The Latest: European stocks, pound continue to drop on vote


LONDON (AP) — The Latest on Britain’s historic vote to leave the European Union (all times local):

8:10 a.m.

British and European stock markets fell again on Monday amid the uncertainty over what the U.K.’s vote to leave the European Union might lead to.

The FTSE 100 benchmark in London was down about 1 percent at 6,090 while Germany’s DAX was 0.5 percent lower at 9,509.

One of the reasons the FTSE 100 has not dropped more since Friday, when it closed only 3.2 percent lower, is that many of its listed companies earn money in foreign countries, and the pound’s sharp drop will translate into higher profits when that money is brought back to the U.K. The pound’s drop also makes those shares cheaper for investors outside Britain.

The pound continued to suffer the most losses in the markets, dropping another 1.6 percent against the dollar on Monday, to $1.3462. Since early Friday it has dropped to levels last seen in 1985.

Stockholm’s stock exchange, which was closed for a holiday on Friday, when the vote’s result caused heavy losses on global markets, dropped by 6 percent on Monday.

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7:30 a.m.

Treasury chief George Osborne has sought to calm nerves in the markets, as investors worry about the consequences of Britain leaving the European Union.

In his first public appearance since the vote to leave the bloc Thursday, Osborne tried to reassure markets shaken by the result, saying “our economy is about as strong as it could be to face this challenge.”

Yet, he acknowledged it would not be plain sailing in the days ahead.

The pound fell in Asian markets amid fears of the consequences of the vote. Political turmoil has roiled the country, as the leaders grappled with the question of how precisely the country would separate Britain from the other 27 nations in the bloc.

Germany, Britain and France will be meeting to discuss the decision.

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