As Britain votes to leave the European Union, carnage has taken hold of the markets.
The pound is dropping like a stone, off more than 10% against the dollar at $1.3416. Meanwhile Japan’s Nikkei dived as much as 8.3% to 14,890.56 points, the lowest since February.
Europe’s stock markets will open at 7 a.m. UK time (2 a.m. EST), while the UK’s FTSE 100 opens at 8 a.m, and it’s expected to be a bloodbath. The FTSE 100 will open down 8.7% according to estimates from Bloomberg News.
Around 70% of FTSE 100 companies’ earnings come from outside the UK, something that Brexit will put at risk with currency fluctuations and uncertainty over trade agreements.
Here are the shares that will be worst affected, according to bank research notes before the vote. The banking, travel and housebuilding sectors will be hit badly, along with European companies that have a large proportion of UK sales:
Ireland’s Kerry Group:
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