European banking sector futures point to worst-ever drop

Reuters , Friday 24 Jun 2016

People work as screens display news and trading rates at the Euronext Stock Exchange services on Jun
People work as screens display news and trading rates at the Euronext Stock Exchange services in Paris' financial district of La Defense on June 24, 2016 as Britain votes to leave the European Union, fuelling a wave of global uncertainty. (AFP)

Euro STOXX bank futures FESBc1 slumped more than 17 percent, putting them on track for their biggest ever one-day percentage drop, after Britain voted to leave the European Union following a landmark referendum.

The Euro STOXX auto futures FESAc1 also fell about 13 percent on concerns that the sector would be hit hard on growth concerns following the outcome of the referendum.

European banks were set to open sharply lower, with Deutsche Bank (DBKGn.DE) seen opening 18 percent lower. Shares in Standard Chartered (STAN.L) (2888.HK) and HSBC (HSBA.L) (0005.HK) listed in Hong Kong are down around 9 percent.

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