Friday, June 24, 2016

Carnage as U.K., Europe stocks sell off at the open on Brexit

An illuminated EU referendum sign in Manchester Town Hall on Thursday.

It’s official — the U.K. has voted to leave the European Union. There’s a sense of shock after opinion polls suggested voters would reject a Brexit.
Stock markets in London and Europe sold off sharply at the open, with British bank shares taking a particular hit. The pound is on a downward trajectory.
British Prime Minister David Cameron announced he will step down Friday morning, saying the negotiations for withdrawal from the EU should be carried out by a new leader. His replacement is expected to be selected by October.
“The will of the people to leave the EU must be respected,” British Prime Minister David Cameron said in a statement Friday. “We must now prepare for a negotiation with the European Union.”
Stoxx Europe 600 falling off a cliff after U.K. votes to Brexit. Faces worst day since 1987 

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