The damage inflicted on world stocks this week by the escalating war of words over North Korea has topped $1 trillion, it has emerged.

American and Asian stocks have plunged with investors fleeing to safe haven assets including gold and German government bonds, seen as one of the safest financial securities in the world.

It comes as US President Donald Trump stepped up his rhetoric in the on-going North Korean nuclear missile stand-off.

Trump said his earlier pledge to unleash ‘fire and fury’ on North Korea may not have been tough enough, after Pyongyang’s state run news agency said earlier it would complete plans in mid-August to fire four missiles to land near Guam.

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