The pound struggled at 32-year lows against the dollar in Asia on Monday after reports said British prime minister Theresa May was ready to take the country out of the European Union in a so-called “hard Brexit”.
Sterling’s retreat came with losses on most Asian stock markets as investors nervously await Donald Trump’s inauguration speech on Friday, having been left disappointed at his lack of detail on economic policy at a news conference last week.
A number of Sunday newspapers in the UK said Mrs May was willing to pull out of the single market, the European customs union and the European Court of Justice, to regain control of immigration.
The news sent sterling plunging to US$1.1986, its lowest since October’s “flash crash” that sent it to $1.1841 – a level not seen since the start of 1985.
The unit later pared some of the losses to sit just above $1.20.
“The weekend reports were undoubtedly the factor that pushed the pound down,” said Nomura forex strategist Yoshitaka Suda. “Markets are watching what Britain does.”
The reports come as Mrs May prepares to give a speech on Tuesday on the government’s strategy on leaving the EU.
The prime minister aims to launch two years of departure talks when she triggers the Article 50 exit process by the end of March, although a legal challenge is still pending before the country’s supreme court.
“The market is now positioning for some fairly punchy rhetoric from Theresa May and this idea of hard Brexit and a clean break from the single market seems increasingly likely,” Chris Weston, Melbourne-based chief market strategist at IG Ltd, told Bloomberg.
“The prospect of volatility here is now very high.”
Regional stock markets were also under pressure as dealers look ahead to Mr Trump’s inauguration on Friday with uncertainty. World equities surged after his election win in November on bets his plans for big infrastructure spending and tax cuts would fire the world’s top economy, and in turn the global economy.
But the lack of any definitive plan at last week’s briefing left many scratching their heads and worrying he might not fulfill his promises.
Tokyo ended the morning session 0.9 per cent lower, while Hong Kong shed 0.9 per cent and Shanghai gave up 0.7 per cent.
Seoul lost 0.5 per cent, Singapore retreated 0.3 per cent and Taipei slipped 0.9 per cent, although Sydney edged up 0.5 per cent.
* Agence France-Presse
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
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UAE currency: the story behind the money in your pockets
BEETLEJUICE BEETLEJUICE
Starring: Winona Ryder, Michael Keaton, Jenny Ortega
Director: Tim Burton
Rating: 3/5
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The specs: 2018 BMW X2 and X3
Price, as tested: Dh255,150 (X2); Dh383,250 (X3)
Engine: 2.0-litre turbocharged inline four-cylinder (X2); 3.0-litre twin-turbo inline six-cylinder (X3)
Power 192hp @ 5,000rpm (X2); 355hp @ 5,500rpm (X3)
Torque: 280Nm @ 1,350rpm (X2); 500Nm @ 1,520rpm (X3)
Transmission: Seven-speed automatic (X2); Eight-speed automatic (X3)
Fuel consumption, combined: 5.7L / 100km (X2); 8.3L / 100km (X3)
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
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Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
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The five new places of worship
Church of South Indian Parish
St Andrew's Church Mussaffah branch
St Andrew's Church Al Ain branch
St John's Baptist Church, Ruwais
Church of the Virgin Mary and St Paul the Apostle, Ruwais
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BORDERLANDS
Starring: Cate Blanchett, Kevin Hart, Jamie Lee Curtis
Director: Eli Roth
Rating: 0/5
The specs: 2019 Mercedes-Benz C200 Coupe
Price, base: Dh201,153
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Nine-speed automatic
Power: 204hp @ 5,800rpm
Torque: 300Nm @ 1,600rpm
Fuel economy, combined: 6.7L / 100km
UAE currency: the story behind the money in your pockets
SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
Sweet%20Tooth
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