Investors around the world went into crisis mode as results showed British voters have chosen to leave the European Union in a stunning decision with far-reaching implications.
Amid extremely volatile trading, the pound plunged more than 11% against the dollar to below $1.33, its lowest level in more than 30 years. The euro also fell heavily.
In the final U.K. referendum results, 51.9% of votes were for leaving. Many investors had been betting on Brits choosing to stay.
Stocks got hammered amid the panicked mood. After wild swings, Japan's Nikkei closed down 7.9%. The Hang Seng in Hong Kong dropped 4.3%.
Shares in London are set for a brutal day as stock futures are trading around 8% down. U.S. stock futures are also sharply lower, with the Dow projected to tumble more than 650 points at the open.
British bank stocks traded in Hong Kong were hit especially hard -- HSBC and Standard Chartered both nosedived around 10%.
Investors turned to safe assets like the Japanese yen, which soared against the dollar. Gold jumped around 4%.
Concerns over Britain potentially choosing to leave the EU have caused turmoil in international markets in recent weeks. The FTSE 100 seesawed violently and the pound was more volatile than even during the 2008-2009 financial crisis.
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Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
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