CNNMoney EU Referendum Breaking Newsletter
Britain has voted to leave the EU, a shock development with profound implications for markets and economies around the world.
Here's what you need to know:
After a long night of vote counting, CNN, along with major UK media outlets, called the race for the “Leave” campaign. It leads by more than 1 million votes with 90% of districts reporting.
Markets are a bloodbath: The pound has already plunged more than 13% to below $1.33, its lowest level since 1985. London’s main stock index is also set to tank when it opens for trading.
In Asia, Japan's Nikkei tanked 6.7%, and Hong Kong's main index dropped 3.7%. Futures suggest that New York is also in for a rough trading day.
Investors are searching for safety: Look for gold and U.S. Treasuries to spike as money pours into perceived safe havens.
The big takeaway? This isn’t a one-day event. Britain’s decision to depart from the EU has injected huge amounts of uncertainty into markets, and it has the potential to upend Europe’s established political order. Buckle up!
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