Homepage / Asia / US-North Korea tensions weigh on Asia markets as Trump doubles down on rhetoric
Facebook slams former exec Palihapitiya, saying it 'was a very different company back then' 80% of Wall Street economists, strategists believe bitcoin is a bubble: Survey Facebook to book advertising revenue locally amid political pressure Strategist Tom Lee: Young people will drive bitcoin gains just as boomers boosted stocks in the '80s This founder started in his parents' garage—now his company does over $100 million a year Activision shares to get a boost from Overwatch, Diablo sequels, Goldman says Verizon will launch over-the-top service before year-end with NFL as key piece, analyst predicts Chamath Palihapitiya: Apple is 'no different than Louis Vuitton or any other luxury good' Passport's flagship fund to close after 'unacceptable' returns Apple's powerful new computer launches December 14 Despite a deluge of criticism, Mark Zuckerberg had a bountiful year Chamath Palihapitiya says Elon Musk is the 'most important entrepreneur of our generation' Senior Australian politician resigns over China ties scandal Forget bitcoin, one of its biggest cryptocurrency rivals is up nearly 5,800 percent this year Bitcoin futures fall on second day of trading on very low volume as interest wanes Bitcoin millionaire: Don't buy bitcoin Stocks making the biggest moves premarket: PEP, MAT, VZ, MYL & more Tech high flyers could soar 10% or more next year, investor Paul Meeks says Goldman Sachs predicts bumper returns for commodities next year Amazon is not a monopoly but there's no question why it's so dominant, tech investor Palihapitiya says Starbucks customer laptops hacked to mine cryptocurrency Fed Survey: Tax cuts and rate hikes on the way Social Capital's Palihapitiya says bitcoin is going to $1 million in the next 20 years Bitcoin bulls looking to diversify can now put money in a crypto-index fund Ex-Facebook executive Chamath Palihapitiya: Social media is creating a society that confuses 'truth and popularity' More American jobs? Broadcom deal might mean the opposite The bull case for gold as bitcoin captivates America One person reported dead after Austrian gas hub explosion Bitcoin bubble could lead to 'destructive' consequences, UBS says While you were watching bitcoin, the world’s second-largest cryptocurrency hit a big milestone French retail giant to buy mall operator Westfield in the biggest takeover of an Australian company ever Bitcoin futures launch is not taking away demand from gold, Goldman Sachs says Germany outpaces UK for commercial real estate investment, survey finds UK inflation comes in at 3.1 percent, highest since March 2012 Amazon expands its cloud presence in China as it battles the country's internet giants Robert Gates says a North Korean nuclear warhead will soon be an accepted reality European markets set to open higher as investors look ahead to Fed, ECB meetings Cryptocurrencies could be rocked by major hacks next year, expert warns Trump's 'ill-advised' move over Jerusalem has set back peace process, former secretary of defense says Four charts from Google make the argument for a growing, $50 billion e-commerce bloc Corporate deals slowed dramatically in 2017, but at least one country bucked the trend The 'alt-right' created a parallel internet. It's a holy mess Google eclipses Facebook as the top source of traffic for online publishers Cramer Remix: Acadia is the most volatile stock I’ve ever covered — and it’s worth speculating on Topgolf CEO sees 'real growth' in golf, says he's 'winning' with millennials Cramer: Auto parts stocks like O'Reilly wrongly sold off and are buys Asian markets look to follow Wall Street's strong lead, and New Zealand dollar firms Cramer tackles the question of why the market has been so positive for 2017 Electric vehicle demand is driving huge jump in number of battery factories around the world Bitcoin has aspects of a bubble, but it's OK to 'play' with it: Economist Robert Shiller Icahn wages new fight with Xerox with plans to nominate 4 to board Cisco CEO Chuck Robbins thinks he's finally found the key to growing in China Why Apple just spent up to $400 million on song-identification app Shazam Trump orders NASA to send American astronauts to the moon, Mars People are taking out mortgages to buy bitcoin, says securities regulator Here are JPMorgan’s favorite chip stock picks for the next year Ford says hybrids beat electric for self-driving cars Zuckerberg's purchase of Instagram was the perfect 'teen and millennial hedge' for Facebook Shares of retailer-turned-bitcoin-play Overstock.com rocket higher after Morgan Stanley reveals stake Amazon has sharply curtailed hiring in Seattle as it seeks second headquarters Start-up Fuzzy offers house calls for your pets for $468 a year Manufacturing CEO survey shows record high optimism on prospect of tax reform A top VC explains which technologies will change society the most in 10 years American Express is getting rid of signatures for credit card purchases Bitcoin futures up and running but trading is light Apple to buy music recognition app Shazam The smart play on bitcoin: Don't mine the gold, sell the picks and shovels Cramer: Bitcoin's futures launch is a 'very big victory' for the digital currency If Tim Cook is right about AR, Lumentum is a buy On Main Street the bigger you are, the better tax reform looks: CNBC/SurveyMonkey Ethereum creator compares crypto mania to world’s biggest art auction UBS: Cryptocurrencies like bitcoin are ‘the bubble to end all bubbles’ Google's high-end smart speaker, which rivals a Sonos, is now available Bitcoin futures launch could be bad for bitcoin’s price, tech analyst Gene Munster says Bank of America analyst predicts EA will bring back 'Star Wars' micro-transactions despite uproar European finance ministers call for US tax reform rethink Goldman upgrades ADP, says it will be 'outsized beneficiary' of GOP tax cuts iPhone X supply has improved, with most models now shipping in 2-5 days Former Facebook exec Chamath Palihapitiya says social media is ripping apart society Investors 'haven't missed the train' on bitcoin yet, but it could be a wild ride, analyst says Stocks making the biggest moves premarket: ADP, FIT, X, LKQ & more Vladimir Putin orders Russian forces to start pulling out of Syria NFL and Verizon strike a mobile deal to expand live game streaming Fueled by investor taste for liquid alternative investments, hedge fund conversions skyrocket Uber’s fight for survival in London is pushed to 2018 but another key Europe ruling is imminent Bitcoin price jumps $2,000 after Cboe futures launch Contenders emerge for the No. 2 Fed job as search narrows Investors are dumping gold to buy bitcoin, says strategist Currency expert says there's one fundamental reason behind bitcoin's runaway rally Global arms sales rise for first time since 2010 Trader who called bitcoin rally says cryptocurrency will surge above $100,000 in 2018 Chinese drone maker wants to fly people around, and it says it will turn a profit in two years European markets set to start week higher ahead of Fed, ECB meetings New Zealand's central bank just got a new governor How Chinese spies used LinkedIn to snoop on German politicians Instant noodle giant aims to boost paltry market share in China with healthy ramen Rohingya curries and Syrian sweets from refugees are making start-up a hit A Muslim country that isn’t even in the Middle East says it’s willing to send troops to Jerusalem One of the world's largest shipbuilders names a new CEO days after dire warning on losses Rubber farmers are getting slammed by low prices — but one company wants to fix that

Asia

US-North Korea tensions weigh on Asia markets as Trump doubles down on rhetoric

U.S.-North Korea geopolitical tensions came to the fore once again as Asian stocks remained pressured and demand for safe haven assets remained intact in Friday trade.

South Korea’s benchmark Kospi index fell 1.69 percent, driven by losses in tech and retail stocks. Samsung Electronics and SK Hynix sank 2.61 percent and 4.04 percent respectively, while department store operator Shinsegae tumbled 8.87 percent.

In Australia, the S&P/ASX 200 was down 1.13 percent, with the index’s move lower driven by broad-based losses across most sub-indexes although gold stocks climbed. The heavily-weighted financials sub-index was 1.40 percent lower.

Markets in greater China mirrored the slide in global equities. Hong Kong’s Hang Seng Index was down 1.22 percent. On the mainland, the Shanghai Composite declined 0.68 percent and the Shenzhen Composite shed 0.521 percent.

Japan markets are closed for the Mountain Day holiday.

After previously warning of “fire and fury” if North Korea persisted in threatening the U.S., President Donald Trump said Thursday his statement “wasn’t tough enough.” While he did not comment on what he meant by that statement, Trump said that North Korea should be “very, very nervous” if it “(did) anything in terms of even thinking about an attack.”

Gold prices eased slightly after rising to their highest levels in more than two months on safe haven demand. Spot gold traded traded as high as $1,288.92 an ounce on Friday, compared to levels around the $1,257 mark earlier this week. The yellow metal traded at $1,285.64 an ounce at 9:53 a.m. HK/SIN, a tad below the $1,285 level seen Thursday.

Demand for the Japanese yen remained supported, with the dollar extending losses made in the Thursday session. The Japanese currency last traded at 109.07 yen to the dollar, compared to levels around the 110 handle seen earlier in the week.

Yields of the benchmark 10-year U.S. Treasury fell to a one-and-a-half month low of around 2.20 percent in the Thursday session. Ten-year yields were around 2.25 percent earlier in the week.

In corporate news, Noble Group announced a net loss of $1.9 billion in the first half of 2017. Noble has been forced to shuffle management, sell down assets and slash costs to boost liquidity. Despite the losses, Noble shares rose 17.14 percent.

Also of note, Japan’s SoftBank Group has invested almost $2.5 billion in India-based e-commerce player Flipkart. The funding will come from SoftBank’s Vision Fund in the form of share purchases, Reuters reported.

Meanwhile, the dollar index, which tracks the dollar against a basket of six major currencies, slipped on the back of weaker-than-expected U.S. producer prices. The index stood at 93.371 at 9:38 a.m. HK/SIN, below levels around the 93.4 handle seen in the previous session. Ahead, the release of U.S. July CPI due during the U.S. trading day is expected to influence the direction of the dollar.

“The drop in PPI signals potential weakness in CPI, but even if consumer prices tick higher like economist[s] anticipate, it won’t be enough because the Federal Reserve doesn’t feel good about inflation,” BK Asset Management Managing Director Kathy Lien said in a note.

Heightened geopolitical tensions between the U.S. and North Korea also meant that the dollar/yen pair would have a difficult time responding to positive data, Lien added.

In other currency market news, the Philippine peso fell to an 11-year low against the dollar, according to Reuters. The Philippine currency traded at 51.069 peso to the dollar at 9:40 a.m. HK/SIN, breaching the 50 level seen since mid-June.

Oil prices steadied after slumping more than 1.5 percent overnight on oversupply concerns and the move lower on Wall Street, Reuters reported. Brent crude edged down by 0.13 percent to trade at $51.82 a barrel and U.S. crude shed 0.06 percent to trade at $48.56.

In economic news, second-quarter Singapore GDP growth was revised upwards to 2.2 percent compared to the previous quarter, above an earlier estimate of 0.4 percent growth. The figure reflected a 2.9 percent rise compared to one year ago. The beat in GDP growth gave the Singapore dollar a slight boost: The currency traded at S$1.3623 to the dollar at 8:31 a.m. HK/SIN compared to levels around S$1.3634 seen before the release.

The economic calendar for Asia is fairly light (all times in HK/SIN):

  • 1:00 p.m.: Singapore June retail sales
  • 4:30 p.m.: Hong Kong second-quarter GDP

Markets stateside tumbled on the back of the U.S.-North Korea geopolitical tensions, with the Dow Jones industrial average falling 0.93 percent to close at 21,844.01. The Nasdaq dropped 2.13 percent, or 135.46 points, to finish at 6,216.87.

— CNBC’s Leslie Shaffer contributed to this report.

Source: cnbc china
US-North Korea tensions weigh on Asia markets as Trump doubles down on rhetoric

Comments are closed.