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Aussie stock market plunges on North Korea tension

Friday, Aug 11 2017
Aussie stock market plunges on North Korea tension

Escalating tension between the US and North Korea has helped drive Australian shares sharply lower in early trade, following in the footsteps of international markets. Tension grew after US president Donald Trump refused to step back from his threat to hit North Korea "with fire and fury" or rule out a pre-emptive strike on the rogue nation if it continued to threaten the United States following North Korea's claim it might fire missiles toward the US Pacific territory of Guam.

Commsec market analyst Juliana Roadley says concerns about tensions between the two nations are "really what everybody's looking at". "It really does impact future growth and future investment spending, so when you have a look at the areas of the market that are getting hit, the banks are always going to be hit in those situations," she said. Ms Roadley said real estate and retail stocks were notably down, hit by future spending expectations. The big four banks fell between 1.2 per cent and 1.8 per cent, with the Commonwealth Bank the best performer and ANZ the worst.

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