LONDON MARKETS: FTSE 100 Rebounds From 3-month Low As North Korea Tensions Subside
14 August 2017 - 10:51AM
Dow Jones News
By Sara Sjolin, MarketWatch
Oil slide as worries over OPEC supply persist
U.K. stocks broke a three-session losing run on Monday as
investor anxiety over tensions between the U.S. and North Korea
subsided after officials sought to reassure Americans that there
won't be a nuclear war.
The FTSE 100 index rose 0.5% to 7,343.26, rebounding from its
lowest close since May 8, reached on Friday. The blue-chip
benchmark last week slid 2.7%, suffering its biggest weekly decline
since the week ending April 21, when Prime Minister Theresa called
an early election.
The downbeat mood last week
(http://www.marketwatch.com/story/ftse-100-heads-for-1-month-low-as-trump-ups-the-ante-in-north-korea-standoff-2017-08-11)
was spurred by a war-of-words between U.S. President Donald Trump
and North Korean leader Kim Jong Un, which fueled fears of military
action on both sides. However, on Sunday U.S. Secretary of Defense
Jim Mattis and Secretary of State Rex Tillerson wrote the Trump
administration was seeking diplomatic solutions
(http://nation.foxnews.com/2017/08/13/mattis-and-tillerson-were-holding-pyongyang-account)
to seek the "irreversible denuclearization" of North Korea.
Additionally, national security adviser H.R. McMaster and
Central Intelligence Agency Director Mike Pompeo agreed that a
conflict is avoidable and that an attack by North Korea doesn't
appear imminent.
"The geopolitical tensions that have been driving traders into
safe haven assets in recent days seem to be dissipating a touch
this morning as it seems that tensions could be about to wane,"
said Richard Perry, market analyst at Hantec Markets, in a
note.
Stock movers: Miners, which are sensitive to geopolitical
issues, were among biggest advancers in London on Monday. Shares of
Glencore PLC (GLEN.LN) rose 2%, Anglo American PLC (AAL.LN) added
0.9% and Rio Tinto PLC (RIO) (RIO) (RIO) gained 0.8%.
Energy companies, on the other hand, declined as oil prices
slumped as concerns over rising OPEC production continued to grip
the market. Shares of Royal Dutch Shell PLC (RDSB.LN) (RDSB.LN)
fell 0.5%, while Tullow Oil PLC (TLW.LN) gave up 0.6%. BP PLC
shares (BP.LN) (BP.LN) were down 0.1%.
(END) Dow Jones Newswires
August 14, 2017 04:36 ET (08:36 GMT)
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