Guam

S&P futures are slightly lower (ES -0.1%) as traders paid little attention to the latest missile test by North Korea on Friday, with shares and other risk assets barely moving, gold lower and focus rapidly returning to when and where interest rates will go up. Most global market are mostly unfazed, and the Korean Kospi actually closed up 0.4%, by the latest geopolitical escalation after a North Korean ballistic missile flew far enough to put the U.S. territory of Guam in range. European stocks edged fractionally lower while Asian shares advanced.

Just when it seemed that a full day may pass without some diplomatic fiasco between North Korea and the US sending stocks surging on rising risks of World War III, moments ago North Korea's state-run news agency KCNA issued a statement quoting Kim Jong Un, who said that "the current ballistic rocket launching drill like a real war is the first step of the military operation of the KPA in the Pacific and a meaningful prelude to containing Guam" and added the necessity to "positively push forward the work for putting the strategic force on a modern basis by conducting

Two Guam radio stations terrified locals Monday night after accidentally broadcasting a missile warning klaxon developed by the island’s government - convincing a handful of residents that they were on the cusp of nuclear oblivion.

The message was mistakenly broadcast because of “human error” by both the KTWG and KSTO radio stations, according to the Sun, a UK tabloid. The paper neglected to explain how employees working independently at two different radio stations managed to make the same mistake at almost the exact same time.

European and Asian market and S&P futures have resumed their slide, as geopolitical tensions between North Korea and the U.S. spiked again overnight after Pyongyang responded to the latest set of warnings by Trump, revealing a plan to fire 4 ballistic missiles at Guam by mid-August. Gold gains for a third day while Brent rose above $53.

So much for Rex Tillerson's tepid attempt to de-escalate Trump's "fire and fury" statement.

Moments ago, the state run-KCNA news agency issued a statement in which it cited a commander of the Korean People's Army according to whom President Donald Trump's threat was a "load of nonsense," it failed to grasp the "grave situation," and said that "sound dialogue is not possible with such a guy bereft of reason and only absolute force can work on him," referring to Trump’s comments about unleashing "fire and fury."