Suzuki, director of forex at Societe Generale in Tokyo.

Meanwhile, gold stocks are bucking the downtrend, driving the NYSE Arca Gold Bugs Index up by 1.2%.

Oil prices rose before a report expected to show US crude stocks fell for a sixth week. Brent crude, used to price global oils, gained 56 cents to $52.70 in London.

Alvaro Morata admits Chelsea transfer doubts before Antonio Conte phone call
No wonder the Italian coach cuts a frustrated figure heading into the start of Chelsea's Premier League title defence. They have a lot of matches now and that means there's not the time to work like Conte wants [on the training pitch].

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