Global markets buckled, with stocks plunging from Tokyo to London and Chicago, after results from Britain’s referendum on membership of the European Union put the “Leave” campaign ahead. The pound fell the most on record, while haven assets jumped.
Sterling tumbled as much as 9.5 percent, the euro slid by the most since it was introduced in 1999 and the yen surged to its strongest level since 2013. South Africa’s rand led losses among the currencies of commodity-exporting nations, sliding more than 5 percent as oil sank below $48 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 benchmark stock gauges slid across Asia.
June 23rd marks the official breaking up of the European Union, a broken, dictatorial and corrupt Union that should have never existed in the first place.
While vote counting continues in the UK’s referendum on its membership of the European Union, UKIP leader Nigel Farage has declared a victory for Brexit. The pound meanwhile has been send tumbling to its lowest level since 1985.
Farage seemed to concede defeat way too early in the night when a ‘Remain’ win looked likely, not realizing the tide would turn. He has now backtracked in a speech in the early hours of Friday morning, declaring Thursday’s referendum “a victory for ordinary people, a victory for decent people.”
His comments come as the ‘Leave’ vote has a 52 percent to 48 percent advantage over the ‘Remain’ vote.
“We have fought against the multinationals, against the big merchant banks, against big politics, against lies, corruption and deceit and today honesty and decency and belief in a nation I think now is going to win,” Farage said.
“We will have done it without having to fight, without a single bullet having been fired.”
Farage also branded the EU a “failed project” and said Thursday’s vote would “go down in our history as our independence day.”
Not long after Farage’s speech, as votes continue to be counted and ‘Leave’ maintains its 4 percent advantage over ‘Remain,’ UK broadcasters BBC, Sky and ITV have all forecast a Brexit.