The ASX 200 has finished the session down 0.7%, reversing yesterday’s gains. Almost all sectors lost ground, with utilities the exception. 

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US sharemarkets fell sharply on Monday as investors continued the recent shift to safe-haven assets. Technology, material (-3.4%), energy (-2.8%) and financial stocks (-2.8%). Utilities (+1.3%) and telecom (+0.6%) were the only SP 500 sector that managed to stay in positive territory. The Dow Jones index fell by almost 261 points or 1.5%. The SP 500 index lost 1.8% while the Nasdaq fell 114 points or 2.4%.

Ratings agency SP cut the U.K.’s top credit rating by two levels from AAA to AA, citing the risk of a less predictable, stable, and effective policy framework in the U.K. The cut also “reflects the risks of a marked deterioration of external financing conditions”. SP left the U.K. on negative outlook, reflecting the risk to“economic prospects, fiscal and external performance". Fitch also cut the credit rate from AA+ to AA on the Brexit vote.

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before acting on the information in this report, consider the appropriateness

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advice.  This report is produced by

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correspondence is correct and any opinions, conclusions or recommendations are

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made as to accuracy, reliability or completeness.  To the extent permitted by law, neither the

Bank nor any of its subsidiaries accept liability to any person for loss or

damage arising from the use of this report.

Uncertainty stemming from the Brexit remains a feature of market trade on Monday as investors weigh near term volatility against a matter that will take years to resolve. Local shares have seen banks continue their retreat while miners have recovered some ground 

.

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This report is approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399, AFSL 238814 (CommSec) a wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (the Bank).  The Bank and its subsidiaries have effected or may effect transactions for their own account in any investments or related investments referred to in this report. This report is not a recommendation to buy, sell or hold any securities or financial products, and has been prepared without taking account of the objectives, financial or taxation situation or needs of any particular individual.  For this reason, any individual should, before acting on the information in this report, consider the appropriateness of the information, having regard to the individual's objectives, financial or taxation situation and needs and, if necessary, seek appropriate professional advice.  This report is produced by Commonwealth Research based on information available at the time of publishing.  We believe that the information in this correspondence is correct and any opinions, conclusions or recommendations are reasonably held or made as at the time of its compilation, but no warranty is made as to accuracy, reliability or completeness.  To the extent permitted by law, neither the Bank nor any of its subsidiaries accept liability to any person for loss or damage arising from the use of this report.

The ASX200 posted a gain of half a per cent on Monday as post Brexit vote volatility faded during the course of Monday afternoon. Gains for Asian stocks helped the general atmospherics, while mining stocks led the improvements. Financial stocks leveraged to the UK continued to retreat in price.

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have effected or may effect transactions for their own account in any

investments or related investments referred to in this report. This report is

not a recommendation to buy, sell or hold any securities or financial products,

and has been prepared without taking account of the objectives, financial or

taxation situation or needs of any particular individual.  For this reason, any individual should,

before acting on the information in this report, consider the appropriateness

of the information, having regard to the individual's objectives, financial or

taxation situation and needs and, if necessary, seek appropriate professional

advice.  This report is produced by

Commonwealth Research based on information available at the time of publishing.  We believe that the information in this

correspondence is correct and any opinions, conclusions or recommendations are

reasonably held or made as at the time of its compilation, but no warranty is

made as to accuracy, reliability or completeness.  To the extent permitted by law, neither the

Bank nor any of its subsidiaries accept liability to any person for loss or

damage arising from the use of this report.

US sharemarkets fell sharply on Friday. The decision by the UK to leave the European Union heightened political and economic uncertainty. Investors sold most sectors flocking to safe-haven assets. The SP Financial sector (-5.4%) led the declines. Utilities (+0.1%) was the only SP 500 sector that managed to stay in positive territory. The CBOE Volatility index surged by 49% to 25.76 - its highest level since Feb 11. Volume across the US exchanges was huge with more than $15.3 billion traded compared with the daily average of $6.8 billion. The Dow Jones index fell by 610 points or 3.4%. The SP 500 index lost 3.6% while the Nasdaq fell 202 points or 4.1%. Over the week, the Dow lost 1.6%, with the SP 500 also down 1.6% and the Nasdaq lost 1.9%.

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have effected or may effect transactions for their own account in any

investments or related investments referred to in this report. This report is

not a recommendation to buy, sell or hold any securities or financial products,

and has been prepared without taking account of the objectives, financial or

taxation situation or needs of any particular individual.  For this reason, any individual should,

before acting on the information in this report, consider the appropriateness

of the information, having regard to the individual's objectives, financial or

taxation situation and needs and, if necessary, seek appropriate professional

advice.  This report is produced by

Commonwealth Research based on information available at the time of publishing.  We believe that the information in this

correspondence is correct and any opinions, conclusions or recommendations are

reasonably held or made as at the time of its compilation, but no warranty is

made as to accuracy, reliability or completeness.  To the extent permitted by law, neither the

Bank nor any of its subsidiaries accept liability to any person for loss or

damage arising from the use of this report.

The financial year draws to a close.

The 2015/16 financial year ends on Thursday and there will be the usual retrospective look on the year’s results. There is also a healthy schedule of economic data over the week.

In Australia, the week begins on Tuesday when ANZ and Roy Morgan issue the weekly consumer sentiment reading. At present households are in a happy place, with consumer confidence at a 2½-year high. Lower interest rates, cheap petrol prices and improved job security are all freeing up a few more spending dollars. 

US home prices and Chinese manufacturing activity dominates interest.

In the US the highlight in the coming week is the release of manufacturing activity and home prices. And in China, gauges on manufacturing are also released. 

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This report isapproved and distributed in Australia by Commonwealth Securities Limited ABN 60067 254 399, AFSL 238814 (CommSec) a wholly owned but non-guaranteed subsidiaryof Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (theBank).  The Bank and its subsidiarieshave effected or may effect transactions for their own account in anyinvestments or related investments referred to in this report. This report isnot a recommendation to buy, sell or hold any securities or financial products,and has been prepared without taking account of the objectives, financial ortaxation situation or needs of any particular individual.  For this reason, any individual should,before acting on the information in this report, consider the appropriatenessof the information, having regard to the individual's objectives, financial ortaxation situation and needs and, if necessary, seek appropriate professionaladvice.  This report is produced byCommonwealth Research based on information available at the time of publishing.  We believe that the information in thiscorrespondence is correct and any opinions, conclusions or recommendations arereasonably held or made as at the time of its compilation, but no warranty ismade as to accuracy, reliability or completeness.  To the extent permitted by law, neither theBank nor any of its subsidiaries accept liability to any person for loss ordamage arising from the use of this report.

Friday was the worst day since 29 September 2015 for the Australian sharemarket following the UK’s surprise decision to exit the European Union (EU). The ASX 200 index fell by 3.2 per cent; taking local shares to an April 2016 low. Thanks to gains on Monday however, the ASX 200 has only fallen by ~1 per cent this week.

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approved and distributed in Australia by Commonwealth Securities Limited ABN 60

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Bank).  The Bank and its subsidiaries

have effected or may effect transactions for their own account in any

investments or related investments referred to in this report. This report is

not a recommendation to buy, sell or hold any securities or financial products,

and has been prepared without taking account of the objectives, financial or

taxation situation or needs of any particular individual.  For this reason, any individual should,

before acting on the information in this report, consider the appropriateness

of the information, having regard to the individual's objectives, financial or

taxation situation and needs and, if necessary, seek appropriate professional

advice.  This report is produced by

Commonwealth Research based on information available at the time of publishing.  We believe that the information in this

correspondence is correct and any opinions, conclusions or recommendations are

reasonably held or made as at the time of its compilation, but no warranty is

made as to accuracy, reliability or completeness.  To the extent permitted by law, neither the

Bank nor any of its subsidiaries accept liability to any person for loss or

damage arising from the use of this report.

The Brexit vote looks set to settle out at around 52% to leave. 

Market volatility is extreme and could persist for some time. 

The economic costs will be large and play out over a lengthy period. The vote for Brexit has carried the day. But the debate about the implications for economies and financial markets are just beginning. Our thoughts on some of these implications have been covered in recent research pieces. 

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approved and distributed in Australia by Commonwealth Securities Limited ABN 60

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Bank).  The Bank and its subsidiaries

have effected or may effect transactions for their own account in any

investments or related investments referred to in this report. This report is

not a recommendation to buy, sell or hold any securities or financial products,

and has been prepared without taking account of the objectives, financial or

taxation situation or needs of any particular individual.  For this reason, any individual should,

before acting on the information in this report, consider the appropriateness

of the information, having regard to the individual's objectives, financial or

taxation situation and needs and, if necessary, seek appropriate professional

advice.  This report is produced by

Commonwealth Research based on information available at the time of publishing.  We believe that the information in this

correspondence is correct and any opinions, conclusions or recommendations are

reasonably held or made as at the time of its compilation, but no warranty is

made as to accuracy, reliability or completeness.  To the extent permitted by law, neither the

Bank nor any of its subsidiaries accept liability to any person for loss or

damage arising from the use of this report.

US sharemarkets rallied sharply as investors bet on Britain remaining part of the European Union. The CBOE Volatility index fell by 14% overnight. Software maker Twilio nearly double on its first day of trade up 91% at the close. The Dow Jones index rose by 230 points or 1.3%. The SP 500 index rose by 1.3% while the Nasdaq gained 77 points or 1.6%.

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Bank).  The Bank and its subsidiaries

have effected or may effect transactions for their own account in any

investments or related investments referred to in this report. This report is

not a recommendation to buy, sell or hold any securities or financial products,

and has been prepared without taking account of the objectives, financial or

taxation situation or needs of any particular individual.  For this reason, any individual should,

before acting on the information in this report, consider the appropriateness

of the information, having regard to the individual's objectives, financial or

taxation situation and needs and, if necessary, seek appropriate professional

advice.  This report is produced by

Commonwealth Research based on information available at the time of publishing.  We believe that the information in this

correspondence is correct and any opinions, conclusions or recommendations are

reasonably held or made as at the time of its compilation, but no warranty is

made as to accuracy, reliability or completeness.  To the extent permitted by law, neither the

Bank nor any of its subsidiaries accept liability to any person for loss or

damage arising from the use of this report.