Australia's banks are in freefall as Britain votes to leave Europe

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Australia’s big banks are under acute pressure on Friday afternoon as traders around the globe react to the unexpected result of the EU referendum which is looking increasingly like Britain could leave the EU.

A short time ago the ANZ was 4.13% lower, Westpac was down 3.74%, and the CBA and NAB are both down around 3.6%. The overall financial index is down 3.59% while the overall ASX 200 is down 2.95%.

Henry Jennings from Marcus Today said the banks are under pressure as traders worry about a combination of weaker economic growth and also a seizure in global credit markets.

That pressure and price falls has now taken the big four back toward the bottom of the range for 2016 and a break could open the way for substantial further falls.

Here’s the charts from my Reuters Eikon terminal:

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