Stock markets fell overnight in Asia after Joe Biden announced he was quitting the 2024 US presidential race.

Japan’s benchmark Nikkei 225 dropped 1.2pc to 39,582.13 and the pound strengthened against the dollar after the President endorsed Vice President Kamala Harris to take on Donald Trump in November, adding to uncertainties over the future of the world’s largest economy.

Australia’s S&P/ASX 200 stock index dipped 0.6pc to 7,924.40, while South Korea’s Kospi lost 1.4pc to 2,756.62.

Sterling added 0.1pc to $1.2921, with the dollar also losing ground against the euro and the yen.

Commonwealth Bank of Australia strategist Joseph Capurso said a decline in odds for a Trump win should see the dollar weaken, and vice versa.

He said: “The bottom line is what the polls show this week.

“Harris might be a stronger candidate, but is it enough to turn the polls?”

Read the latest updates below.