James Alexander via Historinhas | Brexit is an irrelevance. So say US equities. In fact, if US equities say anything, they seem to think Brexit is a good thing if it means the Fed holds off from rate rises for longer. Bring it on!
Nick Malkoutzis via Macropolis | A pointless referendum, a prime minister resigning, the opposition collapsing in a heap, the finance minister disappearing and nobody having any plan about what to do: This has all happened over the last few years in Greece. Never, though, all at the same time as has just occurred in the UK.
The ‘leave’ campaigners have shown their inability to run the Brexit. They felt unspirited to undertake the awesome task of taking Britain out of the European Union, let alone lead the country in these difficult circumstances. One after another they either refused to challenge premiership or were brushed away by poor support among Conservative MPs. It stands as no surprise Ms May has snatched an easy victory.
via Macropolis | “So, you are here?” said the check-in attendant at Berlin’s Tegel Airport. The man, who appeared to have a Somali background, had a charming smile. His comment was in reference to my British passport and the fact the UK was holding its Leave/Remain referendum on the same day.
After Standard Life announced on Monday that it had suspended withdrawals from its UK Real Estate Fund (2.9 billion GBP in assets), yesterday the whole sector (property funds), with assets under management of approximately 9 billion GBP, decided to follow suit. The two funds which stand out by size are: M&G Property Portfolio (4.4 billion GBP, the biggest) and Aviva (1.8 billion GBP).
The anti-Brexit supporters continue to fire a battery of the most dire predictions, without there really being any reliable information or models on which to form such precise and one directional forecasts. Furthermore, they are shooting themselves in the foot because Brexit is irreversible.
Nick Malkoutzis via Macropolis | British voters’ decision to head for the European Union’s exit door will test the EU like never before. Brexit has the potential to unleash not just a wave of consequences that will be damaging economically but also centrifugal political forces that will change the state of the Union forever.
Francesco Saraceno | Much has been said, already, and even more will be said in the coming hours/days/weeks/months/years, on Brexit. I have little to add. So here is what I see as a series of notes to self. For those who are already tired of reading pages and pages, I can summarize what follows in a sentence: We should focus more on policies than on institutions.
The rise in the Ibex 35 in the first few minutes of Monday’s session, when it rose 3% to over 8,000 points could not last. And it didn’t. Half an hour after the market opened, it began its downward spiral once again towards the 7,700 level. It lost over 2% and stayed there almost until the close, with the fall mirrored in the rest of the European exchanges.
The majority vote by Britons to leave the European Union (EU) was an act of raw democracy. Millions of ordinary people refused to be bullied, intimidated and dismissed with open contempt by their presumed betters in the major parties, the leaders of the business and banking oligarchy, and the media.