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DAILY MARKET OVERVIEW
Today's Top Market Headlines – Aug 29, 2017
North Korea's 'reckless' missile launch over Japan sharply escalates tensions

North Korea fired a ballistic missile over Japan’s northern Hokkaido island into the sea early on Tuesday, prompting warnings for residents to take cover while provoking a sharp reaction from Prime Minister Shinzo Abe and other leaders.

The test, one of the most provocative ever from the reclusive state, appeared to have been of a recently developed intermediate-range Hwasong-12 missile, experts said. It came as U.S. and South Korean forces conduct annual military drills on the peninsula, to which North Korea strenuously objects.

Earlier this month, North Korea threatened to fire four Hwasong-12 missiles into the sea near the U.S. Pacific territory of Guam after U.S. President Donald Trump warned Pyongyang would face “fire and fury” if it threatened the United States.

North Korea has conducted dozens of ballistic missile tests under young leader Kim Jong Un, the most recent on Saturday, but firing projectiles over mainland Japan is rare.

“North Korea’s reckless action is an unprecedented, serious and a grave threat to our nation,” Japanese Prime Minister Shinzo Abe told reporters.

Abe said he spoke to Trump on Tuesday and they agreed to increase pressure on North Korea. Trump also said the United States was “100 percent with Japan”, Abe told reporters.

The United Nations Security Council would meet later on Tuesday to discuss the test, diplomats said.

By William Mallard and Jack Kim

Source: http://bit.ly/2wELciK

South Korea's LG Electronics bid for ZKW in estimated $1.2 billion deal: Korea Economic Daily

South Korea’s LG Electronics participated in a main bidding round to buy Austrian automotive light maker ZKW Group in a deal that could potentially fetch $1.2 billion, Korea Economic Daily said on Tuesday.

LG Electronics, South Korea’s No.2 smartphone maker after Samsung Electronics (KS:005930), has been preparing for the deal for more than one and a half years with its parent LG Corp as part of efforts to diversify its auto electronics business, the report said, citing an industry official.

The report said a preferred bidder is expected to be selected next month.

Source: http://bit.ly/2wZN1GF

Euro tops $1.20, dollar slumps to 2-1/2 year low

The euro rose above the $1.20 level on Tuesday, extending a recent advance, while the dollar slumped to two-and-a-half year lows against a currency basket amid heightened geopolitical tensions on the Korean peninsula.

EUR/USD hit a high of 1.2069, the strongest level since Jan. 2 2015 and was at 1.2045 by 06:11 AM ET (10:11 GMT).

Hopes that the European Central Bank will soon announce plans to taper its bond-buying stimulus program have driven the euro up around 14% against the dollar so far this year.

The single currency has strengthened since ECB President Mario Draghi’s speech at Jackson Hole on Friday.

Though Draghi gave no fresh monetary policy cues some investors interpreted his lack of comment on the recent strength of the euro as an indication that it would continue to climb.

Source: http://bit.ly/2wl0PZY