Barclays, RBS shares suspended amid Brexit crash

This allows the market to decide on an appropriate value for the stock before automatic trading resumes.

Nicholas Hyett, equity analyst at Hargreaves Landsown, took the position that Brexit was not the sole catalyst for the airline’s underperformance. “I would remain on the sidelines – no reason to step in yet”, said Hampstead Capital hedge fund manager Lex Van Dam. This is not confined to the UK – Australia’s central bank may have to cut rates because of the vote.

Royal Bank Of Scotland Group (LON:RBS) had its stock rating reiterated as “Hold” in a report released by analysts at Deutsche.

Italian banks also suffered. Among London property shares, Taylor Wimpey fell 12.4 percent.

Bank shares led declines Monday amid concerns that the U.K.’s exit could put lenders operating in the region at risk and prolong a period of ultralow interest rates on both sides of the Atlantic.

Mirroring this trend, while the FTSE 100 recovered some of its losses on Friday afternoon, before falling again on Monday, the FTSE 250 did not see much of a rally and continued to fall on Monday.

MSCI’s broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS dropped 1.2 percent in volatile trade as companies with British exposure in particular came under more pressure.

Amid the broad-based losses in Europe, Spain’s IBEX 35 fell just 1% after Prime Minister Mariano Rajoy’s Popular Party did better than expected in national elections Sunday.

World stocks measured by MSCI hit their lowest level since March. The yield on similar-maturity German government bonds dropped six basis points to minus 0.11 per cent and that on United Kingdom gilts declined below 1 per cent for the first time on record. Sterling fell below Friday’s lows with a 3.6 per cent slide to the weakest since 1985.

Tell us what you think below? “It is too early for anyone to start calling a bottom”, said Neil Mellor, a currency strategist at Bank of New York Mellon in London.

Shares of Lloyds Banking Group (LYG) also fell 17% to $2.77 in mid-morning US trading, adding to their almost 23.3% drop on Friday. The yen firmed as high as 101.52 per dollar. Similarly, shares of Morgan Stanley (MS) fell 4.9%, to $23.31 by mid-morning.

However, the flight from risky assets pushed government bond yields even further into record-low territory.

The currency last traded at US$1.3455, down 1.8 per cent on the low.

After double-digit stock falls on Friday, investor nerves were frayed further by the resignation of EU Commissioner Jonathan Hill on Saturday, the man many hoped would renegotiate “passporting” privileges that have turned British financial services into the country’s most lucrative exporters.