Stay defensive in emerging markets, currency investors urged

GLOBAL markets are being battered by a series of shocks. The latest is the fear of a "hard Brexit", which is causing significant damage to the British pound.

On Friday morning we witnessed the pound tumbling suddenly from 1.26 to 1.19 or below to the US dollar, before recovering partially to 1.2375 at the time of writing, only 2.8 per cent weaker from the Asia close.

Such price action in one of the world's most liquid currencies could understandably add to investor nervousness.