Global markets buckled as Britain’s vote to leave the European Union drove the pound to the lowest level in more than 30 years and wiped about $3 trillion from stock market values while sparking demand for haven assets from US Treasuries to gold. ‘‘This is going to take a large number of trading days, if not weeks, to iron through,’’ said Stephen Wood, who helps manage $237 billion as chief market strategist for North America at Russell Investments in New York. ‘‘There were a lot of surprise positions that had be unwound very, very quickly — that’s been a significant phenomenon. Some of that will probably be re-traced. Initial reactions tend to be more extreme than long-term averages.’’ Riskier assets stemmed losses amid a chorus of central bank assurances that policy makers stand ready to intervene. Mark Carney said the Bank of England could pump billions of pounds into the financial system, while the European Central Bank said it will give banks all the funding they require. The Federal Reserve said it was ‘‘carefully monitoring’’ financial markets. ‘‘The central banks are saying all the right things and they’re flooding the market with liquidity so you have a more orderly move,’’ said Frank Maeba, managing partner with Breton Hill Capital in Toronto.
World markets roiled by Brexit as stocks, pound drop; gold soars
