Financial Review

Brexit Breakdown Continues


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Global stocks pounded again. The pound pounded again. Euro banks look dangerous. World leaders’ remarks (as in “Really?). SCOTUS strikes down Texas abortion restrictions. Panama remodels its canal. Waldorf Astoria goes condo. Financial Review by Sinclair Noe for 06-27-2016 DOW – 260 = 17,140 SPX – 36 = 2000 NAS – 113 = 4594 10 Y – .12 = 1.46% OIL – 1.31 = 46.33 GOLD + 8.50 = 1325.10 The aftershocks of the U.K.’s vote to leave the European Union reverberated across financial markets again today. The victory for Brexit tore through world markets on Friday, pummeling the pound and high-yielding assets as more than $2.5 trillion was wiped from global equity values. Prime Minister David Cameron resigned without spelling out when the U.K. intends to leave the EU and at least 30 members of Labour Party leader Jeremy Corbyn’s team quit amid calls for his ouster.   On Wall Street, the Dow Industrial average dropped about 300 points and then bounced around, adding to the 610 point loss on Friday. Meanwhile, 10-year U.S. Treasury yields have extended their fall to 1.46.   The pound is getting slammed all over again. It extended its record decline against the dollar, falling 3.1% to as low as 1.315. Cable — as the dollar/pound currency pair is nicknamed — is one of the biggest casualties of the global-market rout triggered late last week by Britain’s vote to leave the European Union. On Friday, the pound fell to a 30-year low versus the dollar ...
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Financial ReviewBy Sinclair Noe