Stocks slumped around the world and havens including gold jumped after North Korea fired a ballistic missile over Japan, rattling markets from New York to Tokyo. Gasoline climbed as energy companies braced for another hit from Tropical Storm Harvey.

US equities pared losses after the classic risk-off moves. Treasuries jumped and the dollar weakened. Gold surged to the highest this year, while the Swiss franc and the yen were the best-performing major currencies. The euro climbed above $1.20 for the first time since 2015, adding yet another headwind for the region’s stocks. Gasoline headed for a sixth day of advances as Harvey picked up strength again after inundating refineries along the Texas coast.

Japan called Kim Jong Un’s latest provocation an “unprecedented, grave and serious threat," and asked the United Nations Security Council to hold an emergency meeting, while President Donald Trump said the US will consider “all options" in the its response. The missile seems likely to reignite the simmering tension between North Korea and the US just days after secretary of state Rex Tillerson praised the nation for its “restraint."

“Some observers had thought the US and North Korea were pursuing discussions behind closed doors, but it turns out North Korea continues to pursue missile development," said Chihiro Ohta, a Tokyo-based senior strategist at SMBC Nikko Securities. “The risk-off stance is likely to continue even if the US responds calmly."

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