Global Stocks Poised for Weekly Declines

Global Stocks Poised for Weekly Declines

Global stock markets slumped Friday as increased tensions between North Korea and the United States following President Donald Trump's bellicose remarks prompted investors to unload shares in companies that have been on the rise.

The pan-European FTSEurofirst 300 index lost 1.01 percent and MSCI's gauge of stocks across the globe shed 0.26 percent for a weekly loss of 1.6 percent, the largest since the week to November 4. Earlier, the average had been down more than 88 points.

The Nasdaq Composite was up 19.35 points, or 0.31 percent, at 6,236.22.

The dollar index fell 0.32 per cent, with the euro up 0.42 per cent to US$1.1819. Wholesale price inflation eased to an eight-month low of 2.2% in July from 2.5% in June.

On Tuesday, President Donald Trump warned North Korea of "fire and fury" in response to recent threats from Pyongyang, which said it was examining plans for attacking Guam, a USA territory in the Pacific with a military base. Bond and gold prices, traditional havens for nervous investors, were little changed, and the VIX, a measure of how much volatility investors expect in stocks, fell 3.3 percent following a 44.4 percent jump the day before. But the moves were modest.

Buhari President says Lai Mohammed is working very hard
The groups said members would walk to the Presidential Villa to present a position paper to Acting President Yemi Osinbanjo. He said there is tremendous improvement in his health and that he wishes to return home.

At 3:15pm BST, the Comex gold futures contract for December delivery was up 1.09% or $13.90 to $1,293.20 an ounce, as the precious metal extended overnight gains, of almost 2% stateside, with yet another rally in Asia and Europe.

While the tough talk about the potential for war is scary, investors have heard it many times before.

THE QUOTE: "Today's inflation data put the Fed on pause and really diminishes the fact that there's still some noise going around with the North Korea-U.S. situation", said Phil Blancato, CEO of Ladenburg Thalmann Asset Management.

"With European, U.S. and Asian markets all suffering heavily in anticipation of a potential conflict in Asia, it is worthwhile noting that we have heard similar posturing between Trump and Kim Jong Un before", said Mahony.

SeaWorld Entertainment slid 6.2 percent after the theme park operator reported second-quarter revenue that fell short of Wall Street's expectations.

Futures lower as N.Korea tensions extend to third day
Hong Kong slumped 2.04 per cent, Shanghai slipped 1.63 per cent, Korea shed 1.69 per cent, Jakarta fell 1.03 per cent. Declining issues outnumbered advancing ones on the NYSE 6-to-1; on Nasdaq, a 3.60-to-1 ratio favored decliners.

The pan-European FTSEurofirst 300 index lost 1.01 per cent and MSCI's gauge of stocks across the globe shed 0.26 per cent for a weekly loss of 1.6 per cent, the largest since the week to November 4.

The latest sell-off was the most severe yet, amounting to the biggest single-day drop for the stock market in almost three months.

MARKETS OVERSEAS: In Europe, Germany's DAX was down 1 percent, while France's CAC 40 fell 1.4 percent. Banks and department store shares also were among the big decliners.

US crude oil futures settled almost 2 per cent lower at $48.59 a barrel, as Russian Federation considered a future output resumption and the Organization of the Petroleum Exporting Countries boosted its July production numbers. It slid 80 cents, or 1.5 percent, to close at $51.90 per barrel on Thursday.

Mariota returns; Jets top Titans 7-3 in preseason opener
Hackenberg completed 18 of 25 passes for 127 yards in the 7-3 win over the Tennessee Titans , his only turnover a botched snap. Bryce Petty got mop-up duty, playing one series in the third quarter and the entire fourth.

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