UK pound falls under $1.28; Asia stock markets tumble
Markets in Asia were sharply lower on Wednesday, as investors scurried into safe-haven plays on global growth concerns, sending bond yields to record lows. Renewed Brexit jitters also sent the British pound tumbling to a fresh 31-year low. The British pound dropped to a fresh 31-year low early Wednesday amid Brexit concerns, trading at USD 1.2860 as of 11:04 a.m. HK/SIN, after dropping as low as USD 1.2796 earlier.
Japan’s Nikkei 225 dropped 2.96 percent, after earlier tumbling some 3.2 percent on the back of fresh yen strength. The Japanese yen, a safe-haven asset, traded at 100.71 against the dollar as of 11:04 a.m. HK/SIN, compared with levels near 103 on Friday.
Gold prices advanced, with spot gold up 0.88 percent at USD 1,367.56, compared with levels near USD 1,320 in the previous week.
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