EUROPE MARKETS: European Stocks Log Worst Week In 9 Months On U.S.-North Korea Tensions
11 Agosto 2017 - 08:18PM
Dow Jones News
By Carla Mozee, MarketWatch
Oil stocks key off losses for oil prices
European stocks sold off Friday, wrapping up their worst week in
nine months, as the war of words between the U.S. and North Korea
prompted investors to back away from assets perceived as risky.
The Stoxx Europe 600 closed down 1% to 372.14, the weakest
finish since Feb. 28. No sector finished higher.
For the week, the index fell 2.7%, the worst week since early
November 2016
(http://www.marketwatch.com/story/european-stocks-face-worst-week-in-9-months-rattled-by-political-risk-2016-11-04),
just before the U.S. presidential election was held.
"The weekend brings an undefined amount of risk for investors,
with the potential for circumstances to escalate both dramatically
and unexpectedly at a time when markets are closed," wrote Oanda's
senior market analyst Craig Erlam.
"In the unlikely event that either side follows through on the
threats of recent days and an attack occurs, we could see some
dramatic moves at the open next week, something investors in
perceived riskier assets would be very vulnerable to," he
added.
Read:Dalio urges investors to buy gold to hedge against possible
war with North Korea
(http://www.marketwatch.com/story/dalio-urges-investors-to-buy-gold-to-hedge-against-possible-war-with-north-korea-2017-08-10)
European equities extended losses Friday after U.S. President
Donald Trump on Thursday warned that his threat on Tuesday to
unleash "fire and fury" on North Korea "maybe wasn't tough enough."
Trump's comments came as North Korean leader Kim Jong Un made an
explicit threat to strike a U.S. military base in Guam
(http://www.marketwatch.com/story/north-korea-threatens-missile-strike-on-us-base-on-guam-2017-08-08).
China weighed in on the standoff late Thursday, saying in an
editorial in state-run Global Times
(http://www.globaltimes.cn/content/1060791.shtml) that Beijing will
intervene if the U.S. strikes first against North Korea.
Read:Opinion: What to do with stocks if the U.S. and North Korea
go to war
(http://www.marketwatch.com/story/what-to-do-with-stocks-if-the-us-and-north-korea-go-to-war-2017-08-10)
Oil stocks felt the additional weight of lower oil prices .
Shares of oil producer Tullow Oil PLC (TLW.LN) sank 6.3% and
offshore energy services contractor SBM Offshore NV (SBMO.AE) fell
5.5%.
The International Energy Agency said in its monthly report
(http://www.marketwatch.com/story/oil-supply-rises-as-opec-deal-compliance-falters-2017-08-11)
that global oil production rose in July, but it also upwardly
revised its 2017 forecast for demand growth.
In other developments, Novozymes A/S shares (NZYM-B.KO) flipped
higher to close up 1.2%. The shares had dropped during the session
after the Danish biotech firm cut its growth outlook.
National indexes: France's CAC 40 index fell 1.1% to 5,060.92,
and in London, the FTSE 100 flopped down 1.1%
(http://www.marketwatch.com/story/ftse-100-heads-for-1-month-low-as-trump-ups-the-ante-in-north-korea-standoff-2017-08-11)
to 7,309.96. Spain's IBEX 35 gave up 1.6% to close at
10,282.90.
But Germany's DAX 30 ended down less than 1 point at 12,014.06.
The index during the session fell below 12,000 as well as its
200-day moving average.
The euro
(http://www.marketwatch.com/story/dollar-trades-in-narrow-range-ahead-of-key-inflation-data-2017-08-11)
bought $1.1822, up from $1.774 late Thursday in New York.
Read:These are the stocks to buy--and avoid--as the euro rallies
(http://www.marketwatch.com/story/these-are-the-stocks-to-buyand-avoidas-the-euro-rallies-2017-08-11)
(END) Dow Jones Newswires
August 11, 2017 14:03 ET (18:03 GMT)
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