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Worst day in 10 months as Wall Street reacts to 'Brexit'

A trader works on the floor of the New York Stock Exchange (NYSE) in New YorkThe S&P 500 turned negative for the year-to-date on Friday as Wall Street suffered its largest selloff in 10 months after Britain's decision to leave the European Union caught traders wrong-footed. "Expect weaker investment and thereby slower economic growth to persist during the 2-3 year negotiations to leave the European Union," Deutsche Bank economists said in a Friday note. The decline during regular market hours seemed more orderly, but the S&P 500 financial sector posted its largest percentage decline since November 2011, tumbling 5.4 percent.

Frankfurt or bust? Wall St. bankers in London ponder life post Brexit

A man has lunch surrounded by pictures of former British PM Churchill as a TV screen shows Britain's PM Cameron speaking after Britain voted to leave the European Union at a British pub in MadridBy Olivia Oran, Anjuli Davies and John O'Donnell NEW YORK/LONDON/FRANKFURT (Reuters) - Big Wall Street banks are scouring Europe to find a new home for their traders, bankers and financial licenses now that London is on shaky ground as the region's preeminent financial hub. Bank executives have been making contingency plans for months, but many were still surprised by the outcome of a British vote on Thursday evening to leave the European Union (EU). You might end up having a more fragmented financial industry in Europe." Among the questions being asked in C-suites across Wall Street: What's the best European city to house a broker-dealer, if not London?

Amid 'Brexit' selloff, some fund managers are bargain shopping

A trader works on the floor of the New York Stock Exchange (NYSE) after the opening bell in New YorkBy David Randall NEW YORK (Reuters) - Britain's unexpected decision to leave the European Union spurred a global stock market selloff that has inspired some opportunistic U.S. investors to move in the opposite direction. Operating on the belief that the initial rout might be an overreaction, even in some European stocks, several fund managers said on Friday they were buying up shares of big blue chips, domestic companies that are insulated from a lot of European activity and even European companies that might have been oversold. "We are looking to put cash to work in some of our favorite companies which are cheaper today," said Kevin Dreyer, the co-chief investment officer at Gamco Investors Inc, noting holdings such as razor blade and sunscreen-maker Edgewell Personal Care Co that were down more than 3 percent in morning trading.

What the Brexit Vote Means for the US Economy

What the Brexit Vote Means for the US Economy?Once the dust of the knee-jerk market reaction settles, we think that the UK's economy will clearly be the main victim, but also that the shock for the Euro area and the global economy is likely to be significant,? economists at Bank of America Merrill Lynch wrote to clients on Friday. How businesses and consumers respond will be key ? and, ultimately, whether the U.S. economy takes a more significant hit as a result of the Brexit vote may depend in large part on the severity of the market selloff and whether Wall Street anxieties spread to Main Street.

Britain's financial sector reels after Brexit bombshell

Traders from BGC, a global brokerage company in London's Canary Wharf financial centre react as European stock markets openBy Sinead Cruise, Andrew MacAskill and Lawrence White LONDON (Reuters) - Britain's 2.2 million financial industry workers face years of uncertainty and the risk of thousands of job cuts after the country voted to quit the European Union, an upheaval that threatens London's dominance of finance. The 'Vote Leave' campaign fronted by a slew of Conservative lawmakers and financial industry veterans claimed victory over its 'Britain Stronger in Europe' rival, after 52 percent of Britons voted to support their plan to leave the 28-nation club. The news hammered the stock values of banks from mainland Europe to Wall Street giants with large operations in London, pushing job security fears to levels unseen since the financial crisis of 2008.

UK markets shudder after Brexit vote, sterling hits 31-year low

People eat and drink in the sunshine in London's Canary Wharf financial centreBy Jamie McGeever and Patrick Graham LONDON (Reuters) - Sterling plunged to its lowest in three decades and the value of London's big banks sank by the most since the 2008 financial crisis as Britain's shock vote to leave the European Union triggered turmoil on global financial markets on Friday. The damage to London's stock market eased as the day wore on, helped by expectations the weaker pound would help many UK companies and by the Bank of England's promise of 250 billion pounds of extra support. But shares in Royal Bank of Scotland and Barclays fell by around 18 percent and, even with an afternoon recovery, sterling's fall was the biggest since the system of free-floating exchange rates was introduced in the early 1970s.

Trading resumes in S&P 500, Nasdaq futures after breakers triggered

(Reuters) - E-mini futures on the S&P 500 and Nasdaq resumed trading early on Friday and were down nearly 5 percent after earlier hitting overnight limit thresholds following Britain's vote to leave the European Union. The drastic slump in index futures suggested Wall Street would open with deep losses. Futures on the Dow Jones industrial average fell 3.7 percent as investors feared Britain's exit from the European Union could shock the world's economy. (Reporting by Noel Randewich; Editing by Kim Coghill)

Ten steepest falls in two key stock indices since January 2015

Mumbai, June 24 (IANS) Following are the 10 steepest falls for two key stock market indices in India -- the sensitive index of the BSE and the Nifty of the National Stock Exchange since January 2015, in percentage terms:
   S & P 500




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