China Caixin manufacturing PMI for July 49.9 vs 49.6 estimate

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Forex – Sterling Rebounds as Dollar Flat Ahead of Expected Rate Cut 

© Reuters.  © Reuters.

Investing.com – The pound rebounded slightly on Wednesday after falling to a two-year low, while the U.S. dollar was flat ahead of an expected Federal Reserve rate cut.

A reduction of at least a quarter-point at 2:00 PM ET (18:00 GMT) from the Fed is priced in, with investors focused on Chairman Jerome Powell’s press conference a half-hour later for clues on further easing in the light of slowing global growth, notably caused by fallout from the trade conflict with China.

The , which measures the greenback’s strength against a basket of six major currencies, was flat at 97.838 by 10:18 AM ET (14:18 GMT).

The dollar was unmoved against the Japanese yen, with flat at 108.54.The Bank of Japan left rates steady on Tuesday but could ease monetary policy if global developments drag on the economy.

Sterling recovered, with up 0.5% to 1.2211, in a move that had no obvious triggers but which followed two days of sharp losses that made it ripe for a technical correction.

The pound had fallen to a two-year low of 1.2158 after newly elected Prime Minister Boris Johnson and his new cabinet of die-hard Brexiteers stepped up their rhetoric and their preparations for taking the U.K. out of the European Union by October 31, a timeframe that leaves little or no time to renegotiate a transitional deal to guarantee continued smooth trade between the two.

The currency is expected by many to fall further as Johnson’s plan to leave the EU is widely seen as likely to hurt the U.K. economy. While the Bank of England is expected to keep interest rates steady at its meeting on Thursday, the implied odds of a rate cut later have risen in recent days.

Elsewhere, was down 0.2% to $ 1.1136 after data showed that the euro zone’s gross domestic product grew only 0.2% in the second quarter. The third quarter has also started weakly, with the core consumer price index falling to 0.9% in July, barely half the European Central Bank’s target for headline inflation.

lost 0.2% to 1.3120.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Meghan Markle launching clothing line

Meghan, Duchess of Sussex, is busy as a new mom and with her role as guest editor at British Vogue. Markle used the magazine to announce yet another big endeavor: she’s partnering with clothing brands to create a new clothing line. The collection will not only be available to women who want a piece of Meghan’s style — it will also help women in need.

In the Vogue piece, Markle explains that she partnered with retailers Marks & Spencer, John Lewis & Partners, Jigsaw, and her friend, designer Misha Nonoo, to create a capsule line of clothing. For each piece sold in the stores, another will be donated to Smart Works, an organization that provides clothing to women in need.

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Markle partnered with several clothing brands to create a capsule line that will help Smart Works, charity for which she was appointed royal patron. @SUSSEXROYAL

In January, Kensington Palace announced that Markle was appointed Royal Patron of Smart Works. The duchess is the royal patron to several charities. This one helps women get appropriate outfits for job interviews. “Once they score their dream job, they come back for a second outfit, to see them through until their first pay cheque,” Markle writes.

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@SUSSEXROYAL

“It’s the enthusiasm of the volunteers, the earnestness of the staff and, most of all, the blushing, bashful and beautiful smile that crosses a client’s face when she sees herself in the mirror, that I have found so profoundly compelling,” Markle explains. “Because in that moment, she feels special and emboldened.”

At Smart Works, the donations from woman to woman are “not a hand-me-down, but rather a hand being held,” Markle writes. 

Smart Works receives the clothing through donations, which means “it can be a potpourri of mismatched sizes and colours, not always the right stylistic choices or range of sizes,” Markle writes. To help women get work-appropriate attire that fits well and matches, Markle and the brands she enlisted will create options for a workwear wardrobe.

BRITAIN-ROYALS-MEGHAN-FASHION
Cover of British Vogue’s September issue, entitled “Forces for Change,” with photographs by Peter Lindbergh, guest edited by Meghan, Duchess of Sussex. Peter Lindbergh / AFP/Getty Images

The duchess is British Vogue’s first-ever guest editor. She undertook the role while she was pregnant with her son, Archie, who was born in May. She spent several months helping craft the magazine’s September issue —which is considered the most important one of the year in the fashion world.

The issue is entitled “Forces for Change” and it focuses on women who break barriers. The cover features 15 women who are “each driving impact and raising the bar for equality, kindness, justice and open mindedness.” 

Markle decided that the 16th spot on the cover will feature a mirror, so that the reader can be included to “encourage them to use their own platforms to effect change.”

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Record highs in U.S. stock market not enough to attract fund investors

© Reuters. FILE PHOTO: Traders work on the floor at the NYSE in New York © Reuters. FILE PHOTO: Traders work on the floor at the NYSE in New York

By David Randall

NEW YORK (Reuters) – Investors retreated from the U.S. stock market last week despite the benchmark reaching new record highs, pulling nearly $ 9.1 billion from mutual funds and exchange-traded funds that hold domestic stocks, according to data released Wednesday by the Investment Company Institute.

The move away from the U.S. market came on the heels of $ 1.1 billon in inflows the week before, continuing a pattern in which the outsized gains in S&P 500 have been unable to attract investors en masse. The benchmark index is up more than 20% for the year to date, thanks in part to expectations of at least one equity-friendly interest rate cut by the Federal Reserve this year. Over the same time, investors have pulled nearly $ 67 billion out of domestic stock funds.

Instead, investors continued to pile into fixed income by sending $ 10.4 billion into taxable and municipal bond funds, extending a streak of positive inflows over every full week of the year that has brought more than $ 255 billion into the category.

World stock funds, meanwhile, continued a 9-week losing streak by dropping slightly more than $ 1 billion in assets. Investors have pulled approximately $ 20.5 billion from the category since the start of the year.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Pound Plunge May Test Johnson’s ‘Pain Threshold’: Commerzbank

(Bloomberg) — A deep and swift slump in the pound will prompt the U.K. government to rethink its approach to leaving the European Union without a divorce deal.

A plunge of about 10% in sterling in a short span of time may cause Prime Minister Boris Johnson’s cabinet to refrain from pursuing a no-deal exit, according to Commerzbank. A decline that takes the currency below $ 1.19 would leave markets in “uncharted waters”, says Manulife Asset Management that oversees almost $ 400 billion.

The pound, which has emerged as one of the loudest voices of opposition to the government’s handling of Brexit, has slumped more than 4% in July, set for the biggest monthly drop since October 2016, when the currency plunged in a one-minute flash crash. Prime Minister Boris Johnson, who took office earlier this month, hinted he may hold no negotiations with the European Union before the Brexit deadline on Oct. 31.

“We have seen from time to time that the market is able to put pressure on governments,” said Thu Lan Nguyen, a currency strategist at Commerbank AG. “Increasing market turmoil could put the government under pressure to refrain from a no-deal Brexit. As a pain threshold, I could imagine a depreciation just above 10% in a short time that takes the currency close to parity against euro.”

traded around $ 1.2150 on Tuesday, having touched $ 1.2119 earlier, its weakest since March 2017. The pound was at 91.61 pence per .

A messy departure from the EU has long been deemed the worst-case scenario by markets. Those fears crystallized after Johnson appointed Brexiteers to key government positions and demanded changes to the existing agreement with the EU, which Brussels has ruled out.

Still, some analysts say it’s a bit too early for the tremors in the pound to be upsetting the political calculations at 10 Downing Street.

“The government has a pain threshold, but we’re not there yet,” said Ned Rumpeltin, head of currency strategy at Toronto-Dominion Bank. “It’s too early into Johnson’s term for him to be seen as being brought to heel by the markets. It may not be a level, per se, but may be more a function of the speed with which the pound may collapse that attracts their attention.”

With lawmakers on recess until early September and the Bank of England silent before its policy decision on Thursday, investors say the currency is bound to fall further in the weeks to come.

“Ultimately it’s the pound that takes the Brexit strain,” said Grant Peterkin, a senior managing director at Manulife Asset Management which manages $ 386 billion in assets globally. “It’s the purest way to reflect the concerns financial markets have for the U.K. economy.”

Manulife Asset Management’s Absolute Return Rates Fund is betting on further declines in sterling. “Into the $ 1.19’s would be moving into relatively uncharted territory for cable,” Peterkin said.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Forex – Pound Recovers Slightly; Yuan Near Flat After PMI Data, Trade News

© Reuters.  © Reuters.

Investing.com – The British pound recovered slightly on Wednesday in Asia after falling to near two-year lows in the previous session amid the increasing likelihood of a disruptive Brexit on October 31.

The pair inched up 0.1% to 1.2155 by 12:30 AM ET (04:30 GMT).

Incoming Prime Minister Boris Johnson reiterated earlier this week that he would not meet with other European leaders unless they first agreed to remove the contentious “Irish backstop” provisions from the Withdrawal Agreement negotiated by his predecessor, Theresa May.

Johnson also said he wants to take the U.K. out of the European Union (EU) in October regardless of whether or not there is a deal by then.

Meanwhile, EU officials continued to insist that the Withdrawal Agreement – which has been rejected three times by the U.K.’s parliament – won’t be reopened.

The pair was little changed at 6.8812.

Negative news on the Sino-U.S. trade development were in focus.

In a tweet overnight, U.S. President Donald Trump accused China of not purchasing more U.S.-made agricultural products as promised.

Trump said on Twitter: “The problem with them waiting … is that if & when I win, the deal that they get will be much tougher than what we are negotiating now … or no deal at all.”

The Global Times, China’s state-owned media, said the U.S. must show “sincerity” in trade talks to ease tensions between the two sides, adding that the U.S. side should hold “reasonable expectations” after making “unrealistic demands that infringe upon China’s sovereignty and dignity”.

“If Washington still holds the illusion that Beijing will somehow cave in and compromise on issues concerning sovereignty and other related core interests to reach a deal, then no deal is fine,” the article said.

On the data front, China’s in July came in at 49.7, higher than the forecasted 49.6 and June’s 49.4. for the month was at 53.7, lower than the expected 54.0 and last month’s 54.2.

The safe-haven yen was also near flat despite falling stock markets in Asia today. The pair last traded at 108.56, down 0.02%.

The that tracks the greenback against a basket of other currencies was unchanged at 97.817.

The pair rose 0.3%, while the pair fell 0.2%.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Brazil and Argentina renew rivalry on Pan Am handball court

By Steve Keating

LIMA (Reuters) – Whether soccer or basketball, a World Cup or an Olympics, the Brazil-Argentina rivalry is one of the greatest in sport and it played out again on Tuesday on the Pan Am Games women’s handball court.

The two countries can work themselves into a lather with nothing more than pride on the line but the stakes were much higher at a seething Videna Sports Center, with a gold medal and direct qualification for the 2020 Tokyo Olympics going to the winner.

This round went to Brazil, who broke open what had been a tight contest with a second half surge, cruising to a 30-21 win to punch their Tokyo ticket.

It was the 11th gold of the Games for Brazil, keeping them in front of their bitter rivals who sit eighth in the standings.

The United States continued their gold medal rampage, improving their haul to 28 after just four days with Mexico a distant second on 13 followed by Brazil.

The U.S. grabbed gold on land, sea and air on Tuesday, led by Karissa Cook and Jace Pardon who capped an unbeaten run to the women’s beach volleyball gold with a 14-21 22-20 15-10 win over defending champions Argentina.

Gymnast Riley McCusker was flying high at the Polideportivo Villa El Salvador, taking top spot on the uneven bars finals while weightlifter Sarah Robles picked up gold with victory in the women’s over-87kg division.

Timothy Sherry in the 50 meter rifle and Brian Burrows in the trap were on target in the men’s shooting competition while waterskier Regina Jaquess added her third gold to the U.S. cause by winning the overall women’s title.

After a slow start, Canada finally found its gold medal mojo, doubling their total from four to eight to leap up the leaderboard.

Gymnast Ellie Black, Canada’s most decorated athlete at the 2015 Pan Am Games, is well on her way to repeating that performance. She picked up a second gold and third medal in three days by winning the vault event.

The 23-year-old also took bronze in the uneven bars to take her tally to four medals for these Games and nine over the last two Pan Ams.

Black led Canada to a team silver on Saturday then on Monday successfully defended her all-around crown.

“We wanted to deliver some strong performances and we were able to do that,” said Black. “It is awesome to bring some more medals home for Canada.”

It was a big day in the canoes for Canada with Alanna Bray-Lougheed and Andreanne Langlois triumphing in the women’s K2 500m and Dominik Crete getting home first in the men’s K1 200m sprint.

Dorien Llewellyn triumphed in the men’s overall water skiing competition.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Sports and General News

Pregnant Jemma Lucy’s ‘irresponsible’ Instagram post banned

An Instagram post by reality star Jemma Lucy has been banned by the Advertising Standards Authority (ASA).

The ASA said the image and text broke several rules, including encouraging unsafe practices during pregnancy and making claims about weight loss.

The post was also not properly identified as an advert, it said.

The ASA recently teamed up with ITV to create a checklist to encourage Love Island contestants to be “upfront” about their own social media ads.

Skinny Caffe, the weight-loss brand promoted by Lucy, said she had posted the message as a favour to a friend and had not been paid for it.

The firm was seeking to create brand awareness ahead of the model giving birth, and had planned a larger follow-up campaign later in the year.

Skinny Caffe said it did not believe Lucy had implied that she had used its products while pregnant.

Lucy concurred with Skinny Caffe’s comments but acknowledged the text contained in her message had been provided by the brand.

The ASA said it had investigated the matter after receiving 25 complaints from the public.

Unsafe act

Lucy rose to fame via a succession of reality TV series, including Signed by Katie Price, Ex on the Beach, and Celebrity Big Brother.

She uploaded the offending post on 5 May.

It showed the glamour model sitting by a table wearing underwear and socks, cradling a mug next to the products.

The ASA noted that although this post did not refer to her pregnancy, comments under many of her other Instagram posts did. Moreover, it said that her pregnancy had been widely covered in the press.

In light of this, the regulator said her fans might take the text’s claim that she had used the products to stay “in shape” to imply she had consumed them recently. And, it added, this could encourage other mothers-to-be to do likewise.

The ASA noted that the National Institute for Health and Care Excellence does not recommend dieting during pregnancy as it can harm the health of the unborn child.

“We concluded that the ad encouraged an unsafe practice and was irresponsible,” the watchdog concluded.

It also highlighted the fact that the text also claimed the products featured could help users “lose up to 7lbs [3.2kg] in seven days”.

According to the regulator, any health claims that refer to specific amounts of weight loss are not permitted in ads.

The ASA does not have the power to penalise people who break its rules, but it can ask platforms to remove them.

In serious instances, the authority can also refer incidents to Trading Standards, which does have the power to impose fines and prosecute offenders.

The BBC has contacted Jemma Lucy for comment.

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BBC News – Technology

Forex – U.S. Dollar Rises as Sterling Continues to Plummet 

© Reuters.  © Reuters.

Investing.com – The U.S. dollar was stronger against other currencies on Tuesday as investors waited for the Federal Reserve to cut rates, while the pound continued to fall on fears of a no-deal Brexit.

The , which measures the greenback’s strength against a basket of six major currencies, rose 0.1% to 97.877 by 10:38 AM ET (14:38 GMT).

The Fed’s two-day monetary policy meeting starts on Tuesday, with a rate cut of at least 25 basis points expected on Wednesday.

Support for a cut of at least 50 basis points fell early in the month after upbeat U.S. economic data, including Friday’s GDP numbers.

The greenback was also supported by a huge rise in in June, and upbeat data for July.

The dollar rose against the Japanese yen, with down 0.2% to 108.58 after the Bank of Japan left its interest rate unchanged at -0.1% overnight and revised its forecast for inflation down.

Sterling continued to decline after falling over 1% on Monday, as newly elected Prime Minister Boris Johnson told the Irish Prime Minister Leo Varadkar that he wants to take the U.K. out of the European Union by Oct. 31 regardless of whether or not there is a deal.

Johnson reiterated that he will not negotiate with the EU unless they take out the Irish backstop, an insurance policy to prevent a hard border between Northern Ireland and the Republic of Ireland. EU officials have said they will not renegotiate the deal that was made with former Prime Minister Theresa May.

slumped 0.5% to 1.2159, while was flat at 1.1144, and gained 0.1% to 1.3178.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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Forex News

UK PM Johnson’s no-deal Brexit gamble hammers sterling

© Reuters. Britain's PM Johnson visits Shervington Farm, St Brides Wentlooge near Newport © Reuters. Britain’s PM Johnson visits Shervington Farm, St Brides Wentlooge near Newport

By William James and Conor Humphries

LONDON/DUBLIN (Reuters) – Prime Minister Boris Johnson promised on Tuesday to lead Britain out of the European Union on Oct. 31 “no matter what” as sterling tumbled and Ireland warned that the bloc would not be renegotiating the thrice defeated divorce deal.

The British pound fell on Tuesday as investors bet Johnson’s Brexit brinkmanship could trigger a messy divorce that would sow chaos through the world economy and financial markets.

Sterling crashed through trading barriers, falling to an intraday low of $ 1.2120 in shallower overnight Asian trade, the lowest since March 2017. The pound has lost 3.6 cents since Johnson was named Britain’s new prime minister a week ago.

“The prime minister made clear that the UK will be leaving the EU on October 31, no matter what,” Johnson’s Downing Street office said in a statement about a phone call with Irish PM Leo Varadkar.

Johnson demanded again that one of the most hotly contested elements of the Brexit divorce agreement – the Irish border backstop – would have to be struck out if there was to be a deal.

“The prime minister made clear that the government will approach any negotiations which take place with determination and energy and in a spirit of friendship, and that his clear preference is to leave the EU with a deal, but it must be one that abolishes the backstop,” Downing Street said.

The backstop is a provision in the deal that would require Britain to obey some EU rules if no other way can be found to keep the land border open between British-ruled Northern Ireland and EU member Ireland. Johnson rejects it as “undemocratic”.

Ireland said the backstop was necessary because of the positions Britain had taken in earlier talks, and that the EU would not renegotiate the Withdrawal Agreement struck by former Prime Minister Theresa May.

“The Taoiseach explained that the EU was united in its view that the Withdrawal Agreement could not be reopened,” the Irish government said.

“Alternative arrangements could replace the backstop in the future… but thus far satisfactory options have yet to be identified and demonstrated,” the Irish government said.

Ever since the 2016 EU referendum, the pound has gyrated to the rhetoric of the Brexit divorce: after the result was announced, it had the biggest one-day fall since the era of free-floating exchange rates was introduced in the early 1970s.

Since the 2016 vote, sterling has now lost 28 cents. It was trading at $ 1.2177 at 1230 GMT. It also fell sharply against the euro and the Japanese yen.

“We see little chance of Brexit fears calming in the near-term, and if anything will likely escalate further as we head closer to the October 31st deadline,” said Mohammed Kazmi, a portfolio manager at UBP which has $ 136 billion of assets under management.

BREXIT CRISIS

Sterling briefly shot as low as $ 1.1450 on Oct. 7, 2016 during a so-called ‘flash crash’ in Asian trading that lasted only for a few minutes. But otherwise, the fall under Johnson has brought it close to the 32-year lows struck in late 2016 and early 2017.

On entering Downing Street on Wednesday, Johnson set up a showdown with the EU by vowing to negotiate a new deal and threatening that, if the bloc refused, he would take Britain out on Oct. 31 without a deal to limit economic dislocation.

Irish government bond yield spreads over Germany hit their widest levels in over a month on Tuesday, as worries grow over the potential impact of a no-deal Brexit on Ireland.

Many investors say a no-deal Brexit would send shock waves through the world economy, tip Britain’s economy into a recession, roil financial markets and weaken London’s position as the pre-eminent international financial center.

Supporters of Brexit say that while there would be some short-term difficulties, the disruption of a no-deal Brexit has been overplayed and that in the long-term, the United Kingdom would thrive if it left the European Union.

Johnson was expected to tell Welsh farmers on Tuesday they will get a better deal after Brexit, part of a countrywide tour to win support for his “do or die” pledge to leave the European Union by Oct. 31.

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