Milan — World stocks tumbled and safe-haven assets soared on Tuesday, after North Korea fired a missile over northern Japan, fuelling concern about renewed tension between Washington and Pyongyang. The risk-off move spread from Asia to Europe, where a rally in the euro to above a key level chipped in to put regional stocks on track for their biggest-one day loss in 11 months. The pan-European STOXX index fell as much as 1.7% to its lowest in six months before paring losses, while Wall Street futures pointed to sharp losses at the open. Japan’s Nikkei hit a four-month low before paring losses to end 0.5% down and South Korea’s Kospi shed as much as 1.6% before ending down 0.2%. "The North Korean escalation has triggered a significant risk-off move," Alessandro Balsotti, head of asset management at JCI Capital Limited, said in his daily note to clients. "However … observers believe it won’t be enough to trigger a material reaction from the US-South Korea axis. It wouldn’t be surprisin...
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