Brexit: Market futures turn sharply lower

Stock index futures were sharply lower in both the UK and the US, as voters in the United Kingdom chose to leave the European Union.

In London, the FTSE futures were pointing to an 8% decline in the benchmark index at stock market open.

Banking analysts at Bernstein called shares in Lloyds Banking Group and Barclays down 20-25% ahead of the open, with Royal Bank of Scotland falling a similar amount.

Across the pond, the Dow Jones futures were pointing to an open down more than 700 points, with the S&P 500 and the Nasdaq implied by futures down more than 5%.

Sterling was continuing to take a pounding, and was last 8.63% weaker at $1.3593, having touched near $1.49 before polls closed on Thursday night.

"European markets are now expected to open considerably lower, with FTSE futures pointing 7% lower and this could extend further," said analyst Craig Erlam at Oanda. "It will be interesting to see how traders once the European and US sessions open. Given the size of the moves seen overnight alone, the downside from here could be limited for now, barring any further panic selling."