US calls for global action following North Korea missile launch

US secretary of state Rex Tillerson has called on nations across the world to condemn the actions of North Korea, after Pyongyang claimed to have launched an intercontinental-ballistic missile on Tuesday.

Kim-Jong-un’s regime carried out the missile test on the eve of the US holiday of Independence Day, saying that it had delivered a "package of gifts" for the country on its day of celebrations.

Experts are undecided on whether the weapon launched by North Korea had as large a range as the regime claims, but the US has responded firmly in any case.

"All nations should publicly demonstrate to North Korea that there are consequences to their pursuit of nuclear weapons," Tillerson said in a statement.

Russia and China, one of the isolated state’s only allies, joined forces on Tuesday to call on all sides to sign up to a de-escalation programme.

China’s ambassador to the United Nations had called for a de-escalation in tensions between North Korea and the West just hours before the missile was launched.

“If tension only goes up... then sooner or later it will get out of control and the consequences would be disastrous,” Liu Jieyo said.

The increased risk surrounding the actions from North Korea have pushed safe haven markets stronger.

Ipek Ozkardeskaya, senior market analyst at London Capital Group, said: “The overnight trading session was dominated by a decent risk-off sentiment after the North Korean President Kim Jong-un said to be firmly determined to test an ICBM that could hit the US within this year.

“The North Korean missile threat boosted the appetite in safe haven assets. Capital flew into the yen and gold.”