FTSE Weak on North Korean Tensions

FTSE Weak on North Korean Tensions

The Dow Jones Industrial Average fell 234.25 points, or 1.07 per cent, to 21,753.31, the S&P 500 lost 18.7 points, or 0.76 per cent, to 2,457.85 and the Nasdaq Composite dropped 59.76 points, or 0.93 per cent, to 6,375.57.

USA stock index futures pointed to a flat to cautiously higher open on Wednesday, as investors tried to brush off any concerns surrounding amplified tensions between the West and North Korea, and look to upcoming key data.

Infrastructure and support services company Stobart Group updated the market on its trading in the first half on Tuesday, reporting good progress in aviation as passenger numbers grew 22% year-on-year at Southend Airport. The 10-year Treasury yield continued its descent, falling another 10 basis points to 2.07%. "Also you have the hurricane last week and the upcoming hurricane, so there's a lot on the plate for the market to digest".

The Stoxx Europe 600 index, the broadest measure of regional share prices, was marked 0.34% lower by mid-morning in Frankfurt as benchmarks around the region followed Asia markets into the red and gold prices tested another 11-month high amid the flight-to-safety trading that took the price of the bullion to just under $1,340 an ounce. Admiral's share price has lost 0.77 percent to 1,904.00p so far today.

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Traders were assessing the growing tensions with North Korea, which conducted another test over the weekend. On Tuesday, President Donald Trump said in his tweet that he has given the go-ahead for Japan and South Korea to buy a "substantially increased amount" of sophisticated military equipment from the United States.

Investors' nerves on Tuesday also may have been heightened by news of a powerful storm heading to the southern USA closely on the heels of devastation in Texas from Hurricane Harvey. The Nasdaq composite dropped 39 points, or 0.6 percent, to 6,396. The Russell 2000 index of smaller-company stocks gave up 13.92 points, or 1 percent, to 1,399.66. Dow e-minis were down 51 points, or 0.23 percent, with 29,103 contracts changing hands.

In the currency markets, sterling is flat against the dollar at 0.07% to $1.3040 and higher against the euro at 0.18% to €1.0916.

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