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Stocks tumble as N.Korea tensions escalate

Tuesday, August 29, 2017 - 01:45

U.S. stock futures and Asian shares tumbled on Tuesday, while the yen jumped to four-month highs against the dollar after North Korea fired a missile over northern Japan, fuelling worries of fresh tension between Washington and Pyongyang. Ciara Lee reports.

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BROADCAST AND DIGITAL RESTRICTIONS~**Broadcasters: PART MUST ON-SCREEN COURTESY 'TWITTER @YAMAF15' / PART MUST ON-SCREEN COURTESY 'YOUTUBE: SUGAWARA KAZUHISA' / PART MUST ON-SCREEN COURTESY 'TWITTER @PEDRODELAMASA' Digital: PART MUST ON-SCREEN COURTESY 'TWITTER @YAMAF15' / PART MUST ON-SCREEN COURTESY 'YOUTUBE: SUGAWARA KAZUHISA' / PART MUST ON-SCREEN COURTESY 'TWITTER @PEDRODELAMASA' Alarms warning residents to take cover in Japan After North Korea fired a ballistic missile over the country's northern Hokkaido island and into the sea. The test, one of the most provocative ever from the reclusive state adds to growing fears over escalating tensions in the region. Earlier this month North Korea threatened to fire missiles into the sea near a U.S. Pacific territory . Also sending alarm bells ringing in markets around the world. Stocks tumbling and safe-haven assets jumping. U.S. futures and Japan's Nikkei both fell, with the latter hitting a four-month low before pairing its losses. South Korea's Kospi shed as much as 1.6 percent. (SOUNDBITE) (English) BGC PARTNERS MARKET STRATEGIST, MIKE INGRAM, SAYING: "Yes they are amping up the rhetoric. What I think is most interesting actually about this particular episode, so far the "Twittersphere" is devoid of any reaction from Donald Trump. There is no fire and fury at least for the moment. And maybe that is a sign new Chief of Staff John Kelly is finally getting on top of things and maybe that is one variable markets won't have to contend with." Safe haven assets, the Japanese yen and the Swiss franc strengthened. While the dollar fell 0.6 percent to a one-month low against the Swiss currency Gold also shining, hitting its highest level in more than nine months. The metal also drew support from uncertainty surrounding the Trump administration After remarks last week raised fears of a government shutdown. The pan-European STOXX 600 fell more than 1 percent to a six-month low Also weighed down by the surge of the euro above a key level

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Stocks tumble as N.Korea tensions escalate

Tuesday, August 29, 2017 - 01:45