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Stock markets around the world are dipping on Wednesday amid rising tensions between the US and North Korea.

Reports early on Tuesday indicated that North Korea was able to build nuclear bombs small enough to fit on a missile. President Donald Trump then said any aggression from Kim Jong Un, North Korea’s leader, would be met with “fire and fury and frankly power, the likes of which this world has never seen before.” Hours later, North Korea said it was considering a missile strike on Guam, a Pacific island that holds a US military base.

Here’s a map showing global markets in the red. And here’s what a war between North Korea and the US could do to the global economy

Elsewhere in markets news, companies are crushing earnings — but investors have nothing to show for it. There is a looming threat to the stock market’s calm that’s not even on investors’ radars. And the world’s hottest investment market looks like a bubble — but it still has a ways to go.

To “bond king” Jeffrey Gundlach, the market hasn’t simply been sitting still. It’s been coiling. In other words, under a seemingly placid surface, the co-founder and CEO of DoubleLine Capital sees conditions brewing that could eventually unleash price swings upon a market so starved for them.

In finance news, a partner at Paul Tudor Jones’ Tudor Investment Corp. is planning to leave to start his own venture. Davidson Kempner, one of the largest hedge fund firms in the world, is betting big on mega-deals. Maverick Capital, a $US10.5 billion hedge fund, is struggling to make money.

Fidelity, the $US2.3 trillion investment giant, is testing out a new cryptocurrency service. Investors are giving Carl Icahn a taste of his own medicine. And the firm behind one of the top China analysts in the world is warning of a ticking time bomb.

The CEO of Houlihan Lokey told us what really keeps him up at night.

In deal news, a 32-year-old biotech CEO just raised $US1.1 billion from SoftBank to give old drugs new life. And a French entrepreneur is intent on a multi-billion dollar dealmaking spree in the US.

In tech news, Amazon could be the first company worth $US1 trillion — but it will cost a lot of jobs to get there. And Disney will dump its exclusive Netflix deal in 2019 in order to launch its own streaming service.

Lastly, here’s how much money millennials need to earn to be in the top 1% at every age.

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