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Wall Street usually knows the risks, but often underestimates them.

Brexit could send world 'over the edge'

The risk of another global recession escalated Friday after Britain's stunning decision to leave the European Union plunged financial markets into free fall and tested the strength of the safeguards put in place since the last downturn seven years ago.

Global markets were blindsided by the result.

Global shares lose $2.7t overnight

Global stock markets lost about $US2 trillion ($2.7 trillion) in value overnight after Britain voted to leave the European Union, while sterling suffered a record one-day plunge to a 31-year low and money poured into safe-haven gold and government bonds.

Illustration: Kerrie Leishman.

Economists back Labor cuts

If Australia's leading economists were deciding the election they would vote for Labor's cuts to negative gearing.

Some economists say making better use of renewable energy is a priority for the future.

Climate as important as the deficit

Dealing with climate change will be as important a challenge for the next Australian government as dealing with the deficit according to the BusinessDay Economic Survey.

British one pound sterling coins stand in front of a British Union flag, also known as a Union Jack, in this arranged ...

'Mayhem' as Australians rush to buy pounds

Australian currency shops are experiencing "mayhem" after Britain voted to leave the European Union and the Pound Sterling fell to its lowest point in more than 30 years.

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What will the fallout be from Brexit?

The surprise victory for the “Leave” campaign in the UK’s Brexit referendum has seen a sharp selloff in markets. The big question now turns to what this means for the survival of the Eurozone as a whole and whether we will need to see coordinated global central bank action. (This video was produced in commercial partnership between Fairfax Media and IG Markets)

John Durkan Managing Director, Coles

Coles prices not down, but up?

Australia's No. 2 supermarket seeks to lift prices on lower-profile grocery items by more than 10 per cent, broker Citi says.

A European Union (EU) flag, left, and a British Union Flag, also know as a Union Jack, stands in front of a monitor ...

World stocks in freefall on Brexit vote

World stocks headed for one the biggest slumps on record on Friday as a decision by Britain to leave the EU triggered 8 per cent falls for Europe's biggest bourses and a record plunge for sterling.

A European Union (EU) flag, left, and a British Union Flag, also know as a Union Jack, stands in front of a monitor ...

'Complacency' sinks ASX, pound

A confident bet by the sharemarkets that Britain would remain in the EU quickly turned sour, leading the ASX to post its worst day since August last year. 

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