European markets set to open lower as North Korea fires another missile 

european markets

European stocks are set to open lower after North Korea sent another missile over Japan into the Pacific Ocean.

The FTSE 100 is seen down by 5 points at 7,385; the DAX is set to open lower by 30 points at 12,534 and the CAC 40 is seen off by 15 points at 5,207.

Most Asian indexes were moderately lower and U.S. stock futures dipped as concerns over North Korea took center stage. Pyongyang’s most recent nuclear test missile landed in the Pacific, about 2000 Km from Japan. Prime Minister Shinzo Abe has called on the United Nations to act.

Investors were searching for safe haven assets, including the yen, the Swiss-franc and gold, which climbed to a high of $1,334.36 an ounce. However, the flight to safety was short-lived with the three named assets moving lower.

In the corporate world, JD Wetherspoon is set to announce full year preliminary results. Meanwhile, Nestle bought a majority stake of Blue Bottle Coffee aiming to spread its coffee across the U.S. market.

In terms of data, the diary is thin with euro zone labour costs and wage growth out at 10 a.m. London time. There will also be new U.S. retail sales figures out at 1.30 p.m. London time.

Euro zone finance ministers are gathering in Tallinn, Estonia for another meeting, where Greece’s bailout is set to feature the discussion.

Source: CNBC – European markets set to open lower as North Korea fires another missile

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