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Stocks Drop, Gold Leads Havens After Korea Missile

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  • Stocks Drop, Gold Leads Havens After Korea Missile

Headwinds stacked up for global markets on Tuesday, with stocks slumping across Europe and Asia and havens including gold jumping after North Korea fired a ballistic missile over Japan. Gasoline gained with oil as energy companies braced for another hit from Tropical Storm Harvey.

From London to Sydney equities retreated and volatility jumped amid classic risk-off moves, with U.S. stock futures also tumbling. Japan called Kim Jong Un’s latest provocation an “unprecedented, grave and serious threat.” Gold surged to the highest this year, while the Swiss franc and the yen were the best performing major currencies. Gasoline added to its rally as storm Harvey picked up strength again after inundating refineries along the Texas coast. The euro climbed above $1.20 for the first time since 2015.

Tuesday’s missile has thrust the confrontation between the U.S. and North Korea back to the fore after the hermit kingdom had been praised by Secretary of State Rex Tillerson last week for its “restraint.” Tillerson said that North Korea hadn’t carried out “provocative acts” since the UN Security Council imposed new sanctions earlier this month, and that Pyongyang’s temperance might lead to negotiations “in the near future.” Kim Jong Un last tested a missile on July 28.

“Some observers had thought the U.S. and North Korea were pursuing discussions behind closed doors, but it turns out North Korea continues to pursue missile development,” said Chihiro Ohta, a Tokyo-based senior strategist at SMBC Nikko Securities. “The risk-off stance is likely to continue even if the U.S. responds calmly.”

Here are the main moves in markets:

Asia

  • Japan’s Topix index closed 0.2 percent lower after falling as much as 0.7 percent, while South Korea’s Kospi index lost 0.2 percent, paring a drop of as much as 1.6 percent. The S&P/ASX 200 Index in Sydney declined 0.7 percent. Hong Kong’s Hang Seng Index fell 0.3 percent, while the Shanghai Composite Index fluctuated before edging higher.
  • Thailand’s SET Index bucked the main trend, rising 1.9 percent. Concern about political violence has eased, according to CLSA.
  • The yen advanced 0.6 percent to 108.57 per dollar.
  • The won slid 0.5 percent to 1,126.15 per dollar.

Stocks

  • The Stoxx Europe 600 Index dipped 1 percent as of 8:29 a.m. in London to the lowest in almost seven months.
  • The U.K.’s FTSE 100 Index fell 1 percent, the biggest decrease in more than two weeks on a closing basis.
  • Germany’s DAX Index sank 1.2 percent to the lowest in more than five months.
  • Futures on the S&P 500 Index fell 0.7 percent to the lowest in seven weeks.

Currencies

  • The Bloomberg Dollar Spot Index dipped 0.2 percent to the lowest in more than two years.
  • The euro gained 0.3 percent to $1.202, the strongest in almost three years.
  • The British pound climbed 0.1 percent to $1.2951, the strongest in more than two weeks.

Bonds

  • The yield on 10-year Treasuries declined five basis points to 2.11 percent, the lowest in almost 10 months.
  • Germany’s 10-year yield dipped four basis points to 0.33 percent, the lowest in two months.
  • Britain’s 10-year yield decreased four basis points to 1.012 percent, the lowest in two months.

Commodities

  • West Texas Intermediate crude increased 0.2 percent to $46.68 a barrel.
  • Gold rose 0.9 percent to $1,320.72 an ounce.
  • Gasoline for September delivery climbed 0.8 percent to $1.7256 a gallon, after climbing 2.7 percent on Monday.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Naira

Black Market Dollar to Naira Exchange Rate Today 18th June 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of June 18th, 2024 stood at 1 USD to ₦1,480.

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New Naira notes

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of June 18th, 2024 stood at 1 USD to ₦1,480.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,510 and sold it at ₦1,500 on Monday, June 17th, 2024.

This indicates an improvement in the Naira exchange rate value when compared to today’s rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in the black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

  • Buying Rate: ₦1,480
  • Selling Rate: ₦1,470

As economic conditions continue to evolve, staying informed about currency exchange rates empowers individuals to make informed financial decisions. While the black market provides immediate insights, adherence to regulatory guidelines ensures stability and transparency in forex transactions.

Continue Reading

Naira

Black Market Dollar to Naira Exchange Rate Today 17th June 2024

Published

on

New Naira notes

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of June 17th, 2024 stood at 1 USD to ₦1,510.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,490 and sold it at ₦1,480 on Thursday, June 13th, 2024.

This indicates a decline in the Naira exchange rate value when compared to today’s rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in the black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

  • Buying Rate: ₦1,510
  • Selling Rate: ₦1,500

As economic conditions continue to evolve, staying informed about currency exchange rates empowers individuals to make informed financial decisions. While the black market provides immediate insights, adherence to regulatory guidelines ensures stability and transparency in forex transactions.

Continue Reading

Naira

Black Market Dollar to Naira Exchange Rate Today 13th June 2024

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of June 13th, 2024 stood at 1 USD to ₦1,490.

Published

on

NAIRA - Investors King

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of June 13th, 2024 stood at 1 USD to ₦1,490.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,480 and sold it at ₦1,470 on Wednesday, June 12th, 2024.

This indicates a slight decline in the Naira exchange rate value when compared to today’s rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in the black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

  • Buying Rate: ₦1,490
  • Selling Rate: ₦1,480

As economic conditions continue to evolve, staying informed about currency exchange rates empowers individuals to make informed financial decisions. While the black market provides immediate insights, adherence to regulatory guidelines ensures stability and transparency in forex transactions.

Continue Reading
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