Pursuits
Asian Stocks Head for Worst Rout Since August on Brexit Shock
- Japan bears brunt of selling; Topix index loses more than 7%
- HSBC slides in Hong Kong, while gold stocks rally in Sydney
Wheeler: European Banks Long on Liquidity for Brexit
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Asian stocks headed for the steepest slump in 10 months as Britain’s vote to leave the European Union stunned investors, raising concern that a divided Europe will further damage global growth.
The MSCI Asia Pacific Index fell 4.1 percent to 124.69 as of 4:03 p.m. in Hong Kong. Japan’s Topix plunged the most since 2011 and S&P 500 Index futures sank 3.3 percent. The U.K. voted to quit the EU after more than four decades in a rejection of the continent’s postwar political and economic order, prompting Prime Minister David Cameron to resign and pressuring markets around the world.