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11 August 2017, 10:57 | Joann Bryant
Wall Street swings lower after Trump warns North Korea
US stock indexes were set to open little changed on Friday, with the S&P 500 on track to post its biggest weekly loss in nine months, as investors remained cautious on heightened tensions between the United States and North Korea.
His order, reported in state media, came hours after U.S. President Donald Trump warned Pyongyang not to "make any more threats" to the U.S., saying it would face a "fire and fury" response (http://www.marketwatch.com/story/trump-today-president-says-north-korea-faces-fire-and-fury-if-it-doesnt-halt-threats-2017-08-08) "like the world has never seen".
According to reports, North Korea said it was completing plans to fire four intermediate-range missiles over Japan to land near the U.S. Pacific island territory of Guam.
The Dow Jones Industrial Average .DJI fell 36.64 points, or 0.17 percent, to end at 22,048.7, the S&P 500 .SPX lost 0.9 point, or 0.04 percent, to 2,474.02 and the Nasdaq Composite .IXIC dropped 18.13 points, or 0.28 percent, to 6,352.33.
South Korea's KOSPI fell 1.3 percent, taking its losses this week to almost 2.7 percent.
The limited fall in the price of Asian stocks suggests that stockholders are not unduly alarmed, experts said.
Asian stocks slumped on Friday as tensions ramped up between the US and North Korea, sending investors fleeing to less risky assets such as gold, the yen and USA government bonds. The 1.3 percent gain for the market's main other choice for borrowing to fund speculation, the Swiss franc against the euro, is its biggest rise in more than a year.
Money is jumping into safe-havens like Gold and the Japanese Yen, while the Korean Won has fallen to its lowest level in a month- after extending its losses to around 2% for the week.
The Swiss franc eased about 0.2 percent to 0.9658 per dollar, having surged roughly 1.1 percent on Wednesday.
Although the metal is now following a positive trajectory on the daily charts, market players might decide to remain on the sidelines ahead of the United States inflation report, released later today. Despite the losses, Noble shares rose 17.14 percent. That's the index's lowest level in two months.
Earlier, the dollar slipped as low as 108.91 yen, its weakest level since June 14, when the greenback fell as low as 108.81 yen.
Germany's DAX was also down 1.1% as bond yields fell. Disappointing company earnings also helped pull the market lower, with consumer-focused companies and technology stocks among the biggest decliners. Copper fell 2 cents to $2.93 a pound.
The European dip followed similar trading in Asia, where equities were back in the red, snuffing out a nascent recovery as tensions over North Korea lingered for a second day.
The dollar last changed hands at 108.96 yenJPY=, down 0.2 percent.
In a note sent to clients late on Thursday, the USA bank predicted the single currency would rise to $1.25 in the first quarter of next year and reach parity with sterling for the first time.
Speculative positions in US gold futures remain subdued, said UBS strategist Joni Teves. They soared over 2 percent in the previous two sessions, and are set for a weekly gain of 2.2 percent.
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