Gold Retreats From Fresh 2-Month Highs, Risk Appetite Remains Dominant

Gold Retreats From Fresh 2-Month Highs, Risk Appetite Remains Dominant

"The slight bias to the upside (in stocks) is a result of the CPI number".

If tensions with North Korea de-escalate and the USA economy remains on track, it's easy to see how stocks could quickly climb to new heights.

Analysts pointed to the harsh threats and sabre rattling from US President Donald Trump, including a message Wednesday on Twitter boasting the United States' nuclear arsenal was now "more powerful than ever before".

Foreigners' appetite for profit-taking was stoked further by North Korea's threat to fire four missiles near the U.S. Pacific territory of Guam, which made the South Korean currency weaker against the greenback.

"There's not a great incentive to buy big", said Lerner of SunTrust Advisory.

The Standard & Poor's 500 index dropped 35.81 points, or 1.4 percent, to 2,438.21.

The Dow Jones Industrial Average .DJI fell 94.55 points, or 0.43 percent, to 21,954.15, the S&P 500 .SPX lost 19.51 points, or 0.79 percent, to 2,454.51 and the Nasdaq Composite .IXIC dropped 76.39 points, or 1.2 percent, to 6,275.94. The Russell 2000 index of smaller-company stocks gave up 13.20 points, or 0.9 percent, to 1,396.95.

United States warship challenges China's claims in South China Sea
An estimated $5 trillion in annual trade passes through the waterway. The island itself is claimed by China, Taiwan, and Vietnam. Additional reporting from Reuters .

The euro edged 0.3 percent lower to 1.1726 against the dollar.

The utilities index.SPLRCU, often seen as a bond proxy because of its companies' slow reliable growth and high dividends, was the only S&P sector that ended the day up, showing a 0.25 percent gain. Alliance Data Systems fell $6.22, or 2.7 percent, to $225.70.

"The market hates uncertainty and that's certainly what we have now", said Ole Hansen, head of commodity strategy at Saxo Bank.

Strong gains in NY, where the Dow saw repeated record highs up until three day ago, had kept investor optimism high when news of the conflict first broke, Currie said. Britain's FTSE 100 sank 1.4 percent.

The yen tends to benefit during times of geopolitical or financial stress as Japan is the world's biggest creditor nation and there is an assumption that Japanese investors will repatriate funds should a crisis materialize.

Germany's DAX fell 1.2 percent, while the CAC 40 in France lost 0.7 percent.

The dollar was further weighed down on Friday by the soft US inflation data.

Former BC premier Christy Clark says she intends to resign
In a statement released Friday morning, Clark said she will be stepping down from the position, effective August 4. Clark on Friday, but the party will now face the necessity of picking a new leader to face the BC NDP government.

Still, the market has had several fits and starts over the past few months.

The euro was 0.45 percent weaker at 129.125 yen and the Australian dollar slipped 0.7 percent to 86.66 yen.

Sterling was last trading at $1.3007, up 0.25 percent on the day.

Disappointing earnings also helped pull the market lower Wednesday. Kashkari is the most dovish Fed member and he is likely to remain that way especially if inflation misses the mark.

Dudley also cautioned that "it's going to take some time" for inflation to rise to the central bank's 2 percent target even as he offered a generally positive outlook for the USA economy, job market and price pressures.

Gold closed at $1,283 an ounce.

With Asian bourses and US stock futures weakening early on Wednesday, the safe-haven 10-year Treasury yield was last down 3 basis points.

Kenyan president urges people to vote peacefully
ELOG said some of its observers had been denied access to polling stations while others had their phones confiscated upon arrival. Kiingati said she voted for Kenyatta, who seeks a second term and faces a fierce challenge from opposition leader Raila Odinga .

Despite its recent weakening, the New Zealand dollar is still up more than 5 percent this year, setting a 26-month high of $0.7557 in July.

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