Results Favor Brexit; Havens Jump
Sentiment in markets deteriorated as results from Britain’s referendum showed stronger-than-anticipated support for Brexit across the country, pushing the pound lower with stocks and crude oil amid soaring demand for haven assets.
Sterling sank the most since 2008 as key voting districts came in stronger for the “Leave” campaign than expected in the northeast and parts of Scotland, while support for “Remain” trailed expectations on other districts. Futures on the FTSE 100 Index slid with those on the S&P 500 as stocks from Japan to Taiwan tumbled. The yen rallied more than 2 percent as gold jumped with government debt. Crude sank with industrial metals as Chinese stock futures signaled losses. The euro weakened the most since October.
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