Japan

North Korea launched a ballistic missile Sunday afternoon which flew more than 500 kilometers, only one week after conducting its latest, successful ballistic missile test last Sunday, South Korea's military announced. The missile was launched at 0759 GMT from a location near Pukchang, 60 km northeast of the capital Pyongyang, an area where North Korea attempted to test-launch another missile last month but failed, South Korea's Office of Joint Chiefs of Staff said in a statement quoted by Yonhap.

European and Asian stocks slumped on Thursday following the worst one-day drop in US stocks in 8 months, while S&P futures tumbled to session lows, down 0.3% to 2,350 after initially posting a modest rebound, following a new Reuters report alleging that Trump campaign members communication with Russians on at least 18 occasions, and which prompted today's risk off mood sending the USDJPY crashing by 100 pips from overnight highs of 111.40.

In the same quarter in which the US teetered on the verge of contraction (supposedly due to inclement weather despite not one but two seasonal adjustments meant to eliminate "residual seasonality"), Japan grew at the fastest pace in a year and nearly triple that of the US.

After North Korea provoked both its neighbors and the US when on Sunday morning it fired off yet another ballistic missile from Kusong near the border with China  - one which this time did not explode upon launch  - just days after the election of a new South Korean president who ironically advocates more engagement with Pyongyang, experts said the missile appeared to be a new type of ballistic missile, and had a far greater range than any other weapon North Korea has successfully launched.

Authored by Federico Pieraccini via The Strategic Culture Foundation,