From Port Phillip Insider (Australia)-
Despite the opinion polls, and despite the exit polls, Britain has voted to leave the European Union.
I’ll admit to being surprised.
My assumption was that the lily-livered Brits would vote to stay in the European Union.
But they didn’t. 52% of British voters voted to leave. 48% voted to remain.
The impact on the markets? We’ll tell you now…
Before the release of the UK referendum results, overnight, the Dow Jones Industrial Average gained 230.24 points, or 1.29%.
The S&P 500 index added 27.87 points, or 1.34%.
In Europe, the Euro Stoxx 50 index closed up 59.55 points, or 2%. Meanwhile, the FTSE 100 index gained 1.23%, and Germany’s DAX index added 1.85%.
However, things are different in Asian markets. At the time of writing, the Nikkei 225 index is down 1,345.42 points, or 8.29%. China’s CSI 300 index is down 1.99%.
In Australia, the S&P/ASX 200 index is down 180.88 points, or 3.43%.
On the commodities markets, West Texas Intermediate crude oil is trading for US$46.94 per barrel. Brent crude is US$47.76 per barrel.