UK LEAVES EU… BREXIT FOR REAL

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UK broadcasters predict that Britain has voted to leave the 28-nation European Union in a historic referendum.

With 323 of 382 counting centers reporting results, the “leave” side is ahead by over 900,000 votes.

BLOOMBERG: Global markets buckled, with stocks plunging from Tokyo to London and Chicago, as the BBC projected a victory for the “Leave” campaign with most votes counted in Britain’s referendum on membership of the European Union. The pound fell the most on record, while haven assets jumped.

Sterling tumbled 10 percent, the euro slid by the most since it was introduced in 1999 and the yen had its biggest surge since 1998. South Africa’s rand led losses among the currencies of commodity-exporting nations, sliding more than 6 percent as oil sank to about $47 a barrel and industrial metals slumped. Gold soared with U.S. Treasuries as investors piled into haven assets. Futures on the FTSE 100 Index plunged with S&P 500 Index contracts as Asian stocks dropped by the most in five years.

“Brexit is now the base case,” said Matthew Sherwood, head of investment strategy at Perpetual Ltd. in Sydney, which manages about $21 billion. “Investors are just trying to get out. You sell first and ask questions later. There was a massive miscalculation of risk and now you’re seeing all that unwind.”
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