SINGAPORE (Oct 29): It does appear as though uncertainties, nerves and heightened volatility could become the new norm for financial markets globally. While specific geopolitical risks will ebb and flow, a widening trade spat between the US and China as well as the unwinding of years of unprecedented monetary policies and excessive liquidity will have enduring impact.

The US Federal Reserve has started shrinking its balance sheet and raising short-term interest rates, forcing other central banks to follow suit. The consequences of tightening have hit too close to home as, witnessed by the emerging-market currency turmoil.

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