Brexit pounds Emerging Markets

The referendum for the United Kingdom to leave the European Union, referred to as "Brexit", has pounded emerging markets.

The vote to leave the EU has sent emerging market currencies and stocks sharply down as investors abandon more risky assets.

The sharp declines demonstrate how the Brexit vote negatively effect markets all over the world  and, ultimately, global growth.

Emerging markets were in the midst of a significant rally since January before the results of the Brexit vote put an end to growth.

The South African rand declined 2.6 per cent, the Polish zloty 0.9 per cent, and the Mexican peso 0.7 per cent as many currencies moved to their weakest points ever against the US dollar.

Read more at the Wall Street Journal.