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With an hour to go before the markets open here in the US
Investors are fretting that the unprecedented decision to leave Europe’s trading bloc could destabilize the Europe’s fragile union.
Futures for the Dow Jones Industrial Average YMU6, -2.82% fell as much as 700 points, but losses have since shrunk. Most recently, the Dow was down 540 points, or 3%, to 17,379.
European stock-market indexes were being punished in the aftermath of the vote, with the Stoxx Europe 600 SXXP, -7.41% skidding 7.4% at 320.70.
But moves in currencies, in particular, the British pound USDGBP, +8.8340% were the most pronounced. Sterling hit a low of $1.3230, a 10% plunge from $1.4871 late Thursday in New York. But it has since recovered somewhat, trading most recently at $1.3694.
The stunning moves come after global markets rallied a day earlier on a bet that Britons would vote to reject Brexit, or a British exit from the EU.
Futures for the Dow Jones Industrial Average YMU6, -2.82% fell as much as 700 points, but losses have since shrunk. Most recently, the Dow was down 540 points, or 3%, to 17,379.
European stock-market indexes were being punished in the aftermath of the vote, with the Stoxx Europe 600 SXXP, -7.41% skidding 7.4% at 320.70.
But moves in currencies, in particular, the British pound USDGBP, +8.8340% were the most pronounced. Sterling hit a low of $1.3230, a 10% plunge from $1.4871 late Thursday in New York. But it has since recovered somewhat, trading most recently at $1.3694.
The stunning moves come after global markets rallied a day earlier on a bet that Britons would vote to reject Brexit, or a British exit from the EU.
http://www.marketwatch.com/story/historic-brexit-vote-sends-dow-futures-plunging-650-points-2016-06-24
The markets were WRONG yesterday. WRONG.
This definitely gives me pause this morning when it comes to predicting the support for someone like Trump and should he actually win, what the markets would do here.
