This story originally appeared in the deccan Chronicle as may the case be).Analysts say the split of Britain with the EU could slow trade and investment in the country and hit its key financial industry, possibly pushing the economy into recession.1% loss against the greenback in late trade.0 % the euro. Many global banks say they expect to relocate staff to elsewhere in the European Union in anticipation of the breakup.Central banks stepped in to bolster confidence, promising to inject liquidity where needed and appearing to mitigate some of the sharpest losses.“The liquidity support promised by the Bank of England — and subsequently the ECB and Federal Reserve — appears to have been the main catalyst for the turnaround,” said Spreadex analyst Connor Campbell.In all $2.The losses were of a magnitude unseen since the dark days of the global economic crisis.Still, the pound crashed 10 % to a 31-year low at one point, before rebounding slightly for a 9.Among top European banks, Lloyds lost 21% and Societe Generale plunged 20% , while losses at others ran 14-18%.Britain’s shock vote to pull out of the European Union wiped $2.The pound crashed 10 per cent to a 31-year low at one point, before rebounding slightly for a 9.
The euro also plummeted, dropping 2.Investors fled to the safety of gold, the yen and blue-chip bonds as the seismic shift in the structure of Europe left many huge questions hanging, including who will lead Britain following the resignation of Prime Minister David Cameron.“It is clear that the broader markets went into this critical vote with too much comfort,” echoed George Goncalves of Nomura Securities.London’s benchmark FTSE Wholesale battery powered sprayer Suppliers 100 index plummeted 7. The dollar at one point fell below 100 yen for the first time since November 2013.In New York, Citigroup, JPMorgan Chase, Morgan Stanley and Goldman Sachs all lost between seven and 10 percent.8%.The extent of the market damage across Asia, Europe and the Americas attested to how wrong investors were to bid up prices ahead of the referendum, convinced Britons would vote to remain part of the 28-nation European Union.5% and Madrid lost 12. it means that the global economy will grow more slowly,” said James Chessen, chief economist at the American Bankers Association.The Brexit vote sparked eight percent losses in the Tokyo and Paris bourses, nearly seven percent in Frankfurt and more than three percent in London and New York.Benefitting from a massive safety selloff, gold jumped nearly five percent and the yen surged
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