TSX hits 1-month low on risk aversion, lower oil prices

TSX hits 1-month low on risk aversion, lower oil prices

TSX hits 1-month low on risk aversion, lower oil prices

Investors had rushed to safe-haven assets after strongly worded exchanges between Washington and nuclear-armed North Korea late on Tuesday.

Top military brass and President Trump are being sued by five USA military members that want to keep Trump's transgender ban from becoming a reality - "in any capacity".

The markets may benefit from bargain hunting, as some traders look to pick up stocks at reduced levels following the pullback seen over the past few sessions. The Stoxx Europe 600 benchmark was down 1% (http://www.marketwatch.com/story/european-stocks-face-worst-week-in-9-months-on-us-north-korea-tensions-2017-08-11), while Hong Kong's Hang Seng led the Asian losses with a drop of 2%.

An Associated Press report that the US and North Korea have been engaged in back channel talks (https://apnews.com/686ac7c761694b28b67793a1d8297145?link=mktw) for several months even as they exchange incendiary threats may also help to soothe jitters.

The financial sector index gave back gains after news California insurance regulator will probe whether Wells Fargo & Co and an insurance company harmed residents by selling insurance they did not need. The Russell 2000 index of smaller-company stocks gave up 19 points, or 1.4 percent, to 1,377.

Shares of Kohl's were down 8.4 percent, while Macy's fell 4 percent after the department store operators reported a fall in sales. Dillard's Inc. slumped 15.9 percent after the chain booked a loss for the second quarter, as increased inventory led to big discounts. Macy's sank 10.3 percent and Kohl's lost 5.8 percent.

Yadav loses his job as JD(U) leader in the Rajya Sabha
Yadav had publicly opposed the JD (U)-BJP alliance in Bihar, saying the people of the state voted for the Grand Alliance. Sharad Yadav was not in favour of Nitish Kumar's decision to form an alliance with BJP to form the government in Bihar.

Blue Apron shares hit a record low at $5.03 after the meal-kit delivery service provider reported a bigger-than-expected loss in its first quarterly report as a public company. The trend appeared to overshadow strong quarterly revenue growth in the quarter. Oil prices were headed higher. For its part, the canadian dollar traded at an average price of 78,83 US¢, up 16 cents compared to its average price of the previous day. On the Nasdaq, 1,462 issues rose and 1,227 fell. Economists had expected prices to rise by 0.2 percent.

Investors opted for the perceived safety of US Treasuries, which pushed the yield on the 10-year note three basis points lower to 2.21%. It added 39 cents to $49.56 a barrel on Wednesday.

An hour after trading opened this morning, the S&P/NZX50 index was down 79.2 points, or 1 per cent, to 7,710.51. Germany's DAX Index fell 0.6%, the UK's FTSE 100 Index retreated 1.2% and France's CAC 40 Index slid 1.4%. Copper fell 2 cents to $2.90 a pound.

"Trump's response was aggressive and that's why the market turned lower", said Ken Polcari, Director of the NYSE floor division at ONeil Securities.

For the week, the Dow is on track to fall 0.9%, its biggest one-week drop since April. The euro fell to $1.1735 from $1.1752. Altice USA, the subsidiary of the French company, added 0.1 percent.

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