Asian stocks fell across the board on Friday as the escalation in tensions surrounding North Korea continued to push investors towards safe-haven assets such as the Japanese yen, the Swiss franc and gold.
FIRE AND FURY: Keeping up his tough talk, Trump told reporters that North Korean leader Kim Jong Un's government should "get their act together" or face extraordinary trouble, and suggested his earlier threat to unleash "fire and fury" on North Korea was too mild.
Crude oil prices tumbled on the back of the selloff on Wall Street and lingering concerns over global oversupply.
President Donald Trump warning the North would be met "with fire and fury".
In currency markets, the Canadian dollar was trading at an average price of 78.71 cents United States, down 0.20 of a USA cent.
"The escalation of the geopolitical situation between the USA and North Korea is beginning to rattle investors' nerves as was witnessed in the VIX index yesterday", said Peter Cardillo, chief market economist at First Standard Financial.
In currencies, the yen rose 0.8 percent versus the greenback at 109.2 per dollar JPY=, the strongest level for the Japanese currency since mid June.
This followed comments from Trump on Tuesday night that North Korea would face "fire and fury like the world has never seen", if it continued to threaten the U.S. along with its attempts to build a nuclear warhead that could hit the western US.
In Hong Kong, shares ended lower, but developers provided support.
Aaron Nola continues to shine as Phillies top Mets
Nola's ERA is down to just 3.02, and by the time the season's over, there's a very strong chance he'll have one in the 2.00's. Considering Matz entered with an 11.03 ERA over his previous six starts, the Mets certainly will take what they received.
Sunny Leone Sizzles In 'Trippy Trippy' Song From Bhoomi
Talking about the song, Sunny had earlier revealed to Mumbai Mirror, "I have been working on it with Omung sir and Ganesh sir". Bhoomi is going to mark as the comeback film of Sanjay Dutt that also features Aditi Rao Hydari in the lead roles as well.
Ambac Financial Group, Inc. (NASDAQ:AMBC) Stock Rating Reaffirmed by MKM Partners
The lowest 12-month price target for the shares is $21.00, which would be an increase of about 5% of its current value. Also, CFO Anthony Park sold 138,941 shares of the business's stock in a transaction that occurred on Friday, May 19th.
The dollar came under immediate pressure and gold moved to fresh 2-month highs just above $1,290 per ounce.
According to data from Bloomberg, the price of gold rose as much as 1.59% to £1,276, while the price of silver spiked 2.61% to $16.84 as some investors looked to safe-haven assets following the growing row.
Sterling slipped below $1.30, close to a two-and-a-half-week low but it strengthened against the euro by 0.2%, following Tuesday's 10-month low. They are expected to cut North Korea's export revenues by one third. The grim mood also spread to eurozone markets, with the French CAC 40 falling 0.9%.
About 7.5 billion shares changed hands on United States exchanges, well above the 6.25 billion average for the last 20 days.
Oil also regained momentum as data pointed to declining US inventories.
Macy's (M.N) shares closed down 10.2 percent and Kohl's (KSS.N) fell nearly 6 percent as the companies continued to report a drop in quarterly same-store sales, stoking concerns that their turnarounds may still be a long way off.
In economic news, second-quarter Singapore GDP growth was revised upwards to 2.2 percent compared to the previous quarter, above an earlier estimate of 0.4 percent growth. Energy stocks fell along with crude prices as investors kept an eye on the latest company earnings and geopolitical news.
Shares of Kura Oncology (KURA) are moving higher in pre-market trading after the biopharmaceutical company priced a public offering of 7.7 million shares of its common stock at USD6.50 per share.