Sterling pounded in market bloodbath as UK votes to leave EU, Cameron quits

Estimated read time 1 min read

Stock markets from Tokyo to London collapsed on Friday as Britons voted to leave the European Union and David Cameron announced plans to resign as prime minister. The British pound suffered its biggest plunge since 1985, while the euro saw its biggest fall ever.

Panicked investors dumped risky assets that had built up ahead of the referendum, which many assumed would have the opposite effect.

More than £100 billion was wiped off the FTSE 100 as the index plunged almost eight percent at the start of trade in London. It was the biggest market fall in UK history. The FTSE managed to pare losses during afternoon trading, down over three percent by 13:20 GMT.

Germany’s DAX and the CAC 40 in Paris were down over seven percent. US Dow Jones and S&P 500 Index futures contracts are deep in the red.

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