Wall Street ends sharply lower as US-Turkey crisis deteriorates

2018-08-10 21:41:49 GMT (

US stock indices closed the last session of the week considerably lower as the Turkish economy takes a big hit with its lira losing nearly a fifth of its value in a single day as the US raises tariffs on Turkish imports for jailing an American pastor on disputed charges, while markets price in trade tensions between the US and China and other countries. 


Earlier US data showed consumer prices rose 0.2% m/m in July as expected, accelerating from 0.1% in June, while core prices, excluding food and energy, rose 0.2% as expected with no change from June. 


On a yearly basis, consumer prices rose 2.9% as expected with no change as well, while core prices accelerated to 2.4% from 2.3%. 


The dollar index has strengthened considerably against major currencies, heading for the third weekly profit in a row on prospects of two more Federal Reserve rate hikes this year, in turn weighing on Wall Street as well.  


Indices, Commodities 


Dow Jones fell 0.77%, or 196.09 points to 25,313.14, while Standard and Poor's 500 tumbled 0.71%, or 20.30 points to 2,833.28. NASDAQ Composite swooned 0.67%, or 52.67 points to 7,839.11. 


Gold futures due on December 15 inched down barely to $1,219.40, marking August 3 lows earlier in the session, while the dollar index surged 0.84% to 96.30, marking July 5 highs. 


US crude futures due on September 15 rose 1.53% to $67.83 a barrel away from June 22 lows, while Brent futures due in October powered up 1.23% to $72.96 a barrel off July 18 lows. 

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