Closing summary: Brexit wipes $2 trillion (!!) off global markets
It’s almost 24 hours since it first became clear that David Cameron’s EU referendum had not gone as the PM had planned.
That realisation has triggered one of the most dramatic, volatile and downright scary trading sessions in the last decade. New estimates tonight say Brexit has wiped out over two trillion dollars of value, worldwide:So, as City traders hit the pillow (or in some cases the gin bottle), we should also wrap up.
Here’s a very brisk summary of the state of play.
The British pound has suffered its biggest one-day selloff in recent history, as the shock news the the UK is heading out of the European Union sparked panic in the markets.
Sterling suffered a jaw-dropping plunge in the early hours of Friday in London, from $1.50 against the US dollar to just $1.33. It closed at $1.368, after a day to forget for many FX traders.