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

Marcus Newton
August 21, 2017

While the losses were small, Friday marked the first time stocks have not risen the day after a more than 1 percent drop since Trump was elected president a year ago. He is seen as a key force behind Mr Trump's tax reform programme.

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.

The stock market swung wildly on activity out of Washington.

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

Until then, "sentiment may remain the driver for the fluctuations in the markets and could make for good entry opportunity for regional markets", she added.

As reported at 1:32 am (JST) in Tokyo, the USD/JPY was trading at 109.345 Yen, down 0.09%; the pair had earlier hit a trough of 109.290 Yen, while the session's peak is now at 109.589 Yen. The Canadian dollar was trading at C$1.2575 to the greenback, or 79.45 US cents, up 0.8 percent. The dollar had hit its lowest point in a week against the yen earlier in the session.

At 11:00 a.m. ET (1500 GMT), the Dow Jones Industrial Average was down 59.24 points, or 0.27 percent, at 21,691.49 and the S&P 500 was down 4.24 points, or 0.17 percent, at 2,425.77.

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European markets closed lower: London's FTSE retreated 0.6 per cent, as did Paris, while Frankfurt slid 0.5 per cent.

USA stocks closed lower after another volatile session on Friday as the latest White House shake-up kept investors jittery about the outlook for the Trump agenda.

After Trump blamed counter-protesters as much as the white nationalists for clashes that left one woman dead, an exodus of business executives from his advisory councils on Wednesday fueled speculation other officials, such as Cohn, would leave. Shares of Under Armour fell 2.04 percent.

Oil prices rose on Friday as the stock market strengthened and the US dollar weakened, but USA crude futures remained on track to close the week down as investors remained anxious about the global oil glut.

Dollar sales against the yen accelerated also because the Japanese currency increased its safe-haven appeal following the Barcelona attack, for which the Islamic State militant group has claimed responsibility.

Oil prices traded sharply higher on Friday, rising to $48.25 a barrel.

Spot gold was steady on Friday at $1,286.85 an ounce, holding most of Thursday's 0.4 percent gain.

Other reports by MaliBehiribAe

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