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UK bond yields hit an all-time low on Monday while rates on German debt pushed further into negative territory as investors sought safe haven following a vote to leave the EU. "Markets are in unknown terrain, creating exaggerated reactions," analysts at BNP Paribas wrote as UK 10-year bond yields fell to 0.963 percent and their German equivalents stood at -0.099 percent. British finance minister George Osborne sought to reassure markets in a statement early on Monday, saying that the UK economy was "as strong as could be".
London (AFP) - Shares in banks, airlines and property companies plunged on the London stock exchange Monday as investors singled out the three sectors as being the most vulnerable to Britain's decision to leave the EU.
The foreign ministers of Germany and France on Monday called for ambitious steps to strengthen the European Union after Britain's shock vote to leave the bloc. "We will... take further steps toward a political union in Europe, and we invite the other European states to join us in this endeavour," Frank-Walter Steinmeier and Jean-Marc Ayrault wrote in a joint position paper. The top diplomats of the two core EU founding members and biggest economies said that "Germany and France have a responsibility to strengthen solidarity and cohesion within the European Union".