Nuclear nerves wipe $1 trillion off world stocks

Reuters

LONDON, Aug 10 (Reuters) - World stocks fell for a third day on Thursday and investors moved again into the Swiss franc, yen and gold, prompted by the war of words between the United States and North Korea.

OIL: Benchmark U.S. crude lost 24 cents to $48.37 per barrel on the on the New York Mercantile Exchange while Brent crude, used to price global oils, declined 20 cents to $51.70 per barrel in London.

The pan-European FTSEurofirst 300 index .FTEU3 lost 1.01 percent and MSCI's gauge of stocks across the globe .MIWD00000PUS shed 0.26 percent for a weekly loss of 1.6 percent, the largest since the week to November 4.

The euro was down 0.3 percent at just over $1.17 and nearing a two-week low, while the New Zealand dollar tumbled a full 1 percent as its central bank head bluntly said he wanted it lower.

With the rhetoric rumbling on, Europe's top-rated German bond yield held near six-week lows.

Speaking live on state television at a forum for Russian students, Lavrov encouraged Pyongyang and Washington to sign up to a joint Russian-Chinese plan, under which North Korea would freeze its missile tests and the United States and South Korea would impose a moratorium on large-scale military exercises.

WALL STREET: Losses in health care and consumer-focused companies pulled USA stocks lower, snapping a 10-day winning streak for the Dow Jones industrial average. Weakness in U.S. Treasury yields may also be supporting the yen.

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.

The U.S. equity market is hovering near record levels and volume has been tepid following the onset of summer.

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The dollar was further weighed down on Friday by the soft USA inflation data. The Nasdaq added 39.68 points, or 0.6 percent, to 6,256.56. Silver rose 1.7% to $16.70 per ounce.

The sell-off is likely to extend into the European session, with financial spreadbetter CMC Markets expecting Germany's DAX and France's CAC 40 to open down about 0.7 per cent each and Britain's FTSE 100 to start 0.55 per cent lower. On the Nasdaq, 1 378 issues rose and 892 fell.

Crude oil prices extended their slide as exports from key OPEC producers rose, despite news of lower crude shipments from Saudi Arabia.

An Associated Press report that the US and North Korea have been engaged in back channel talks (https://apnews.com/686ac7c761694b28b67793a1d8297145?link=mktw) for several months even as they exchange incendiary threats may also help to soothe jitters.

Overnight North Korea dismissed as a "load of nonsense" warnings by U.S. President Donald Trump that it would face "fire and fury" if it threatened the United States.

In response to North Korea's threat to fire ballistic missiles over Japan toward Guam, the government here has begun preparing to deploy Patriot interceptors in its western regions.

USA crude CLc1 was unchanged at $48.59 per barrel and Brent LCOc1 was last at $51.84, down 1.63 percent on the day.

Emerging market stocks .MSCIEF lost 1.27 percent. Its weekly gain of 2.6 percent is the largest since June 2016.

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