Sterling, stocks take another Brexit hit; oil, yen rise
Source: Reuters
Sterling fell more than 2 percent, the euro took a hammering and stocks dropped again on Monday as Britain's vote to leave the European Union drove investors to seek safety in the yen, gold and low-risk government debt.
Oil prices held near Friday's lows but were up on the day as traders took the view the British referendum's result would have little effect on global demand.
Sentiment remained weak, with a political crisis gripping Britain and no clarity about when the world's fifth-largest economy would leave the EU or on what terms. But the moves on Monday were nowhere near as extreme as on Friday, when global stocks suffered their biggest decline in nearly five years.
The pound recovered some of its lost ground after British finance minister George Osborne said the government had robust contingency plans in place and that it and the Bank of England could do more if needed.
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Read more: http://in.reuters.com/article/us-global-markets-idINKCN0ZC14U
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