Asian traders cautious after sell-off as N Korea tensions linger

Asian traders cautious after sell-off as N Korea tensions linger

'Sabre-rattling from North Korea has boosted gold to the highest level in 12 months, regaining all losses since Donald Trump became president, ' says Martin Arnold, director and macro strategist at ETF Securities.

Also on the commodity front copper and silver have also attracted investors trading higher, this will be welcome news for resource companies here.

Among the major currency pairs, the euro tiptoed back up to $1.19 as signs of rising inflation pressure in the earlier euro zone data put the focus back on Thursday's European Central Bank meeting and its plans to reduce its stimulus programme.

At a BRICS summit yesterday, Russian President Vladimir Putin warned of a potential "global catastrophe" over the crisis.

Germany's DAX Index rose 0.2 percent. South Korea's KOSPI index ended down 0.3 percent at a near four-week low. Stocks in the U.S pointed lower, as well, although shares overseas were mixed. "It will be interesting to see how the report prints especially after the miss in the non-farm payrolls last Friday; a surprise to the downside will further weaken the dollar which threatens to break below 108.50 against the yen".

Japan is the world's largest net creditor country, and traders assume Japanese repatriation from foreign countries will eclipse foreign investors' selling of Japanese assets.

The FTSE 100 got off to a weak start this morning, as investors remained concerned about the ongoing tensions in North Korea.

The euro was up 0.1 percent at $1.1925.

Trump reached a surprise deal with Democrats on Wednesday to raise the short-term U.S. debt ceiling, reducing concerns over a potential government shutdown and denting safe-haven demand.

"Another plus for gold is that we don't see an immediate rate hike and the shrinkage of the Federal Reserve's balance sheet", said Mark To, head of research at Hong Kong's Wing Fung Financial Group.

Indeed, the average yield on local currency emerging market sovereign debt dropped below 6 percent for the first time since February 2015.

Kashhkari comments came after Federal Reserve Governor Lael Brainard urged the USA central bank to delay raising interest rates until the trend of slowing inflation improved. The Nasdaq composite fell 13 points, or 0.2%, to 6,421.

"Historically, strategic strikes or military interventions led by the US have resulted in short-lived market reactions", Bryan Carter, head of emerging market debt at BNP Paribas Asset Management, said by e-mail.

Gold for December delivery GCZ7, -0.06% rose 30 cents, or less than 0.1%, to $1,344.70 an ounce, but had spent time just in the red, too.

The consequences of the passing of Harvey on the oil infrastructure of the area of the gulf of Mexico, production platforms, refineries and pipelines had mostly pushed the fuel. Brent crude, used to price global oils, rose $1.02, or 2%, to $53.36 a barrel in London.



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