Brexit: Cameron Resigns, European Stocks Tank And Pound Hits 30-Year Low
The United Kingdom will cease to be part of the European Union as the "leave" campaign emerged victorious in the Brexit vote.
51.9 percent of voters, or 17.41 million people, in the United Kingdom said they no longer wish their country to remain a member of the EU. On the other hand, 48.1 percent, or 16.14 million people, felt their country will be stronger as part of the European Union.
Prime Minister David Cameron campaigned for the "stay" vote and announced he will step down from office immediately following the vote. Former London mayor Boris Johnson was a big supporter of the "leave" campaign and his name is being thrown around as a potential successor to Cameron.
The UK's FTSE 100 index was trading lower by nearly 5 percent early Friday morning. The British Pound plunged more than 10 percent to its lowest level in more than 30 years, prompting France's economy to officially overtake the UK's as the world's fifth-largest economy.
Ironically, other major indices were trading much lower. France's CAC index was lower by nearly 8 percent while Germany's DAX was lower by around 7 percent.
Financial stocks were among the leading decliners in Europe's trading session. At time of writing, investors were punishing banks that trade on American exchanges.
Shares of Barclays PLC (ADR) (NYSE: BCS) were lower by 26.03 percent at $8.27 - within pennies of its 52-week low of $10.93. Royal Bank of Scotland Group PLC (NYSE: RBS) was lower by 24.17 percent at $5.68.
Germany-based Deutsche Bank AG (USA) (NYSE: DB) saw its shares lower by 16.65 percent.
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