North Korea Promises ‘More Gift Packages’ As South Korean Shares Fall For 5th Day

If regional assets are ultimately set to shake off the latest North Korea provocations, they’d better hurry up.

Because the Kospi fell for a fifth straight session on Wednesday while the Nikkei extended its losing streak to three days, and as you’re probably aware, founding day is coming up for the North which means another missile launch is almost a foregone conclusion.

Losers

So that’s the longest stretch of losses for South Korean shares since April.

Meanwhile, the won is sitting at a two-week low:

USDKRW

Again, the problem here for the “this too shall pass” crowd is that “this too” hasn’t “passed” even as Kim is reportedly prepping another launch.

And in case you think that’s speculation, here’s what Han Tae Song, the DPRK’s ambassador to the United Nations in Geneva told a disarmament conference on Tuesday:

The recent self-defense measures by my country, DPRK, are a gift package addressed to none other than the U.S. The U.S. will receive more ‘gift packages’ from my country as long as its relies on reckless provocations and futile attempts to put pressure on the DPRK.

As Reuters dryly notes, “he did not elaborate.”

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