Financial Review

A Post-Brexit World


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UK votes Leave. Financial markets fall. What does it mean for the longer term? Financial Review by Sinclair Noe for 06-24-2016 DOW – 610 = 17,400 SPX – 75 = 2037 NAS – 202 = 4707 10 Y – .17 = 1.57% OIL – 2.49 = 47.62 GOLD + 59.30 = 1316.60   Britain has voted to leave the European Union, forcing the resignation of Prime Minister David Cameron. Global financial markets plunged. The pound fell more than 10 percent against the dollar at one point to touch levels last seen in 1985, on fears the decision could hit investment in the world’s fifth-largest economy, threaten London’s role as a global financial capital and usher in months of political uncertainty. The pound finished down almost 8%. The euro slid 3 percent. Those are huge moves for currencies.   World stocks saw more than $2 trillion wiped off their value, with indices across Europe heading for their sharpest one-day drops ever; the Nikkei 225 fell nearly 8 percent and the German DAX traded 6.8 percent lower; the CAC 40 in France down 8 percent; Italy down 11.5 percent. By contrast the FTSE 100 in Britain was down 3.1 percent. Britain’s big banks took a $100 billion battering, with Lloyds, Barclays and RBS plunging as much as 30 percent at one point. Goldman Sachs, JPMorgan, and BofA closed down around 7%, while Citigroup lost almost 10%. 10-year U.S. Treasury note yields hit a low of 1.406 percent, its lowest since July 26, 2012, ...
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Financial ReviewBy Sinclair Noe