# European stocks plummet on Brexit vote; DAX, CAC slides 10%, pound falls

> European stocks closed sharply lower after the UK voted to leave the EU, with the STOXX 600 down about 7 percent and the French CAC and German DAX also falling steeply. Sterling fell to its lowest level against the dollar since 1985, and bank shares sold off heavily.

- Date: 2016-06-24 · published 2016-06-24T12:00:00.000Z
- Category: macro · region Eurozone · magnitude high
- Page: https://feedsoft.ai/events/6960-european-stocks-plummet-on-brexit-vote-dax-cac-slides-10-pound-falls
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

A sharp equity sell-off and a weaker euro and pound raise financing stress and currency uncertainty for European feed producers and importers. Weaker local currencies can increase the cost of dollar-priced feed ingredients.

## Read by commodity

- EURUSD: bearish ▼
- GBPUSD: bearish ▼

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| EURUSD | 2016-06-24 | 1 | -2.2% | -4.6 | The sharp sell-off in European equities and banks reflected the same shock and added to euro-negative risk-off and capital-outflow pressure. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| EURUSD | 2019-09-03 | [Sterling falls before Brexit vote, euro down on rate outlook](https://feedsoft.ai/events/12334-sterling-falls-before-brexit-vote-euro-down-on-rate-outlook.md) | +0.6% | -0.8% |
| EURUSD | 2023-03-15 | [Pound falls vs dollar, rises vs euro on bank woes](https://feedsoft.ai/events/10080-pound-falls-vs-dollar-rises-vs-euro-on-bank-woes.md) | +0.4% | +1.7% |
| EURUSD | 2016-06-24 | [World stocks in freefall as UK votes for EU exit](https://feedsoft.ai/events/6954-world-stocks-in-freefall-as-uk-votes-for-eu-exit.md) | -3.0% | -3.6% |
| EURUSD | 2018-10-22 | [US dollar rises as pound falls amid Brexit negotiations](https://feedsoft.ai/events/62807-us-dollar-rises-as-pound-falls-amid-brexit-negotiations.md) | -1.1% | -0.6% |
| EURUSD | 2023-03-15 | [Euro Slumps against Pound and Dollar as European Banking Fears Rise](https://feedsoft.ai/events/10082-euro-slumps-against-pound-and-dollar-as-european-banking-fears-rise.md) | +0.4% | +1.7% |

## Sources

- cnbc.com: https://www.cnbc.com/2016/06/24/ftse-stocks-markets-fall-brexit-wins-eu-referendum-pound-euro-dollar-plummets-gold-spike-oil-price.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.