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World stock markets could react negatively if a ‘chaotic no-deal’ Brexit becomes a more likely option, a senior equities manager has warned.

Nick Davidson of AllianceBernstein warned that the political uncertainty surrounding Brexit could become more than “background noise” the closer the UK comes to a cliff-edge Brexit - affecting stock market portfolios for the worse.

In an interview with CNBC Markets the top investment manager said: “I think the difficulty with political risk is that most of the time it is noise until often very close to some key event it becomes a bit more than noise.

“I suspect Brexit will be just like other political news in that respect - very hard to forecast".