European shares seen opening 6 to 7.5 per cent lower, after indications of Brexit

European stock markets headed for a sharply lower open on Friday, according to pre-market calls from financial bookmakers, after results showed that Britain had voted to leave the European Union.

According to calls from IG and CMC, Britain’s blue-chip FTSE 100 index, Germany’s DAX and France’s CAC were expected to fall between 6 percent and 7.5 percent.

Results from Thursday’s landmark referendum showed that Britain had decided to leave the EU, in an outcome that sets the country on an uncertain path and deals the largest setback to European efforts to forge greater unity since World War Two.

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Morgan Stanley saw a 15 to 20 percent downside for European equities from Thursday’s levels.