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North Korea missile and strong euro sink European stocks

August 29
13:24 2017

MILAN (Reuters) – World stocks tumbled and safe-haven assets soared on Tuesday after North Korea fired a missile over northern Japan, fuelling worries of fresh tension between Washington and Pyongyang.

The risk-off move spread from Asia to Europe and a rally in the euro to above a key level chipped in to put regional stocks on track at one point for their biggest one-day loss in 11 months.

The pan-European STOXX (.STOXX) index fell as much as 1.7 percent to their lowest in six months before paring losses to trade down 1.3 percent, while Wall Street futures pointed to sharp losses at the open.

Japan’s Nikkei (.N225) hit a four-month low before paring losses to end 0.5 percent down and South Korea’s Kospi <.KS11 shed as much as 1.6 percent before ending down 0.2 percent.

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