Nov 28, 2017

North Korea fires a missile toward South Korea

Kim Jong Un looks up at the sky at what is said to have been a missile launch on Aug. 29, 2017. Photo: KRT via AP Video

North Korea has launched an intercontinental ballistic missile toward South Korea for the first time in two months. Japan detected radio signals last night that North Korea may have been preparing to fire a missile, per Reuters. South Korea has fired pinpoint missiles into the water in response, Defense Secretary General James Mattis told reporters.

Why it matters: The missile "went higher, frankly, than any previous shots they have taken," Mattis said. "It's a research and development effort on their part to continue building ballistic missiles that could threaten everywhere in the world basically," he said.

Be smart: Eurasia Group's Ian Bremmer tells Axios: "Small tit for tat for the [U.S. government's] state sponsor of terror announcement. This shouldn't be a headline."

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Fear of coronavirus pandemic escalates

Photo: Abdulgani Basheer/AFP/Getty Images

In the blink of an eye, we've entered a new phase on the coronavirus.

The big picture: Italy, Iran and South Korea are at "decisive" points in their responses, the World Health Organization said on Thursday.

Go deeperArrow43 mins ago - Health

Stocks fall 4% as sell-off worsens

A trader on the floor of the New York Stock Exchange. Photo: Johannes Eisele/AFP via Getty Images

Stocks fell more than 4% on Thursday, extending the market’s worst week since the financial crisis in 2008 following a spike in coronavirus cases around the world.

The big picture: All three indices are in correction, down over 10% from recent record-highs, amid a global market rout. It's the S&P 500's quickest decline into correction territory in the index's history, per Deutsche Bank.

Coronavirus updates: California monitors 8,400 potential cases

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

33 people in California have tested positive for the coronavirus, and health officials are monitoring 8,400 people who have recently returned from "points of concern," Gov. Gavin Newsom said Thursday.

The big picture: COVID-19 has killed more than 2,800 people and infected over 82,000 others in some 50 countries and territories. The novel coronavirus is now affecting every continent but Antarctica, and the WHO said Wednesday the number of new cases reported outside China has exceeded those inside the country for the first time.

Go deeperArrowUpdated 2 hours ago - Health