Britain’s EU exit vote wipes $2.1 trillion from global marketsJune 25, 2016 - 13:50 AMT PanARMENIAN.Net - Britain's shock vote to pull out of the European Union wiped $2.1 trillion from global equity markets Friday, June 24 as traders panicked in the face of a new threat to the global economy, AFP reports. Investors fled to the safety of gold, the yen and blue-chip bonds as the seismic shift in the structure of Europe left many huge questions hanging, including who will lead Britain following the resignation of Prime Minister David Cameron. The Brexit vote sparked eight percent losses in the Tokyo and Paris bourses, nearly seven percent in Frankfurt and more than three percent in London and New York. Central banks stepped in to bolster confidence, promising to inject liquidity where needed and appearing to mitigate some of the sharpest losses. Still, the pound crashed 10 percent to a 31-year low at one point, before rebounding slightly for a 9.1 percent loss against the greenback in late trade, AFP says. The euro also plummeted, dropping 2.6 percent on the dollar. Benefitting from a massive safety selloff, gold jumped nearly five percent and the yen surged 4.2 percent against the dollar and 7.0 percent on the euro. The dollar at one point fell below 100 yen for the first time since November 2013. US 10-year treasury bond yields hit their lowest since 2012 at 1.42 percent before edging higher, while the German 10-year bund fell into negative territory for the second time in history. Related links: Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Czech-Armenian military cooperation discussed in Yerevan A delegation led by the Director General for the Industrial Cooperation Division of the Ministry of Defence of the Czech Republic visited Armenia. U.S. welcomes efforts to define Armenia-Azerbaijan border The United States welcomes efforts to define the border between Armenia and Azerbaijan, says Vedant Patel. Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. |