Asia markets sink amid uncertainties
STI tumbled 1.52%, while real estate stocks like City Developments fell 2.16% and CapitaLand lost 2.24%
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MOMENTUM from Monday's rebound in Asian markets was cut short on Tuesday, as uncertainty in overseas markets weighed on investor sentiment, dragging the region.
US stocks saw weakness overnight amid geopolitical tensions, global growth concerns and prospects of higher US interest rates. Uncertainty over Brexit negotiations and the standoff over Italy's budget also sent investors fleeing towards safe-haven assets, including the US dollar, now trading around the highest level in two months.
"Markets are most volatile near the turning points of economic cycles", said Olivier d'Assier, head of Apac research at Axioma.
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