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Markets

Markets on edge as Brexit jitters return

Opening sequence

Opening sequence

Markets

Markets on edge as Brexit jitters return

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COMING UP:Markets on edge as Brexit jitters return

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Transcript

00:00:02
>> Global markets taking a fresh Brexit pounding on Wednesday. Britain's currency falling to a 30-year low as investors get the familiar sinking feeling that economies around the world could be in for a rough time after Britain voted to leave the EU. Asian companies like Toyota that are major exporters to Europe sliding in the gloom.
00:00:22
Would depend benchmark Nikkei and that falling more than 3%. Reuters Wayne Cole is tracking the story from Sydney.>> This morning it was nuts. It was absolutely wild. When we got in this morning, student got ready for until a dollar 39 and then looked away, and looked back, and he was down another cent.
00:00:40
It's not often you see markets move that quickly that fast so it was scary for awhile there this morning. It's really bad for the world economy at exactly the wrong moment there's been a sudden panic in the Italian banking system which is totally under water with debt and whether they're gonna be able to pay at lot of them or not.
00:01:00
And that's kinda of all idea to sudden worries that this thing is never gonna go away.>> It's not just Europe and Japan, where the outlook is darkening. China's Premier said it could be hard for the world's number two economy to hold on to economic growth projections, which are already below 7%.
00:01:17
China's won currency is now hovering at five and a half year loss. Investors have been expecting central banks to ease the pain of Brexit by further lowering interest rates,but with rates in most countries near or already at historical lows, authorities are running out of options. Now investors are searching for the safest place they can park their money.
00:01:39
From US treasuries, to gold. And even if Brexit fears fade from the daily headline in the next few weeks, Experts say volatile markets are sure to be reignited by worries over the future of the European Union as a whole.