TOKYO: Global stocks faced headwinds on Tuesday, stymied by U.S.-China trade frictions while the British pound flirted with 2 1/2-year lows as Prime Minister Boris Johnson indicated he could call an election to block lawmakers' efforts to avert a no-deal Brexit.
Although U.S. President Donald Trump has said both sides would still meet for talks later this month, tensions have shown little sign of abating. U.S. manufacturing survey by the Institute for Supply Management due at 1400 GMT Tuesday is a major focus for investors. In the currency market, sterling dipped 0.25per cent to US$1.2030 , after having dropped 0.85per cent on Monday. The currency stood just above its 2 1/2-year low of US$1.2015 hit on Aug. 12.
Uncertainties over Brexit have already hit the UK economy, with survey by the IHS Markit/CIPS showing British manufacturing contracted last month at the fastest rate in seven years. The offshore Chinese yuan dropped to a record low of 7.1975 per dollar on Tuesday morning while the Australian dollar lost 0.3per cent to US$0.6700 , a stone's throw from a decade-low of US$0.66775 hit last month.
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