"I bought some pounds on Friday," says billionaire investor Wilbur Ross, and an interested bidder in Tata's Port Talbot steel business.

"I may very well buy some more pounds today," he told CNBC. 

"I do think it's not the end of the Earth; Great Britain is not going to go to zero. It's easy to have people be too emotional."   

The price of gold has risen as investors pile in to what are seen as safer assets.

It rose more than 1% to about $1,335.30, however it is still below the two-year peak it reached on Friday.

"The uncertainty around the timing of negotiations to leave the EU means that not only do investors become more defensive and buy things like gold and the dollar, but it also keeps sterling under pressure and translates into a permanent loss of economic activity at domestic level," ETF Securities analyst Martin Arnold said. 

Image source, AP

Shares in News York followed European markets and opened down on Monday.

The Dow Jones is down 1.10% at 17,209.14.

The Nasdaq is down 1.13% at 4,654.92.

And the S&P 500 has dropped 1.07% at 2,015.68.

We'll keep you posted throughout the day. 

Former Federal Reserve chairman Alan Greenspan tells Bloomberg that the economic problems that Scotland is going to run into are going to be very difficult because they don't realise the extent to which they're funding them.

Ireland has seen a spike in interest from British nationals seeking to gain an Irish passport and remain a citizen of the European Union after Britain voted to leave the bloc, the Irish foreign office said on Monday. 

Reuters news agency reports that a diplomatic source has told them that Ireland's embassy fielded more than 4,000 enquiries compared to the 200 it usually receives.

Anybody born in the Irish Republic or Northern Ireland, or with an Irish parent or grandparent, is entitled to an Irish passport. Up to 6 million people living in Britain are estimated to have Irish ancestry, Reuters reports.

The BBC's Stephen McDonnell is at the World Economic Forum in China - or the "summer Davos" as it is sometimes referred to.  

"What you can hear said, quite prominently, during the coffee chat here, is that the world is lurching from an internationalist outlook towards more of a closed, fearful perspective.

It seemed like we were all taking down barriers and the bleak scenario appears to be that the walls are going up again, they say."

Read his analysis in full here.

Image source, Getty Images

Image source, Reuters

The slump in RBS' shares has pushed them to the lowest level since 2009, just a few months after it was bailed out by the taxpayer, reports the FT., external

The shares earlier dropped to around 152p, taking their total losses since the referendum to more than 32%. They have since recovered slightly to almost 160p.

Ian Gordon, an analyst at Investec, said the "meltdown" in the UK's two main political parties was the main reason for such wide-scale sell offs in banking stocks today.  

The biggest market reaction so far has, of course, been the fall in the value of sterling, which has dropped to multi-decade lows against the US dollar, Capital Economics said. 

Continued uncertainty and more quantitative easing from the Bank of England could see the pound fall as low as $1.20, it said. 

"However, even this move would be less dramatic when seen in the context of the last few years. The pound had already fallen from a high of $1.70 in mid-2014 to below $1.40 in February this year."

It seems "premature to conclude that volatility in global markets threatens to derail the world economy". Or that Brexit will prevent the Fed from raising US interest rates again later in the year, Capital Economics said.

Image source, AFP/Getty Images

A note from Capital Economics "putting recent market moves into perspective". 

It says "it would be wrong to conclude that the world is on the cusp of another global financial crisis (GFC)".

"To be clear, the collapse in equity prices in the UK and Europe on Friday was ugly and shares have dropped further today. 

"However, the focus on the magnitudes of the one-day declines obscures the fact that equities had rallied strongly ahead of the UK referendum result in anticipation of a vote to remain in the EU. 

"Friday’s collapse in the FTSE 100 simply reversed that move, leaving equities little changed over the week. Even now, the FTSE 100 is still above its mid-June lows. 

"Admittedly, the more domestically oriented FTSE 250 has fallen further, but it rebounded from similar levels in February."

It's not just the financial markets that are going through upheaval in the wake of the Brexit vote.

Labour leader Jeremy Corbyn has faced repeated calls today to step down amid further resignations from his shadow cabinet. 

Here are the departures and new recruits in his top team.

"It’s a sea of red for sterling again this morning," says HL Currency analyst Chris Saint.

"Exchange rates will inevitably remain very volatile in the coming days and weeks as currency markets digest the far-reaching implications of the referendum result," he says.

The pound slipped below €1.20 - touching a two-year low against the euro.

At midday, the pound was also down a further 4% against the yen - seen as one of the safest currencies - after falling 12% against the Japanese currency on Friday.

Image source, Getty Images

Lord King is very critical of how both sides of the Brexit campaigns were run. 

"I was struck by how many people said to me that they didn't like the scaremongering tactics. They didn't like to be told that if they were to vote to leave they would be idiots," he tells the BBC's Laura Kuenssberg.

"If you say to someone you're an idiot if you don't agree with me, you're not likely to bring them in your direction."

He adds that the warning of an emergency Budget was the nadir of the Remain campaign operation.

"I was baffled by the idea of the emergency Budget to raise taxes and cut spending would either be sensible in the short run or that we knew enough about the long run to make that judgement."

Image source, gett

"I don't think people should be particularly worried, markets move up, markets move down," says the former Bank of England governor Mervyn King.

"We don't yet know where they will find their level and the whole aspect of volatility is that there is a trial and error process going on before markets discover what the right level of stock markets and exchange rates actually are," he says in an interview with BBC political editor Laura Kuenssberg.  

"What we need is a bit of calm now, there's no reason for any of us to panic."

"People are worried... We need each other whether we are in or out," Stewart Cook from Berenberg Bank tells the BBC's Victoria Fritz.