U.S. benchmarks in the red: Aus shares set to fall

21 August, 2017, 04:28 | Author: Valerie Burke

Rumors that Trump economic advisor Gary Cohn, a contender to be the next chair of the Federal Reserve and a Goldman Sachs alum, may resign, fueled the rally in risk-free Treasuries and the selloff in stocks.

It rose almost 1 percent against the dollar as nervousness over stock market valuations and the future of an eight-year global rally seeped into other assets.

Moreover, it was reported on Friday that Trump had also removed Steve Bannon from the post of White House chief strategist.

In other notewrothy remarks from prominent Fed officials, speaking on the same day Mineapolis Fed chief Neel Kashkari said than when deciding when to start unwinding its bond portfolio, the U.S. central bank would take into consideration the state of negotiations on raising the federal government's debt ceiling.

In response to President Trump's tepid response to violent protests by white supremacists in Charlotteville, a slew of CEOs and business leaders advising the president have resigned their seats on White House boards.

After opening lower, stock losses accelerated shortly after 11 am after an attacker in Barcelona slammed a van into crowds on a popular tourist street, killing at least 13 people and injuring 50, authorities said.

The benchmark six-month forward dollar premium payable for January edged lower to 125-127 paise from 129-131 paise e and the far-forward contract maturing in July 2018 also dropped to 259.50-261.50 paise from 263.50-265.50 paise.

Investors were rattled over rumours regarding Economic Adviser Gary Cohn's future

Selling of the US currency continued into Tokyo trading, although the White House denied the rumor. The U.S. dollar climbed to 0.9654 Swiss franc from 0.9618 Swiss franc, and it edged down to 1.2569 Canadian dollars from 1.2655 Canadian dollars.

The Dow dropped 1.2 per cent to finish at 21,750.73 and the broader S&P 500 gave up 1.5 per cent to close at 2,430.01.

"This is the first time where we have a political event that directly impacts the economy".

All three major indices fell sharply yesterday, with the Dow falling 1.24 percent and the Nasdaq declining 1.94 percent at the close of trading. The Cohn quotes come via a tweet from Glenn Thrush, the New York Times' White House correspondent.

The S&P 500 on Friday lost 4.46 points, or 0.18 percent, to close at 2,425.55, falling 0.6 percent from 2,441.2 on August 11.

Gold prices rose on Thursday, supported by the weaker U.S. Dollar and increased demand for safe-haven assets.

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