The shocking news that the UK voted to leave the European Union has triggered a new phase of risk-off sentiment around the world. It’s anyone’s guess how this all plays out, but the initial reaction is deeply bearish. Yes, it could all be overblown, but the crowd is inclined, once again, to run first and ask questions later. “This is the biggest shock to European politics since the fall of the Berlin Wall,” Rob Ford, professor of politics at Manchester University, tells Bloomberg.
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