Thanks, Brexit. World Markets Lose $3 Trillion After The Vote

Posted at 12:42 PM, Jun 28, 2016
and last updated 2016-06-28 13:42:39-04

World markets lost $3 trillion in the two days of trading following the United Kingdom's Brexit vote.

The U.K.'s vote Thursday to leave the European Union led to major sell-offs on Friday and Monday. Credit agencies, including Standard & Poor's and Fitch, downgraded the country's ratings. Moody's changed its outlook from "stable" to "negative."

"Fitch believes that Brexit represents a substantial negative shock to the U.K. economy, public finances and political continuity," said Ed Parker of Fitch Ratings.

You can expect the markets to remain unsettled, according to a volatility index.

And media reports say the U.S. Federal Reserve is more likely to cut interest rates now than raise them.

But there was a glimmer of hope on Tuesday morning: U.S. stocks rose after the opening bell, and European markets saw a bounce.

This video includes clips from Fitch Ratings and ABC and images from Getty Images. Music provided courtesy of APM Music.

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