Published:  12:32 AM, 14 November 2017

Pound down in Asia as May's future uncertain

The pound sank against its major peers on Monday as British Prime Minister Theresa May's future looks increasingly uncertain, while Asian equities were mostly down after a recent rally to multi-year highs.Markets have surged in recent weeks -- with Wall Street hitting several records and Tokyo touching 26-year highs on optimism about the global economy and a series of strong corporate earnings.

But investors have started to cash in as worries begin to emerge about high share valuations, while there are also fears about Donald Trump's much-vaunted tax cuts as US lawmakers struggle to agree a deal.Sterling tumbled Monday after reports that dozens of MPs in the ruling Conservative Party were backing a move to oust May, whose leadership has been battered by a string of scandals and crises.

The questions over the prime minister's future come as her government's handling of Brexit talks with the European Union attracts criticism from all sides.  On equity markets Tokyo's Nikkei ended down 1.3 percent, while Seoul shed 0.5 percent.Sydney lost 0.1 percent on worries about the ruling coalition's future after Prime Minister Malcolm Turnbull lost his majority when another of his MPs resigned at the weekend.

-AFP, Hong Kong

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