TSX opens lower as US-North Korea tensions weigh

The resignation of President Richard Nixon - 43 years ago to the day - resulted in a first day 0.9 percent sell-off, but 20 days later, the S&P 500 was down 13.8 percent and up 6.7 percent after 250 days. They are looking for confirmation the Fed is sticking with plans for a possible December interest rate hike.

Stocks around the world fell sharply on Thursday and investors moved into the yen, gold and other safe-haven assets amid more aggressive talk between the United States and North Korea.

A Reuters Datastream index of more than 7,000 stocks across the globe saw its market capitalisation drop from a record high $61.36 trillion on Monday to $60.43 trillion at the close on Thursday.

The market was also waiting for data that would offer clues about the extent to which the strengthening U.S. labour market is spilling over into inflation. The Swiss franc gave up some gains (http://www.marketwatch.com/story/swiss-franc-gives-up-some-gains-as-investors-monitor-us-north-korea-standoff-2017-08-10), as the USA dollar was slightly higher across the board.

The Australian dollar, which rose to a 19-month high near 90.00 yen late in July, was down 0.6 percent at 86.77 yen after slipping to a one-month low of 86.23 yen. But for the week the S&P 500 lost 1.3 percent, its worst weekly showing since March.

The dollar was further weighed down on Friday by the soft U.S. inflation data.

"Both (PPI measures) were well below consensus and give us no hope that consumer price inflation is going to materially beat expectations", said Chris Weston, chief market strategist at IG Markets.

The pan-European FTSEurofirst 300 index .FTEU3 lost 1.19 percent.

United Kingdom pensions regulator clears Tata Steel proposal
Tata Steel UK said they had also reached an agreement for the sponsorship of a proposed new pension scheme. It would effectively mean that Tata Steel would no longer have any responsibility for the pension scheme.

Sterling was last trading at $1.3013, up 0.30 percent on the day.

Macy's shares closed down 10.2 percent and Kohl's 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.

"It reinforces market concerns that inflation is perhaps just not picking up in the way the Fed had been expecting", said Osborne. The 30-year bond was last up 4/32 in price to yield 2.7871 per cent, from 2.794 per cent late on Thursday.

Gold enjoyed another strong session as traders sought out safe havens, with the price lifting 0.1% to 1,287.8 USA dollars an ounce.

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 per cent.

In oil, the price of Brent crude sunk by 0.5% to 51.65 United States dollars a barrel amid concerns about over supply in the market.

Gold futures went up 16.70 dollars or 1.33 percent to close at USD 1,274.60 per troy ounce at the COMEX division of the New York Mercantile Exchange.

Ongoing global glut concerns lingered in oil markets despite a bigger-than-expected draw in USA crude inventories, leaving prices volatile.

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