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Stocks and risk assets could continue getting crushed and currency volatility is expected to remain at extreme highs this week as investors weigh the fallout of the U.K. Brexit vote.
But analysts warn the market moves in stocks and bonds and other assets could also be even more exaggerated than normal, as fund managers around the world juggle positions, selling both winners and losers ahead of the end of the second quarter Thursday.
The S&P 500 tumbled 1.5 percent Monday morning to just above 2000, breaking below its 200-day moving average. European stocks were off sharply, as investors moved into bonds and gold as the potential impact on financial markets and the global economy remained unclear. Japanese stocks ended up 2.4 percent after Japanese officials signaled they may take action to control the wild move higher in the yen.
The shock of Thursday's vote by the U.K. to leave the European Union triggered Friday's selling avalanche, resulting in a record $2 trillion wipe out in global stock markets. Currency volatility was at an extreme high, with sterling the most dramatic, swinging from 1.50 to the dollar to a 30-year low of 1.32. It remained under pressure Monday, trading at one point under 1.32.