Economy

FTSE 100 shrugs off North Korea fears

European stocks fell on Monday, with the FTSE 100 slipping 0.36% and the European Stoxx 600 down 0.52%. A loss Wednesday would be the London benchmark's third in a row.

Shares of Hewlett Packard Enterprise were up 2.56 percent in premarket trading after the company reported a surprise rise in quarterly revenue.

Connor Campbell, financial analyst at spread betting firm Spreadex, noted the FTSE had managed to stay above the 7,400 level it had reached again last week.

Asia markets declined, with South Korea's main index closing down 1.2% and Japan's Nikkei losing nearly 1%.

North Korea on Sunday conducted its sixth nuclear test, which it said was of an advanced hydrogen bomb for a long-range missile, marking a dramatic escalation of the regime's stand-off with the United States and its allies.

The latest back-and-forth sharpened the sense North Korea was becoming "a permanent part of the investor psychology right now and that causes a flight to safety", said Art Hogan, chief market strategist at Wunderlich Securities. In individual movers, Barratt Developments (LON:BDEV) is underperforming the broader market after updating investors on its full-year performance.

But home-improvement retailers Lowe's and Home Depot both climbed more than one percent as another major hurricane, Irma, approached the United States.

Toy companies Hasbro and Mattel lost 2.9 percent and 1.6 percent, respectively, after Danish toy giant Lego announced it would slash 8 percent of its global workforce after a drop in sales in the USA and Europe. On the mainland, the Shanghai Composite shed 0.44% and the Shenzhen Composite slipped 0.22%. The decline for banks started Tuesday after Federal Reserve Governor Lael Brainard said the central bank may need to slow down (http://www.marketwatch.com/story/fed-may-have-to-slow-interest-rate-hikes-given-subdued-inflation-brainard-2017-09-05) interest-rate hikes.



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