Swiss franc, yen rise as North Korea tensions brew

Swiss franc, yen rise as North Korea tensions brew

At 11:03 a.m. ET (1503 GMT), the Dow Jones Industrial Average .DJI was down 110.36 points, or 0.5 percent, at 21,938.34, the S&P 500 .SPX was down 19.12 points, or 0.77 percent, at 2,454.90.

Heading into Thursday, some 89 percent of the companies in the S&P 500 had reported quarterly results. It was last up 1.1 per cent at 1.1321 per euro. The Nasdaq composite lost 99 points, or 1.6 percent, to 6,252.

The loss of appetite for risk followed 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 in an unusually detailed threat.

JITTERS: With President Donald Trump warning North Korea of "fire and fury", investors have become concerned that the war of words between Washington and Pyongyang could spiral out of control.

About 7.5 billion shares changed hands on US exchanges, well above the 6.25 billion average for the last 20 days.

USA -traded Nikkei futures NKc1 fell 2 percent to their lowest since mid-May.

The influential financial stocks were among the biggest drags on the index, with Royal Bank of Canada down 1.5 percent to C$92.88, and Manulife Financial Corp falling 4.7 per cent to C$24.43, its largest drop since early August past year. The stock fell $4.15 to $102.83.

High-flying technology names suffered outsized losses on the day, with Apple falling 3.2 per cent, Amazon 2.6 per cent and Facebook 2.2 per cent. Biotech companies Celgene and Amgen lost 3.8 per cent and 2.6 per cent, respectively. After paring gains it was still on track for its biggest one-day percentage gain since May 17.

SBI net profit falls in Q1, NPAs increase
The firm's consolidated revenue from the shipping segment rose to Rs588.41 crore from Rs478.93 crore in the year-ago period. Interest outgo during the quarter was down 19 per cent at Rs 488 crore (Rs 600 crore) due to pre-payment of loan.

The dollar weakened after news that US producer prices unexpectedly fell in July, recording their biggest drop in almost a year and pointing to a further moderation in inflation that could delay a Federal Reserve interest rate increase.

Insurers and banks, which invest in higher-yielding products such as foreign bonds, underperformed after U.S. Treasury yields fell on Wednesday, with the yields on the benchmark 10-year note hitting a six-week low. It added 39 cents to $49.56 a barrel overnight. Brent crude, used to price global oils, added 21 cents to $52.91. December-dated gold futures finished the day up 1.3%, or $16.70 at $1,279.30 per ounce.

Overall, gold continued to edge higher to the $1,280 per ounce area in European trading. The euro rose to $1.1753 from $1.1752. Copper fell 2 cents to $2.90 a pound. The Russell 2000 index of smaller-company stocks gave up 13.20 points, or 0.9 percent, to 1,396.95.

The Swiss franc has gained about 1.3 percent against the dollar so far this week, while the yen has advanced around 1.5 percent in the same period.

The dollar inched lower to 109.99 yen on Thursday, holding above Wednesday's low of 109.56 yen, which was the greenback's lowest level since June 15.

Disappointing economic data releases weighed on both sides of the Atlantic today with a negative goods trade balance for the United Kingdom (-0.1% versus expectations of 1.4%), higher unemployment claims from the USA (244,000) and also a negative month-on-month PPI figure for the U.S. (-0.1%).

CURRENCIES: The euro was down 0.1 percent at $1.175 while the dollar fell 0.6 percent to 109.68 yen. Economists had expected another 0.1 percent uptick.

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