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European stocks came off their session lows on Friday before falling again, as the news the U.K. had voted to leave the European Union (EU) rocked global markets.
The pan-European STOXX 600 index closed down around 7 percent lower on the day.
Losses were led by peripheral bourses, with London's FTSE 100 outperforming. It closed 3.2 percent lower on the day and nearly 2 percent higher on the week.
The unexpected result of the referendum sent sterling into freefall, hitting its lowest level against the dollar since 1985 in the early hours of Friday morning at around $1.3224. It traded at $1.3645 around the European stock market close.
European banks headquartered outside of the U.K. also fell steeply. Shares of Greek and Italian banks, which were already under pressure because of concerns about their bad debt piles, were notably poor performers.
Shares of French and German banks also tumbled, with Deutsche Bank ended around 14 percent lower on Friday.
Crude oil prices tanked, while gold, a so-called safe-haven asset, spiked as much as 5.5 percent. This helped stocks of precious metals miners Randgold Resources and Fresnillo to the top of the FTSE 100.
Outside of Europe, the U.S. Dow Jones Industrial Average and the indexes traded around 2.5 percent lower at the European market close.
Asian stocks also slumped, with the Japanese benchmark Nikkei 225 tumbling to close 7.9 percent lower.
Travel and leisure stocks were also under pressure. Shares of budget airline EasyJet closed more than 14 percent lower.