World Economy

Brexit vote is scary, but it won't bring any fundamental changes: Strategist

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The fear of Britain leaving the European Union is looming, but regardless of what happens Thursday, there will be no fundamental changes in the global economy, Scott Wren, senior global equity strategist at the Wells Fargo Investment Institute, said Wednesday.

"I think the fear factor is going to drive these markets, but I think the economic factor is a lot less, especially in the longer term," he told CNBC's "Squawk on the Street." "I think the U.S. is going to be looked at as a safe haven market, which it certainly is. I don't think the fundamentals are going to change whether the [U.K.] votes to stay or not."

U.K. citizens are scheduled to vote Thursday on whether they want the country to stay in or leave the EU.

Financial markets have been jittery ahead of the vote, with the CBOE Volatility index (VIX), the market's so-called fear gauge up more than 8 percent midafternoon Wednesday after briefly breaching 20 earlier in the day.

A truck is driven by Vote Leave supporters in London, June 21, 2016.
Stefan Wermuth | Reuters

U.S. stocks struggled Wednesday to extend their winning streak to three days, as the major indexes were little changed.

Wren said investors should hold on and look for buying opportunities.

"We're not changing our strategy one bit because of this," he said. "If they exit, those 27 other member nations are going to be tripping over themselves to sign trade agreements with the U.K. The U.K. runs a trade deficit with the EU and a surplus outside of that, but those countries want to sell into Great Britain."