Brexit endgame spurs global investors to buckle up for a wild ride

In a year that’s featured a global pandemic and a tidal wave of liquidity from central banks, investors are bracing themselves for a risk they’ve ignored for most of 2020: Brexit.

The prospect of the UK and European Union reaching a trade agreement by an October deadline is looking less likely, with Britain saying this week it’s willing to walk away and break international law in the process. That risks the pound falling to a 35-year low, stocks that lag international peers, and bond yields turning negative for the first time amid bets on Bank of England interest-rate cuts, fund managers