BBC: Britain has voted to leave the European Union, global markets in jittery

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JAKARTA (TheInsiderStories) – The United Kingdom has made a historic move to leave the European Union as a neck-and-neck race appears to be turning in favor of a “leave” vote, BBC reports.

Almost 46.5 million people were registered to vote in Thursday’s referendum.

Polls closed at 10 p.m. (5 p.m. ET). As results come in, they will be announced by region. The 12 regions include Scotland, Northern Ireland, Wales, London and eight English regions. Almost 46.5 million people were registered to take part in the historic vote.

The UK has been a member of the European Union (and its precursors) since 1973.

ITV News, a CNN affiliate, and the BBC have called the referendum for “Leave” to win. CNN is not yet predicting the result of the once-in-a-generation vote, which could lead to the UK being the first country to leave the European bloc.

The final, nationwide result is expected to be announced Friday morning.

In one of the most divisive campaigns in recent memory, polls had consistently shown voters split down the middle, with the outcome too close to call, and wavering voters likely to determine the result.

But as results kept coming in overnight, the vote, with 274 of 382 electoral districts reporting, was 51.63% in favor of leaving the EU.

As a result of the vote, the pound has dipped precipitously in forex markets as results from more and more election authorities come in, slowly solidifying the “Leave” camp’s hold on the referendum.

The pound has dropped below 1.35 against the dollar, the lowest since 1985, according to Kit Juckes, a strategist at Societe Generale.

Early referendum results have sparked a global markets sell-off. London stock futures are trading 7% lower and stock futures in the U.S. are down 2%, CNNMoney reports.

Before the polls closed, markets had been expecting the UK would stay in the EU. But that expectation changed rapidly as results started coming in.

The pound is dropping sharply against all major currencies, and is currently trading at 1.38 against the dollar. Oil is down 4%.

Gold — one asset investors turn to in the times of uncertainty — is up 2%.

On a night of high drama, PM Cameron’s hopes of securing a Remain vote evaporated as working class voters turned out in huge numbers to deliver a stunning rebuke to the establishment and the status quo.

The Jakarta Stock Exchange has moved to red zone after opening higher.

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Source: The Insiderstories
BBC: Britain has voted to leave the European Union, global markets in jittery

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