Anthony Willis: Markets must now reprice for a more uncertain world

The UK's referendum on European Union (EU) membership, which delivered a 51.9% to 48.1% vote in favour of leaving, dealt a significant shock to markets. Over the course of the preceding week, markets and Sterling were led higher by perceived momentum in the ‘remain' campaign implied by opinion polls and probabilities in betting markets. These predictions proved very much wide of the mark, and the moves in markets since the polls closed on Thursday night have been extreme. There has been genuine shock across markets and the political world at the outcome of the vote - with the expected sh...