Global stocks hurt by trade war, no-deal Brexit fears weigh on pound

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TOKYO -- Global stocks were hit by US-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 stymi

e lawmakers' efforts to avert a no-deal Brexit.

Although US President Donald Trump has said both sides would still meet for talks later this month, tensions have shown little sign of abating. "No one really thinks Washington and Beijing will solve the issues. But as long as the US economy keeps going, stock prices will have limited downside," he said.

In the currency market, sterling traded at $1.2063, little changed so far on Tuesday after having dropped 0.85 percent on Monday. The currency stood just a half cent above its 2 1/2-year low of $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 $0.67145, not far from a decade-low of $0.66775 hit last month.

 

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