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Germany: Investors warn of Black Friday following UK Leave vote
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24.06.2016
Scenes from the German stock exchange, in Frankfurt, Friday, showed concerned traders as the DAX dropped 10 percent following the announcement that the UK voted to leave the European Union. Traders on the floor spoke about 'A Black Friday' following the decision.
Moreover, London's FTSE 100 lost 4.4 percent and the French CAC slid around 7.5 percent in the same morning. Some of the world's major banks, including Barclays and the Royal Bank of Scotland were also down during early trade. Deutsche Bank and Commerzbank shares also dropped 17 percent of their value following the 'Brexit' result.
Speaking about the morning's losses, Director at Baader Bank AG Robert Halver said, "For me it's a Black Friday definitely because we have a high level of political risk. Nobody is able to say what will be the status of the European Union in a couple of years."
Halver went on to express concern that the UK's departure from the EU may cause a domino effect among some of the Union's more Eurosceptic nations, saying, "There is a real danger that also other countries of the European Union could say, 'Wonderful what the British guys did, we will do it the same way.'"
Following the vote to leave the European Union, UK Prime Minister David Cameron also announced his resignation on Friday morning.
Moreover, London's FTSE 100 lost 4.4 percent and the French CAC slid around 7.5 percent in the same morning. Some of the world's major banks, including Barclays and the Royal Bank of Scotland were also down during early trade. Deutsche Bank and Commerzbank shares also dropped 17 percent of their value following the 'Brexit' result.
Speaking about the morning's losses, Director at Baader Bank AG Robert Halver said, "For me it's a Black Friday definitely because we have a high level of political risk. Nobody is able to say what will be the status of the European Union in a couple of years."
Halver went on to express concern that the UK's departure from the EU may cause a domino effect among some of the Union's more Eurosceptic nations, saying, "There is a real danger that also other countries of the European Union could say, 'Wonderful what the British guys did, we will do it the same way.'"
Following the vote to leave the European Union, UK Prime Minister David Cameron also announced his resignation on Friday morning.
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