Stocks, Oil Sink While Dollar Rallies as Brexit Risk Ramps Up
- MSCI All-Country extends drop to steepest since February
- Pound tumbles to fresh low after poll shows 55% favor Brexit
Stephen Gallo: 'Jittery' Markets Ahead of Brexit Vote
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Global stocks posted their steepest drop in four months, the dollar rallied, and bond yields slid to record lows, as investors braced for a series of events later this month that could renew turbulence in markets.
The British pound tumbled and stocks took another leg down after poll results showed a majority favor the nation leaving the European Union. Both the MSCI All-Country World Index and S&P 500 Index wiped out weekly gains. Treasury 10-year note yields declined, as yields from Japan to Germany fell to all-time lows, before next week’s Federal Reserve meeting and Britain’s referendum this month. Oil dropped to around $49 a barrel, leading commodities lower.