Global financial markets are in chaos as the decision by Britain to leave the European Union has sent investors fleeing from risk and into any safety they can find. The initial rush out of stocks and other risk assets began in Asia overnight, where the Nikkei 225 Index plunged 7.9 per cent — its steepest one day loss since March 2011, when an earthquake and tsunami devastated the country.
North American markets opened with a hard selloff that accelerated as the day went on. The Dow Jones Industrial Average was down 531 points, or 2.95 per cent, in afternoon trading. Canada’s S&P/TSX Composite Index fared slightly better, down 1.3 per cent. But that masked the fact that most sectors, including banks and energy, saw deep losses, with the broader index being lifted by the strong performance of gold stocks.
- Category: Financial
- Published: 24 June 2016
- Written by Editor