LBBW's Karl Haeling said that "on the.......>

US TSYS: LBBW's Karl Haeling said that "on the geo-political front, the next key

development likely involves what North Korea does later in the coming week when

it said it would be ready to launch four missiles toward the coast of Guam.

Although investors are still clearly betting that we will not see war between

the U.S. and North Korea, there is still enough unpredictability surrounding the

situation to keep many market players sidelined now to see what Kim Jong Un does

next."

- He adds "it is also quite possible that while rhetoric surrounding North Korea

started the equity selloff, there may be other factors at work. Valuations are

not "cheap," stocks have rallied for quite a while now without a correction, and

August/September is historically the worst performing period of the year. So we

could see a situation where North Korean tensions diminish but the stock market

still struggles until autumn."