Global Markets Tumble In Wake Of Brexit Vote [VIDEO]

Bloomberg reports:

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 pound was down 8 percent to $1.3694 as of 7:15 a.m. in New York. Its biggest one-day loss prior to that was a move of 4.1 percent recorded in 1992, when the currency was forced out of Europe’s exchange-rate mechanism.

$56 billion wiped from the Australian stock market as a result of the Brexit vote, @Ross_Greenwood reports. #9News https://t.co/Cr9vDubgid

— Nine News Melbourne (@9NewsMelb) June 24, 2016