Britain has voted to leave the European Union. Global stock markets are plummeting and the British pound has fallen to a 30 year low. Gold is almost the only market trading higher as investors seek a safe haven. U.S. futures are pointing to sharp losses at the open and crude oil has fallen 4%. Banks are among the stocks getting hit the hardest. Shares of Goldman Sachs (GS) sank more than 6% while Morgan Stanley has dropped more than 7%. Morgan Stanley has issued a statement today that the British decision will have a significant impact on its business-the full impact of which wont’ be known for quite some time. Analysts say that the British vote has implications for the United States presidential election. The British vote shows that elites are losing ground and we’re seeing a populist uprising, some economists say. Republican presidential candidate Donald Trump was a backer of “Brexit’ and has issued a statement this morning saying a Trump administration pledges to strengthen ties with a free and independent Britain. We do expect to hear reaction from Democrat president candidate Hillary Clinton later today.
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