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Dollar struggles on North Korea nuclear tests; euro shines

06 September 2017

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

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. Banks and technology companies were down more than the rest of the market.

"Today the risk-off trade really is North Korea front and center", said Jeff Zipper, managing director of investments at U.S. Bank Private Wealth Management. Energy companies are bucking the slide as the price of crude oil heads higher. Financial stocks hit the index hardest with housebuilders also losing ground over an uncertain housing market.

KEEPING SCORE: Japan's Nikkei 225 fell 0.3 percent to 19,325.87 and South Korea's Kospi was down 0.3 percent to 2,319.60. The Russell 2000 index of smaller-company stocks fell 13.92 points, or 1 percent, to 1,399.66.

Quick takeaways from Virginia Tech win
He spearheaded the game-tying drive with long passes to Ka'Raun White and Gary Jennings before another scoring strike to Sills. WVU kept the ball mostly on the ground for the remainder of the 10-play drive, but used Grier's arm in key spots.

Elsewhere in politics, Attorney General Jeff Sessions announced on Tuesday that President Donald Trump and the USA administration would be ending the Deferred Action for Childhood Arrivals (DACA) immigration program, which protects hundreds of thousands of individuals who've entered the US illegally as children. "Adding to the unnerving set of leads had also been the approach of hurricane Irma for a country that has barely recovered from hurricane Harvey's devastation". The Nasdaq composite fell 59.76 points, or 0.9 percent, to 6,375.57.

"The North Korean nuclear crisis returned to the forefront of investors' minds this Wednesday, with yesterday's Dow Jones [Industrial Average] plunge and a jittery Asian session overnight leading the European indices into the red", said Connor Campbell, financial analyst at Spreadex. Dow e-minis were down 51 points, or 0.23 percent, with 29,103 contracts changing hands.

CURRENCIES: The dollar declined to 108.62 yen from 108.79 yen.

In London, shares of insurer Prudential dropped 1.3%.

Dollar struggles on North Korea nuclear tests; euro shines