Guam's residents feel U.S. patriotism but growing concern

Trump pounds North Korea

Trump tweeted Wednesday morning that one of his first orders as president was to "renovate and modernize" the nuclear arsenal.

Mr Trump on Wednesday took to Twitter to boast about the USA nuclear arsenal, while Secretary of State Rex Tillerson tried to inject calm into the situation, reassuring the American public that there was no imminent threat.

Most Asian currencies stumbled, with the Korean won on pace for its biggest fall in almost eight weeks. The stock fell $4.15 to $102.83.

European markets were also struggling amid the simmering political stand-off, with the Cac 40 in France dropping 1.4% and Germany's Dax tumbling by 1.1%.

Ms Madeleine Bordallo, Guam's delegate to Congress, said North Korea's nuclear capabilities were "deeply troubling", but she was confident the island was safe and protected.

"Tensions are still high and not going away at the moment".

The jump in the franc had prompted hedge funds to unwind leveraged positions which involved borrowing in the weak Swiss currency and investing the proceeds in the relatively higher-yielding Australian dollar and the Canadian dollar.

ENERGY: Benchmark U.S. crude added 28 cents to $49.45 per barrel in electronic trading on the New York Mercantile Exchange.

The Swiss franc reversed a two-week losing streak and gained 1.1 per cent to as firm as 0.9611 per dollar. The Nasdaq composite lost 37 points, or 0.6 percent, to 6,332.

Police in Saudi Arabia detain singer for performing outlawed "dabbing" move
The video of Shahani dabbing at the festival was posted to social media and quickly went viral, leading to his subsequent arrest. The Saudi police arrested a young singer after he dabbed during a music contest that took place in the city of Taif.

The Japanese yen strengthened by 0.5 per cent to around 109.70 per dollar.

United States unit labor costs rise 0.6 per cent in the June quarter, which follows a 5.4 per cent in the March quarter according to Labor Department. The Swiss currency was also on track for its biggest daily gain against the euro since the Swiss National Bank removed its cap on the currency in January 2015. On the Nasdaq, 1,685 issues fell and 615 advanced favoring decliners.

Data showed USA producer prices unexpectedly fell in July, recording their biggest drop in almost a year, while another set showed the number of Americans filing for unemployment benefits unexpectedly rose last week.

The 30-year Treasury bond rose 31/32 in price to yield 2.8191 per cent, from 2.867 per cent late on Tuesday.

Trump had told North Korea to not "make any more threats" to the USA or the country "will be met with fire and fury like the world has never seen".

Overall, second-quarter results have been stronger than expected with analysts now expecting S&P 500 earnings to have expanded 11.8 percent, up from 8 percent at the start of July, Reuters reported.

Gold hit its highest in nearly two months after Trump added to the geopolitical anxiety by boasting of the strength of the United States nuclear arsenal.

Gold rose 0.6 per cent to $1,268 an ounce. The figure showed a decline of 1.1% versus expectations for a 0.5% drop and reversing from a 1.9% gain in May.

US producer inflation is expected to come in at 0.1%, unchanged from the previous month.

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