Stock futures slump after Britons vote to leave EU

by Jonathan Adams

U.S. stock futures fell sharply in premarket trading on Friday in the wake of Britain’s vote to quit the European Union, catapulting global markets into turmoil.

S&P 500 futures and NASDAQ futures were both down about 3.6 per cent, while those on the Dow Jones industrial average were off 2.8 per cent.

The drops suggested Wall Street will open with steep losses, with the historic referendum delivering the biggest shock to the global financial system since the 2008 financial crisis.

As markets reeled, British Prime Minister David Cameron said he would step down by October.

Investors worried about damage to the world economy sought refuge in the dollar and other safe-harbour assets such as gold and U.S. Treasury bonds.

British markets plummeted, with sterling hitting a 31-year low in its biggest intraday percentage fall on record. Britain’s FTSE 100 stock index slumped 6.5 per cent in early trade. Asian equity markets also tumbled.

This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Related News

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Know more