British Banks Get a Brexit Bruising

The aftershocks of the U.K.’s vote to leave the European Union reverberated across financial markets after a weekend of political turmoil, with the pound extending its selloff and European equities dropping to levels last seen in February. Sterling added to Friday’s record drop with another 3.1 percent slide and the FTSE 100 Index retreated alongside European shares, weighed down by upheaval within Britain’s two major political parties even before Brexit negotiations begin. U.K. banks led a gauge of European lenders to the worst performance of the 19 industry groups on Stoxx 600, with Royal Bank of Scotland Group Plc losing 13 percent and Barclays Plc sliding 10 percent. Jefferies International Chief European Economist David Owen discusses with Bloomberg's Francine Lacqua on "The Pulse."

U.K.'s May Calls for Two-Year Brexit Transition Period
53:07 - U.K. Prime Minister Theresa May speaks in Florence, Italy on the need for a period of implementation after the nation leaves the European Union. (Source: Bloomberg)
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