Stocks around the world are sliding after North Korea's missile test

North Korea has once again ratcheted up geopolitical tensions with its most recent missile test, and the effects are being felt in stock markets worldwide.

It's just the latest example of just how sensitive the low volatility environment in global markets can be to sudden, unexpected political developments. While stocks have stopped reacting as much to headlines around US President Donald Trump, this latest development in North Korea provides a reminder of the ever-present risk of geopolitical strife.

Here's a round-up of the damage in stocks caused by North Korea's decision to fire a missile over Japan:

Asia

• Japan's Topix index declined as much as 0.7%, and eventually closed 0.2% lower
• South Korea's Kospi index plunged as much as 1.6%, before paring that loss and finishing only 0.2% in the red
• The S&P/ASX 200 Index in Sydney decreased 0.7%
• Hong Kong's Hang Seng Index lost 0.4%
• The Shanghai Composite Index fluctuated for much of its session before closing slightly higher

Europe

• The Stoxx Europe 600 index slid 1.3% to the lowest in almost seven months
• The UK's FTSE 100 index lost 1.1%, headed for the biggest drop in roughly three weeks
• Germany's DAX index fell 1.7% to its weakest level in more than five months

US

• The benchmark S&P 500 is on pace to open 0.5% lower, according to futures
• The more tech-heavy Nasdaq 100 is signaling an opening decline of 0.7%
• Dow futures are trading 0.4% lower