Britain's unexpected vote to leave the European Union (EU) saw global markets battered Friday as investors dumped risky assets and sought safety in havens such as government bonds and the Japanese yen.
Markets worldwide hemorrhaged as much as $2.1 trillion; in Europe, most major bourses closed down more than 5 percent each while London's FTSE 100 dropped 3.2 percent. Banking stocks were the hardest hit, with Barclays and the Royal Bank of Scotland ending their Friday sessions around 18 percent lower.
The British pound, meanwhile, was hammered to a more-than-30-year low against the dollar at $1.3224. On Monday, the Cable traded modestly higher at $1.3369 in early morning Asia time.
While traders have had the weekend to digest the unexpected Brexit vote, most analysts have suggested the uncertainties around Britain will persist. The U.K. has yet to trigger Article 50 of the Lisbon Treaty which would then begin negotiations with the EU in preparation for an exit.
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