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International markets shrug off North Korea nuclear test while local markets suffer

International stock markets have shrugged off news of North Korea’s successful nuclear test despite local markets falling on hearing the news.

All Asian markets fell with the exception of Japan and Taiwan which were closed for public holidays, with the Korean market suffering the biggest falls.

It fell by 2.4 per cent having been down 3.6 per cent at one point while the Korean Won fell 1.5 per cent against the US dollar.

However the FTSE has continued its strong recent run, up 24 points on Tuesday 10th to reach 6054 at 11am.

All three main US indexes were up at the close of trading on Monday night with the Dow Jones closing up 7.6 points at 11,857. The Nasdaq was up 11.79 points at 2,311 while the S&P 500 jumped by 1.08 points to reach 1,350.

When the Japanese Nikkei reopened on Tuesday, it ended the day up 41 points at 16,477, a five month high for the index.

Royal London Asset Management economist Ian Kernohan says:”Whilst the news from North Korea is a concern, we are still some way from seeing the development of a usable nuclear warhead. Markets should remain focussed on the economic fundamentals, which are bullish for equities and bearish for bonds.”

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