Schaeffer's Top Stock Picks for '25

Overseas Trading: Global Stocks Sink On 'Brexit' Backlash

Britain officially voted to leave the European Union (EU)

Jun 24, 2016 at 8:48 AM
facebook X logo linkedin


Asian benchmarks plunged today, as the approved "Brexit" sparks uncertainty across global markets. Specifically, the U.K. yesterday voted to leave the European Union (EU), sending traders scrambling out of riskier stocks and into safe-haven assets. A surging yen -- which at one point hit a two-year high against the U.S. dollar -- sent Japan's Nikkei tumbling 7.9%, its worst one-day percentage drop since March 2011.

Elsewhere in the region, Hong Kong's Hang Seng fell 2.9%, as shares of British banks tumbled. South Korea's Kospi, meanwhile, gave back 3.1%, while China's Shanghai Composite dropped 1.3%.

European markets are swimming in red ink at midday, in the aftermath of the "Brexit" vote. Stocks are also reacting to the resignation of U.K. Prime Minister David Cameron -- who said "the country requires fresh leadership" -- and a steep sell-off in the British pound. After its recent run-up, sterling fell to a 30-year low against the U.S. dollar. Attempting to stem the bearish tide, Bank of England (BoE) Governor Mark Carney said the central bank was ready to take additional measures, if necessary, during this "period of uncertainty." At last check, the French CAC 40 is off 8.7%, the German DAX is down 7.2%, and London's FTSE 100 is 4.2% lower.

Overseas Trading June 24

Sign up now for Schaeffer's Market Recap to get all the day's big stock movers, must-know technical  levels, and top economic stories straight to your inbox. 

 
 

You have the chance to join one of Bernie's most exclusive programs, complete access at HUGE savings!

As we prepare for a new administration to take the reins in Washington, the near-term market landscape is rife with uncertainty.

The Federal Reserve has already hinted at the turbulence ahead, lowering its interest rate outlook for 2025.

Meanwhile, breakthroughs in artificial intelligence (AI), quantum computing, and other transformative sectors have unlocked incredible profit potential.

But these opportunities are fleeting, and timing is everything. That's where Quick-Hit Trader comes in.

Quick-Hit Trader is designed for precision and speed, getting you in and out of the market in a flash. While other investors scramble to navigate volatile conditions, you'll have access to expertly curated trades that leverage these rapid shifts to deliver explosive profits in short order.

This is your chance to capitalize on the fast-moving market like never before. Are you ready to make your move?