Independence Day? The UK woke up to a new reality. The vote to Leave (52% to 48%) has sent shockwaves through the global financial system. The Sterling collapsed 10% overnight.
Political Chaos: Prime Minister David Cameron has resigned. The future of the European project is now in doubt. Global equities are selling off hard as risk premia are repriced instantly.
Central Banks: The Bank of England and ECB are standing by to provide liquidity. This is a political crisis manifesting as a financial shock. The era of populism has arrived.