Polls showed more Britons favor a vote to leave the EU than those who want to stay.
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Brexit is back, and investors from Australia to Thailand are ducking for cover. The pound tumbled and currency volatility surged Monday after two polls showed more Britons favor a vote to leave the European Union at a June 23 referendum than those who want to stay. That prompted a money manager 17,000 kilometers away in Sydney to buy stock-market protection, while a brokerage in Bangkok is advising clients to trim equities and hold extra cash.State Street Global Advisors, which oversees $2 trillion, recommends selling U.K. and European equities.Asian markets fell as much as 0.5 percent Monday after the poll results, and sterling declined against all 16 major peers. Weaker-than-expected U.S. jobs growth last month also weighed on sentiment, spurring concern the world's largest economy is struggling.Ram Capital in Geneva boosted its cash position to 25 percent from 5 percent last month as a buffer against heightened volatility in the run-up to the referendum, U.S. rate decisions and concern over Greece, according to Ogeday Topcular.
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