News Worms
News Worms


Germany urges China, Russia to rein in North Korea

Germany urges China, Russia to rein in North Korea

Altice USA, the subsidiary of the French company, added 0.1 per cent.

The two gainers were gold, up 1.6%, and materials, up 0.6%.

In the Dow, declines in shares of Merck and those of DuPont, recently down 0.9 percent and 0.8 percent respectively, outweighed gains in shares of Apple and those of Microsoft, recently up 1.3 percent and 0.7 percent respectively. Sydney's S&P-ASX 200 gained 0.5 per cent to 5,773.70 while New Zealand also rose. North Korea's threats to strike around Guam poses a serious challenge, a spokesman at South Korea's Joint Chiefs of Staff told reporters on Thursday. Trump warned that the North would be met "with fire and fury".

The DPRK made the threat via their state-run KCNA news agency with a statement saying "the KPA strategic force is now carefully examining the operational plan for making an enveloping fire at the areas around Guam with medium-to-long-range strategic ballistic rocket Hwasong-12 in order to contain the U.S. Major military bases on Guam including the Anderson Air Force Base".

Trump directed his stern comment towards North Korea just hours after it was revealed by the Washington Post that Pyongyang had successfully created a miniaturized nuclear weapon designed to fit inside its missiles.

Wall Street's downbeat start followed a slide in major stock indexes in Europe and Asia.

"I want to reassure the people of Guam that now there is no threat to our island or the (neighbouring Northern) Marianas", he said. He noted that when the North test-fired a missile in July, stocks rose.

The franc was not the only beneficiary to the risk-off sentiment sweeping markets.

Asian markets struggled again, with Japan's Nikkei feeling the pressure from the rise of the safe haven yen, which hit an eight-week high. US stocks also retreated (http://www.marketwatch.com/story/us-stock-futures-pull-back-as-north-korea-threatens-guam-2017-08-09), although Walt Disney Inc. shares (http://www.marketwatch.com/story/disney-and-netflix-what-the-split-means-for-viewers-2017-08-08)(DIS) were also a major source of pressure on the Dow Jones Industrial Average.

Earlier in the day, the Dow had climbed to a record high of 22,179.11.

The resignation of President Richard Nixon - 43 years ago to the day - resulted in a first day 0.9 percent sell-off, but 20 days later, the S&P 500 was down 13.8 percent and up 6.7 percent after 250 days. It is the USA territory that is closest to Pyongyang and has been a military stronghold since the US acquired it from Spain after the Spanish-American War in 1898.

Chemicals group Brenntag also dropped 6.7 per cent after second quarter results undershot expectations. "The global economy is really on some firm footing", he said.

Despite the ongoing turmoil, investors' focus was slowly returning to the U.S. economy after Chicago Federal Reserve president Charles Evans said Wednesday it would be "reasonable" to announce the beginning of a reduction of the Fed's balance sheet next month. They are looking for confirmation that the Fed is sticking with plans to hike interest rates once more this year.

In another statement citing a different military spokesman, North Korea also accused the United States of devising a "preventive war" and said any plans to execute this would be met with an "all-out war wiping out all the strongholds of enemies, including the U.S. mainland".

"Talks", Tillerson said when asked if North Korea had a way out.

CURRENCIES: The dollar fell to 109.96 yen from 110.48 yen late Tuesday.

The euro fetched $1.1748, not far off from $1.1752 late Wednesday in NY.

Cable was relatively unchanged on the day, up marginally 0.01% by the London close, trading at 1.3004 with the euro suffering much the same fate, only managing a slight push lower, 0.12% to trade at 1.1742. Brent crude, used to price worldwide oils, gave up 29 cents to $51.85 in London.

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