US stock futures and Asian share markets 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.
S&P mini futures fell as much as 0.85 per cent on the news before paring losses a tad to trade 0.65 per cent below its close on Monday, when it was little changed as investors tried to assess the fallout from Tropical Storm Harvey.
Japan's Nikkei fell 0.9 per cent to four-month low at one point while South Korea's Kospi shed as much as 1.6 per cent, helping to drag down MSCI's broadest index of Asia-Pacific shares outside Japan 0.7 per cent.
North Korea fired a missile early on Tuesday that flew over Japan and landed in the Pacific waters about 1,180 kilometres (735 miles) off the northern region of Hokkaido, in a sharp escalation of tensions on the Korean peninsula.
North Korea has conducted dozens of ballistic missile tests under young leader Kim Jong-Un, but firing projectiles over mainland Japan is its first since 2009.
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North Korea fires ballistic missile over Japan: Seoul, Tokyo
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"The missile flew across Japan this time, so the implications will likely be a bit different from previous ones," said Hirokazu Kabeya, chief global strategist at Daiwa Securities.
North Korea threatened earlier this month to fire missiles into the sea near the US Pacific territory of Guam, a host to major US military installations, after President Donald Trump warned Pyongyang would face "fire and fury" if it threatened the United States.
The yen rose 0.8 per cent to 108.33 to the dollar, its highest since April, despite Japan's proximity to North Korea, and last stood at 108.79.
The yen tends to benefit during times of geopolitical or financial stress as Japan is the world's biggest creditor nation and there is an assumption that Japanese investors will repatriate funds should a crisis materialize.
The safe-haven Swiss franc hit a one-month high of 0.9498 franc to the dollar and last traded at 0.9523 franc on the dollar, up 0.3 per cent. The Swiss currency gained 0.4 per cent versus the euro to 1.1396 per euro.
The euro hit a its 2 1/2-year high of US$1.1986 and last stood at $1.1970, maintaining its uptrend after European Central Bank chief Mario Draghi did not express concern about the currency's recent rise in his speech at Jackson Hole.
Gold also jumped 0.9 per cent to $1,324 per ounce, hitting its highest level since Nov 9.
Investors also rushed to the safety of US Treasuries, pushing down the 10-year yield to a two-month low of 2.124 per cent.
On the other hand, the South Korean won retreated 0.8 per cent against the dollar to 1,127 won.
"Financial markets think the only realistic option for the US and North Korea will be to sit down and talk at some point because other options are too costly for everyone involved," said Masayoshi Kichikawa, chief strategist at Sumitomo Mitsui Asset Management.
"But no one cannot rule out the risk of accidents. Markets think the chicken game will continue for now and North Korea will remain a risk," he added.
Investors are also looking to how Trump will react to North Korea, and to his push for tax reforms. He is expected to begin a major effort this week to convince the public of the need for them.
On Monday, US shares were narrowly mixed as investors tried to assess the flooding damage caused by Tropical Storm Harvey, the powerful hurricane to strike Texas in more than 50 years.
Crude oil prices bounced back a tad on the back of supply disruptions in Colombia and Libya, a day after US crude futures dropped on worries that refinery shutdowns caused by to the flooding could boost inventory.
US West Texas Intermediate (WTI) crude futures rose 23 cents, or 0.5 per cent, to $46.80 a barrel, after having falling to as low as $46.15 in the previous session.
US gasoline price, which surged as much as 7 per cent to a two-year peak of $1.7799 per gallon on Monday, traded at $1.7317 in early Tuesday trade.
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Moral education needed in a 'rapidly changing world'
Moral education lessons for young people is needed in a rapidly changing world, the head of the programme said.
Alanood Al Kaabi, head of programmes at the Education Affairs Office of the Crown Price Court - Abu Dhabi, said: "The Crown Price Court is fully behind this initiative and have already seen the curriculum succeed in empowering young people and providing them with the necessary tools to succeed in building the future of the nation at all levels.
"Moral education touches on every aspect and subject that children engage in.
"It is not just limited to science or maths but it is involved in all subjects and it is helping children to adapt to integral moral practises.
"The moral education programme has been designed to develop children holistically in a world being rapidly transformed by technology and globalisation."
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
MATCH INFO
Uefa Nations League
League A, Group 4
Spain v England, 10.45pm (UAE)
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
MATCH INFO
What: 2006 World Cup quarter-final
When: July 1
Where: Gelsenkirchen Stadium, Gelsenkirchen, Germany
Result:
England 0 Portugal 0
(Portugal win 3-1 on penalties)
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster with a decades-long career in TV. He has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others. Karam is also the founder of Takreem.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
Facebook | Our website | Instagram
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
More from Neighbourhood Watch:
Tips for job-seekers
- Do not submit your application through the Easy Apply button on LinkedIn. Employers receive between 600 and 800 replies for each job advert on the platform. If you are the right fit for a job, connect to a relevant person in the company on LinkedIn and send them a direct message.
- Make sure you are an exact fit for the job advertised. If you are an HR manager with five years’ experience in retail and the job requires a similar candidate with five years’ experience in consumer, you should apply. But if you have no experience in HR, do not apply for the job.
David Mackenzie, founder of recruitment agency Mackenzie Jones Middle East
The specs
Engine: 5.0-litre supercharged V8
Transmission: Eight-speed auto
Power: 575bhp
Torque: 700Nm
Price: Dh554,000
On sale: now
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%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3EDual%20permanently%20excited%20synchronous%20motors%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E516hp%20or%20400Kw%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E858Nm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ESingle%20speed%20auto%3Cbr%3E%3Cstrong%3ERange%3A%20%3C%2Fstrong%3E485km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh699%2C000%3C%2Fp%3E%0A
Tenet
Director: Christopher Nolan
Stars: John David Washington, Robert Pattinson, Elizabeth Debicki, Dimple Kapadia, Michael Caine, Kenneth Branagh
Rating: 5/5
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
RESULTS
5pm: Handicap (PA) Dh80,000 (Turf) 2,200m
Winner: Jawal Al Reef, Fernando Jara (jockey), Ahmed Al Mehairbi (trainer)
5.30pm: Handicap (PA) Dh80,000 (T) 1,600m
Winner: AF Seven Skies, Bernardo Pinheiro, Qais Aboud
6pm: Maiden (PA) Dh80,000 (T) 1,200m
Winner: Almahroosa, Fabrice Veron, Eric Lemartinel
6.30pm: Maiden (PA) Dh80,000 (T) 1,200m
Winner: AF Sumoud, Tadhg O’Shea, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 (T) 1,200m
Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
7.30pm: Handicap (TB) Dh90,000 (T) 1,400m
Winner: Adventurous, Sandro Paiva, Ali Rashid Al Raihe
'How To Build A Boat'
Jonathan Gornall, Simon & Schuster
The specs
Engine: 3.9-litre twin-turbo V8
Transmission: seven-speed
Power: 720hp
Torque: 770Nm
Price: Dh1,100,000
On sale: now
