Tokyo stocks retreat in morning on geopolitical concerns

Paterniano Del Favero
Agosto 10, 2017

Germany's DAX fell 0.5 percent to 12,232 while the FTSE 100 in Britain edged 0.2 percent higher to 7,522. USA shares were also set to dip, with Dow and S&P futures both inching down 0.1 percent. Hong Kong's Hang Seng added 0.6 percent to 27,854.91, while the Shanghai Composite inched up almost 0.1 percent, to 3,281.87. The S&P ASX 200 in Australia rose 0.9 percent to 5,773.60, while the Shanghai Composite index reversed earlier losses to climb 0.5 percent, ending at 3,279.46.

Smartphone screen maker Japan Display fell 0.50 percent to 198 yen after the Nikkei reported it was considering cutting some 4,000 jobs - about 30 percent of its workforce - and taking on a capital infusion from an outside partner as part of a broad restructuring. Taiwan's benchmark jumped 0.7 percent, and shares in Southeast Asia were mostly lower.

On Friday, the closely watched data showed USA nonfarm payrolls rose by a better-than-expected 209,000 jobs last month, and June's employment gain was revised higher. Investors sold government bonds and bet that interest rates are going to rise, which lets banks make more money on loans.

North Korea said on Wednesday it is "carefully examining" plans for a missile strike on the U.S. Pacific territory of Guam, just hours after U.S. President Donald Trump told the North that any threat to the United States would be met with "fire and fury". South Korea's Kospi fell 0.2 percent to 2,394.73. The Dow Jones industrial average rose 0.3 percent to 22,092.81, its ninth gain in a row.

ANALYST VIEWPOINT: "Perhaps the big talking point on the trading floors over the weekend and this morning is whether we are genuinely seeing a sustained reversal underway in the USA dollar and what are the ramifications should this play out", Chris Weston of IG said in a commentary.

ENERGY: Benchmark U.S. crude shed 47 cents to $49.11 per barrel in electronic trading on the New York Mercantile Exchange. It added 55 cents, or 1.1 percent, to $49.58 per barrel on Friday.

CURRENCIES: The U.S. dollar climbed to 110.84 from 110.69 yen. It weakened, however, against the euro, which climbed to $1.1801 from $1.1774. Brent crude, the worldwide standard, lost 76 cents, to $51.66 a barrel.

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