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Pound falls in Asia trade on Brexit uncertainty Asian stocks slip after weak US jobs data
(35 minutes later)
Sterling fell in Asian trade on Monday after weekend polls indicated growing support for a UK departure from the European Union. Stock markets in Asia fell as investors reacted to Friday's weaker-than-expected US jobs figures.
The pound fell as much as 1.1% against the dollar and by about 0.7% against the euro.
The falls followed an opinion poll for ITV that found 45% of voters planned to vote to leave the EU.
Meanwhile, Asian stocks initially fell following the worst US job creation figures for almost six years on Friday.
The unemployment figures led to speculation the Federal Reserve may not increase interest rates by July.The unemployment figures led to speculation the Federal Reserve may not increase interest rates by July.
Margaret Yang from CMC Markets in Singapore called the data was "a big miss". Japan's Nikkei 225 and the broader Topix index both fell 1.2% in early trading, before recovering slightly to stand 0.7% lower.
The weak US jobs figures sent the value of the dollar lower against major currencies, including the yen.
A stronger yen is seen as bad news for Japanese exporters.
Figures released on Friday showed that US employers added just 38,000 jobs last month, the fewest since September 2010.
Margaret Yang from CMC Markets in Singapore called the data "a big miss".
"The disappointing jobs data has removed some uncertainties surrounding the June rate hike, and thus will help to stabilize global liquidity and exchange rate expectations despite some corrections in the near term," she said."The disappointing jobs data has removed some uncertainties surrounding the June rate hike, and thus will help to stabilize global liquidity and exchange rate expectations despite some corrections in the near term," she said.
"In the short term, however, it will also bring in new concerns over the growth prospects for the US economy.""In the short term, however, it will also bring in new concerns over the growth prospects for the US economy."
Japan's Nikkei 225 and the broader Topix index both fell 1.2% in morning trading on Monday. In China, the Shanghai Composite was down 10,45 points at 2,928.23 while in Hong Kong the Hang Seng fell 51.71 points to 20,895.53.
However, Australia's S&P/ASX 200 rose by 0.5%. Australia's market bucked the downward trend, with the S&P/ASX 200 index up 0.7%.
Markets in Shanghai and Hong Kong both opened higher.
South Korea and New Zealand's stock markets are closed for public holidays.South Korea and New Zealand's stock markets are closed for public holidays.
On the currency markets, the pound fell after weekend polls suggested growing support for the Leave campaign in the referendum on EU membership. Two polls put the Leave camp ahead of the Remain campaign.
The pound fell as much as 1.1% against the dollar and by about 0.7% against the euro.
Stock movers
Shares of Japan's biggest brewer Asahi fell by as much as 4% on media reports it is exploring a bid for some of SABMiller's eastern European assets.
However, Asahi has denied the reports saying it is focused on integrating its February purchase of beer brands from Anheuser-Busch InBev.
In Singapore, shares of commodity trader Noble Group tumbled by nearly 8% on concerns over its finances and a major management upheaval.
The firm has been hard hit by the rout in global commodity prices and recently saw its credit rating downgraded to junk by Moody's Investors Services.
On Friday, Noble stock shed 14% to hit its lowest level since 2003 after the company announced senior executives including its chief executive and chairman step down.