Tokyo stocks open lower on North Korea jitters

06 September, 2017, 13:27 | Author: Valerie Burke
  • Asian shares were mostly lower Monday on investor jitters shaken up by a North Korean nuclear test over the weekend that raised fears about risks to regional stability. Lee Jin-man  AP

Bucking the trend were defensive-oriented utilities (+0.3%) and the energy sector (+0.6%), which followed crude prices higher based on an outlook of improved demand for oil as refineries in Texas come back online; US crude climbed 2.9% to $48.66/bbl.

The US stock market was closed on Monday for the Labor Day holiday.

Benchmark 10-year Treasury yields extended their declines overnight, falling to a near 10-month low of 2.07% as traders piled cash into government bond positions and added further to the move after U.S. Federal Reserve rate-setter Lael Brainard said inflation was "well below" the central bank's target.

The Dow Jones industrial average gave up 234 points, or 1.1 percent, to 21,753.

"There is no solid game plan as to what we can do with North Korea", Larry Adam, Deutsche Bank Wealth Management's chief investment officer, said regarding the country's nuclear test over the weekend.

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The Standard & Poor's 500 index slid 18.70 points, or 0.8 percent, to 2,457.85.

Crude oil was about 2.73 percent higher with prices over $48.50 per barrel as the effects of Harvey continue to linger.

Goldman Sachs' shares fell 3.6 per cent, dragging down the Dow, while the S&P was pulled lower by a more than 2-per-cent fall in shares of JPMorgan and Bank of America. Hong Kong's Hang Seng index sank 0.9 percent to 27,485.12 and Shanghai Composite Index slipped 0.3 percent to 3,373.05. The Nasdaq composite fell 59.76 points, or 0.9 percent, to 6,375.57.

Shares in United Technologies Corp (UTC) fell 2.5% after the company, which makes Pratt & Whitney jet engines, agreed to buy airline parts maker Rockwell Collins for $30bn (£23bn).

The dollar index, which measures the greenback against a basket of six major rivals, fell as much as 0.5 percent to a session low of 92.183.DXY and was set for its biggest daily percentage decline in eight days. September is a historically hard period for Wall Street, with the S&P 500 and Dow Jones averaging sizable losses during the month. Rockwell Collins shares rose 0.3%. Brent crude, used to price global oils, rose $1.04, or 2 percent, to close at $53.38 a barrel in London.

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