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Asian equities slump
On Tuesday, Asian equities headed south because earnings season worries in America affected Wall Street, while a mixture of downbeat drivers from Saudi Arabia's diplomatic isolation and fears over Italy's budget as well as Brexit negotiations put pressure on market sentiment.
Selling in the region ate up profits derived in the previous two winning trading marathons, led by China stimulus expectations, with the MSCI's index losing 1.3%.
The Kospi index headed south by 2.5% in South Korea and it was approaching a 1-1/2-year minimum. Besides this, the Nikkei slumped by 2.3% in Japan.
On Tuesday, American equities slipped by 0.8%. On Monday, the S&P 500 inched down by 0.43% due to the fact that market participants closely watched earnings in the face of global surge fears. Additionally, enthusiasm over some of the positive outcomes was also tamed by the soaring political uncertainty around the globe.
On Monday, American leader told that he was dissatisfied with what he’d learned from Saudi Arabia about the murdering of reporter Jamal Khashoggi at the country’s consulate in Turkey.
US leader expressed reluctance to have Saudi Arabia punished economically. Nevertheless, this Middle Eastern country sought to protect its all-mighty crown prince from the probable attempt on his life, and a lot of statesmen questioned Riyadh's narrative.
A number of countries, including France, Germany, Turkey and the United Kingdom have put pressure on Saudi Arabia to disclose all the facts.
The common currency hit $1.1466, having declined by 0.44% the previous day approaching its October 9 minimum of $1.14325, which appears to be its lowest result since mid-August.
The UK currency kept to $1.2965, sticking with this month's minimum of $1.2922 on worries that the Irish border issue as well as disagreements within the UK’s ruling Conservatives over Brexit could be a serious challenge for Prime Minister Theresa May.
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…