A second wave of Brexit-led volatility has caused a sell-off in global equity markets and pushed bond yields in Australia and the United States to record lows.

The 10-year Australian Commonwealth government bond traded at a record low 1.84 per cent on Wednesday as Treasury yields declined to 1.34 per cent. The Australian dollar recovered to US74.63¢ from as low as US74.08¢ and the S&P/ASX 200 Index dropped 0.6 per cent to 5197.50 points. Investors also rushed to gold, which is at a two-year high, and sent the British pound to a post-Brexit low. European stocks lost 1 per cent in early trading.

Reuters