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Brexit fear factor sends stocks spinning
June 12, 2016 8:48 PM EDTBy Patrick Graham
LONDON (Reuters) - Fears that Britain may be on the verge of voting to leave the European Union next week coursed through global financial markets on Monday, sending Asian and European shares sharply lower and the pound to an eight-week low.
With growth looking shaky, worries that the "Brexit" vote could tip Europe back into recession have moved to the head of a list of concerns for investors which includes banks' problems with negative interest rates and dangerous imbalances in China.
A poll late on Friday gave Britain's "Leave" camp a 10-point lead, knocking sterling back by almost 3 full cents against the dollar and driving the worst losses for Asian stock markets in four months. European shares fell 1.5 percent and Wall Street was set to open 0.3 percent lower.
Other polls have been tighter, but money markets have now abandoned expectations, high just weeks ago, that the U.S. Federal Reserve could raise official borrowing costs on Wednesday, just 8 days before the UK vote. Instead, the worry is that the Fed could use... More
