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Wall St opens higher after tepid inflation data

12 August 2017

As of 12:20 BST, the FTSE 100 index had lost 83 points to stand 1.12 percent lower at 7,306.94, staying on track to post a near three-percent loss for the week.

In the United Kingdom, the FTSE 100 closed down 0.59%, or 44.67 points, at 7498, broadly in line with negative trends in European markets. The CBOE Volatility Index, known as Wall Street's "fear gauge", rose to its highest level of the year.

"As a portfolio manager, you say, 'Do I think we'll get a war out of this?' " said Torsten Slok, chief worldwide economist at Deutsche Bank, referring to the bluster between North Korea and President Donald Trump.

"A pullback is good so the market doesn't get unidirectional".

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"Generally, earnings are good, .it's our view that this pullback (in stocks) should provide good buying opportunities", ABC Funds' Michael said.

"Although it is considered highly unlikely that this tension will escalate into a nuclear war, the market still needs to see how President Trump will eventually deal with his advocating "fire and fury" against North Korea's threat", said Margaret Yang Yan, market analyst at CMC Markets Singapore. The Standard & Poor's 500 index dropped 1.4 percent to 2,438.21.

"The decline has been caused by the uncertainty created by the north Korean crisis", said the manager Alan Skrainka, Cornerstone Wealth Management.

Overnight, Wall Street closed sharply lower after Trump, with fiery rhetoric, warned Pyongyang against attacking Guam or U.S. allies after it disclosed plans to fire missiles over Japan to land near the U.S. Pacific territory.

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J.C. Penney slumped as much as 18.25 percent to a record low after the retailer reported a bigger-than-expected quarterly loss. In three days. the Nasdaq has lost 2.6% - the most since last September. It has to be said that this rise is not only due to the increase in global risk but also due to the slight weakness in the dollar. The late sell-off pushed the SPX below the 50 day moving average, which acted as decent support in late-June / early July (chart) and briefly looked as if it might hold this afternoon. It usually moves opposite to the movements of stocks and rises when the S&P 500 falls.

US Treasury long-dated yields dropped to six-week lows, pressured by US-North Korea tensions and the weak data that further reduced expectations of an interest rate hike in December.

Lockheed Martin, Northrop Grumman, Raytheon and L3 Technologies hit record highs for a second straight day.

With the tense mood pushing European shares down for a third day and Wall Street set to fall again, the stocks were on course for their worst week since Donald Trump won November's U.S. presidential election, Reuters reported.

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Patrons packed local restaurants, barely glancing at televisions bearing news of Pyongyang's latest threat against their homeland. Trump tweeted Friday: "Military solutions are now fully in place, locked and loaded, should North Korea act unwisely".