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US TSYS/STOCKS: FTN's JIm Vogel said that "markets reacted instantaneously" on
overnight  news that "N. Korea launched a missile that crossed northern Japan
early yesterday evening. Equities are trying to figure out how far to recover
while global bonds are holding near low yields of the last 3-6 months. N Korea
hasn't sent a missile over any main islands of Japan in about 8 years, according
to news reports, and Japanese authorities sounded national warnings in response.
The missile broke apart and fell into the Pacific 1,700 miles east of its launch
site. The UN has called a meeting for today."
- He adds that "what appears to be different this time - missiles flew over
remote southern islands last year - is the heightened tension created by verbal
threats and N Korea's more effective missile tests. Markets have tried to assume
larger countries can halt the country's ability to deliver deadly payloads over
long distances. Valuations still are trying to determine the difference between
bluster and real threats, with little conviction as to the correct range, much
less the right level. Traders know more about Greek finances than about the
consequences of Korean politics."