Stocks hurt by trade war, pound hit by no-deal Brexit fears

TOKYO: Global stocks were hit by U.S.-China trade frictions on Tuesday while the British pound flirted with 2 1/2-year lows as Prime Minister Boris Johnson indicated he could call an election to stymie lawmakers' efforts to avert a no-deal Brexit.

"We have so many problems around the world, starting from the U.S.-China trade war and Brexit. But investors appear to be getting used to be exposed to them," said Hiroyuki Ueno, senior strategist at Sumitomo Mitsui Trust Asset Management In the currency market, sterling traded at US$1.2063 , little changed so far on Tuesday after having dropped 0.85per cent on Monday. The currency stood just a half cent above its 2 1/2-year low of US$1.2015 hit on Aug. 12.

The picture is not much better in Europe and the European Central Bank is widely expected to cut interest rates next week to cushion the blow, pressuring the euro.The offshore Chinese yuan also dropped to a record low of 7.1975 per dollar while the Australian dollar fetched US$0.67145 , not far from a decade-low of US$0.66775 hit last month.

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