World Brexit Upends Global Markets as Stocks, Pound Plunge; Yen Soars

[The Helper]

Global markets buckled as Britain’s vote to leave the European Union drove the pound to the lowest in more than 30 years and European banks to their steepest losses on record.

“It’s scary, and I’ve never seen anything like it,” said James Butterfill, 41, head of research and investments at ETF Securities in London. “A lot of people were caught out, and many investors will lose a lot of money.”

Sterling slid by the most on record and European stocks headed for the biggest drop since 2008 as trading soared. The yen strengthened past 100 per dollar for the first time since 2013, gold rose the most in more than seven years and benchmark Treasury yields had their biggest drop since 2009.

The victory for the "Leave" campaign prompted Prime Minister David Cameron to resign. The outcome stunned many investors who’d put wagers on riskier assets over the past week as bookmakers’ odds suggested the chance of a so-called Brexit was less than one in four.

Read more about it here: http://www.bloomberg.com/news/artic...s-as-polls-show-u-k-to-remain-in-eu-yen-slips

 

[Accname]

Wow, this is going to cost them hugely. I wonder if they will actually leave and if so how quickly they'd wish they didnt. This will make things incredibly complicated now, especially for all the brits who are currently in some other EU countries and no longer EU citizens.

For example: Brits had the chance to work in other EU countries since they are EU citizens. Now they are no longer and can no longer keep their jobs. They all have to be fired at once, lol.

 

[Hatebreeder]

Wow, this is going to cost them hugely. I wonder if they will actually leave and if so how quickly they'd wish they didnt. This will make things incredibly complicated now, especially for all the brits who are currently in some other EU countries and no longer EU citizens.

For example: Brits had the chance to work in other EU countries since they are EU citizens. Now they are no longer and can no longer keep their jobs. They all have to be fired at once, lol.

Thats right. More jobs for the Germans, lol.

 

[Accname]

Whats with all the germans living and working in britain? They have to go home too.
And its not like one worker can be replaced by another one flawlessly. I bet the businesses emplyoing british workers will be quite unhappy if they have to suddenly look for replacements.

 

[The Helper]

This does not happen tomorrow. It will be years before it is final. Cameron is staying on for 3 months and nothing at all will happen until his successor takes over. I think the markets will recover quickly but if other EU countries go the same way more turmoil will come....

 

[Accname]

Its going to be at least 2 years (if they rush it) but it could be longer if they try to stretch it out. It is unlikely other countries will follow. The UK has always been a trouble maker within the EU.

 

[Varine]

The EU has been having problems since Greece fell apart, members might not leave, but the union is going to have trouble staying together regardless. Especially if the Mideast war escalates, which it in all probability will.