In the wake of last week's Brexit referendum, in which the U.K. voted to exit the European Union, British bank stocks continued to get slammed Monday. Meanwhile, some companies tied to gold got a boost as investors searched for safe-haven investments.
The New York-listed ADRs of London-based Barclays (BCS) and Lloyd's (LYG) fell in premarket trading by as much as 21% and 16%, respectively, after posting similar losses on Friday, as investors braced for heavy losses in the Brexit-triggered market selloff. Trading of Barclays and Royal Bank of Scotland (RBS) shares was even temporarily suspended in premarket trading as shares crashed. (RBS stock also fell about 18% beforet the opening bell.)
U.S. markets were indicated to open down across the board Monday morning, with the S&P 500 and Dow Jones industrials each indicated down 0.7%, while the Nasdaq futures fell 0.9%. Meanwhile, crude oil prices fell about 0.7% to $47.31 a barrel, based on U.S. benchmark West Texas Intermediate.
A rise in gold prices, which climbed 0.8% to $1,332 a troy ounce, helped lift shares of Randgold Resources (GOLD) and AngloGold Ashanti (AU), as investors began to pull money from the stock market and securities linked to Europe amid bearish global sentiment surrounding Brexit.
Shares of French drugmaker Sanofi (SNY) also popped about 0.70%, on news it will receive Boehringer Ingelheim's over-the-counter medicine business and 4.7 billion euros in cash, or about $5.2 billion, in exchange for its Merial healthcare operations, which produce a range of medicines to treat animals.
-- Written by James Passeri