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.
Viewed from a wider lens, however, the bludgeoning looks more like a blip for US investors.
Britain's vote to exit the European Union sent U.S. stocks plunging.
The United Kingdom's decision to vote to leave the European Union was one motivated by emotion and fear, Australian business leaders say.
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.
Oil futures dropped 4.9 per cent in New York and London, the biggest decline in four months.
If Australia's leading economists were deciding the election they would vote for Labor's cuts to negative gearing.
Bank stocks plunged worldwide and finance chiefs were stunned by the UK's vote to leave the EU.
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.
The mid-year Scope BusinessDay economic survey - Australia's longest running - predicts economic growth of just 2.6 per cent in 2016-17.
US stocks plunged the most in 10 months, joining a selloff in global risk assets.
The richest people in the UK lost big after the country stunned markets by voting to leave the EU.
The US Fed may have to hold interest rates near zero for a lot longer than it expected.
Global markets buckled on demand for haven assets. $A pares loss. ASX futures up 31 points.
As global markets convulse, the stunning outcome of the UK's referendum begs ever more questions.
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.
Australian top economic forecasters expect living standards to fall in the year ahead as economic growth weakens and the budget deficit blows out.
How does Britain voting to leave the European Union affect Australia? Courtesy ABC News 24.
Samantha Groth is one of 7.3 million Australians who just can't switch off.
There's an awful lot our panel got wrong about 2015-16.
European Union leaders say they are determined to maintain unity despite Britain's decision to leave the bloc.
The surprise victory for the âLeaveâ campaign in the UKâs 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)
Don't rush out and sell stocks or buy gold on the back of the Brexit vote. You might even want to do the opposite.
Australia's No. 2 supermarket seeks to lift prices on lower-profile grocery items by more than 10 per cent, broker Citi says.
The Bank of England pledged a huge financial backstop to calm plunging markets while the Swiss National Bank openly intervened in currency markets.
Investors dump shares, pound and brace for worse.
A more adult election campaign, not one ruled by scare campaigns, would deliver a better outcome for us all.
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 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.
The Bank of England says it is ready to provide £250 billion ($466 billion) of extra funds to support financial markets after Britain voted to leave the European Union.