MORNING BID EUROPE-Calmer markets look to next North Korea moves

(A look at the day ahead from EMEA markets editor Mike Dolan. The views expressed are his own.)

LONDON, Aug 10 (Reuters) - After an initial jolt as North Korea and the United States swapped military threats this week, world markets have calmed somewhat as next steps are assessed and investors attempt to separate rhetoric from real risk.

Asian markets remained anxious, but South Korea’s Kospi more than halved early losses before the close. The S&P500 closed less than 0.1 percent lower overnight, with the Vix ‘fear index’ slipping back close to 11 percent from as high as 12.6 earlier in the day. The traditional hedges against geopolitical shocks – such as U.S. Treasury bonds, the Swiss franc and Japan’s yen - also gave up much of Wednesday’s gains. Of so-called ‘safe havens’, only gold has held its bid and nudged further to two-month highs. The dollar was firmer against the board. Japan’s Nikkei closed in the red but was barely changed and Shanghai stocks lost about half a percent.

Still in the midst of its own largely upbeat earnings season, Europe's equity futures were flat first thing. As market jitters subside, at least for now, attention will be focused on commodities-related firms including Glencore (Frankfurt: 8GC.F - news) , OMV (IOB: 0MKH.IL - news) and Thyssenkrupp (IOB: 0O1C.IL - news) reporting strong results today.

So far around 76 percent of MSCI Europe companies have reported Q2 earnings, of which more than 60 percent have either met or beaten expectations (the figure is similar for just Euro zone firms), with the biggest beats coming from financials, energy and materials sectors. And away from North Korea worries, the focus of other macro markets was drifting to more prosaic matters on the economic data front – with U.S. producer price numbers due later ahead of the main CPI inflation report for July on Friday. * Philippines, Serbia, Peru central bank policy decision

* Europe corp events: ThyssenKrupp, Zurich, Glencore, Prudential (SES: K6S.SI - news) , Raiffeisen, KBC, Henkel (LSE: 0IZ8.L - news) , OMV, Adecco (Swiss: ADEN.VX - news) , TUI (LSE: 0NLA.L - news) , Aegon (Swiss: AGN.SW - news) , Dong Energy (LSE: 0RHE.L - news) , Glanbia (Frankfurt: 883867 - news) , Kerry, Coop Bank, Zalando (Swiss: OXZALG.SW - news)

* UK, Italy June trade

* France, UK, Sweden June industrial output

* US Q2 earnings: News Corp, Nordstrom (NYSE: JWN - news) , Macy’s, Kohls

* US July PPI

* Mexico central bank policy decision

* US Treasury auctions 30-year bonds

* NY Fed chief Dudley speaks in NYC (editing by John Stonestreet)