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Markets

Markets brace for more post-Brexit fallout

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Opening sequence

Markets

Markets brace for more post-Brexit fallout

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COMING UP:Markets brace for more post-Brexit fallout

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Transcript

00:00:01
>> The post-Brexit day of reckoning has come and gone. Now, the realization that there may be no turning back. Anxiety prevailing in Asia, with China's finance minister predicting the fallout will cast a shadow over the global economy. Based on Friday's reaction, that seems almost an under statement with Prime Minister, David Cameron, saying he'll step down sometime before October.
00:00:23
Writer's editor, Dan Burns, says the lack of clarity is adding to the anxiety.>> That timeline is clearly uncertain right now, because the Europeans want it to start happening now, and Britain is dragging it's feet, and that has all kinds of repercussions for asset prices, asset levels around the world.
00:00:44
>> The pound sterling fell as much as 10% against the dollar on Friday to levels not seen in three decades, and that means U.S. businesses will take a hit.>> With the strength in the dollar that we've seen, that's a drag, right? U.S. goods are suddenly, they're 10% more expensive in the UK today than they were on Thursday.
00:01:05
They're three or so percent more expensive in Euros than they were. So, that's an anti-competitive headwind for U.S. companies. The Bank of England and other central banks have offered financial backstops to calm markets, but for now, Bern says expect investors to look for safety in treasuries and precious metals.