As the U.K. vote to leave the European Union roiled global markets, Apple shares declined 3.4% in active premarket trade Friday.
“Only about 2.3% of Apple’s revenue over the past 12 months came from the U.K., but overall exposure to Europe is 15.4%, according data provided by FactSet’s proprietary algorithm,” Tomi Kilgore reports for MarketWatch. “The U.K.’s benchmark FTSE 100 Index was tumbling 4.6%, and the Stoxx Europe 600 Index was plunging 7%.”
“Prime Minister David Cameron is to step down by October after the UK voted to leave the European Union,” BBC News reports. “Speaking outside 10 Downing Street, he said ‘fresh leadership’ was needed. The PM had urged the country to vote Remain but was defeated by 52% to 48%.”
“UKIP leader Nigel Farage hailed it as the UK’s ‘independence day,’ while Boris Johnson said the result would not mean ‘pulling up the drawbridge,'” The Beeb reports. “Scottish First Minister Nicola Sturgeon said she was ‘absolutely determined’ to keep Scotland in the EU so a second Scottish independence referendum was now ‘highly likely.'”
“Boris Johnson, the ex-London mayor and public face of Vote Leave who is now a frontrunner to be next prime minister, said there was ‘no need for haste’ about severing the UK’s ties,” The Beeb reports. “He said voters had “searched in their hearts” and the UK now had a ‘glorious opportunity’ to pass its own laws, set its own taxes and control its own borders.”
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U.S. stocks fall as Brexit concerns persist – June 17, 2016