The fallout on British business from the Brexit vote last week is already starting to take shape, despite an absence of any political movement towards a clarification of the timing of the country’s departure from the EU and the single market.

Brexit fears eased and markets rose in Asia (but not Australia), Europe and the US as the British Prime Minister, David Cameron went to Brussels for a summit that will see him excluded from the talks tonight.

Australia’s Mayne Pharma Group (the old FH Faulding) has suddenly become a $2 billion value company and one of the major players in the huge US pharmaceutical market.

Shares fell, bond prices rose as yields tumbled to new lows in Britain, the pound hit new 31 year lows and there’s more volatility on the way with the Aussie market and others in Asia facing a nasty slump at the opening of trading across the region this morning.

Now for the accounting – financial, political and social for the Brexit vote, with Britain on the way to isolation in Europe, a lower credit rating and possible break up.

Gold will stand out in commodity markets this week as the fallout from the Brexit vote in Britain continues to rattle markets and investor confidence.

So what could be the damage to Australian listed companies with exposure to the UK economy and consumers?

The week ahead offshore will see continued reaction to the Brexit referendum in Britain, but in Australia Saturday’s Federal election (finally) will dominate.

After Friday’s falls and the $US2.1 trillion ($A2.7 trillion) loss in value in the wake of Britain’s vote to leave the European Union, markets will see a much more restrained trading pattern today and tonight as they assess the continuing fallout from the momentous decision that has called into question the future of the EU, the eurozone and the euro itself.

Wealth management and insurance giant AMP has stayed with the financial sector in choosing a new chair.

Australian mining service companies face further credit rating downgrades going into 2016-17 if they are unable to lift their performance.

Let’s hope the late polls are right and Britain will stay in the EU because if they are wrong all hell will break loose (and remember the polls were wrong in May 2015 when the forecast a win by Labour in the General Election, when it was in fact the Conservatives won) in the markets which overnight were tipping a win for ‘remain’ by rising strongly.

The ‘Brexit’ rebound ran out of puff on Wall Street this morning as key indices saw early gains halved and more. The Aussie market will start with a small gain of around 7 points according to the ASX futures market. but that too was down sharply in late trading.

The Australian market will start the week line ball after an inconclusive end to a volatile week early Saturday morning that left the ASX futures market basically flat.

Like all other financial markets, commodities trading in coming days will be dominated by the Brexit vote in Britain Thursday night, our time.

China’s housing rebound remains on track, even if there were hints of a slowing in China’s home price boomlet in May as the pace of price rises in some of the country’s biggest cities slowed.

The coming week in financial markets around the globe can be summed up in one word – Brexit.