The catalyst that drove markets up in recent sessions has ceased to exist, as much against expectations and hopes, Britons have decided to sever ties with the European Union. The decision has sent all risky bets into a tizzy.
The pound has dropped to over a 30-year low, crude oil is down steeply. At the same time, safe haven gold and yen are rallying.
The results of the referendum declared a short while ago showed that 51.9 percent of the people favored leaving the union as opposed to 48.1 percent, who chose to stay in the union. The decision has serious political and economic repercussions and is set to rock the world economy, given the interdependence in the current scenario.
Domestically, Prime Minister David Cameron, who frantically campaigned for a 'stay' in the union is likely to face calls for resignation. Cameron is expected to address the nation shortly.
by RTT Staff Writer
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