Brexit costs investors $2 trillion, the worst one-day drop ever – British pound sterling falls below Friday’s 31-year low amid uncertainty
Desdemona Despair
By Javier E. David
26 Jun 2016(CNBC) – The U.K.’s referendum to leave the European Union was a costly decision in more ways than one.
Worldwide markets hemorrhaged more than $2 trillion in paper wealth on Friday, according to data from S&P Global, the worst on record. For context, that figure eclipsed the whipsaw trading sessions of the 2008 financial crisis, according to S&P analyst Howard Silverblatt.
The prior one day sell-off record was $1.9 trillion back in September of 2008, Silverblatt noted. According to S&P’s Broad Market Index, combined market capitalization is currently worth nearly $42 trillion. […]
“Brexit is the biggest global monetary shock since 2008,” said David Beckworth, a scholar at the Mercatus Center at George Mason University, in a blog post on Friday. “This could be the tipping point that turns the existing global slowdown of 2016 into a global recession.” […]
On Sunday, noted economist Nouriel Roubini said the U.K.’s departure from Europe may lead to the break-up of the entire 28-trading bloc. His comments echoed those of billionaire investor George Soros, who wrote that a dissolution of the EU was “practically irreversible.” [more]
Brexit cost investors $2 trillion, the worst one day drop ever
By Leslie Shaffer
27 June 2016(CNBC) – Currency markets faced more upheaval on Monday, with traders raining new pain on Britain’s pound and the yuan falling to a nearly six-year low against the dollar. This followed a weekend of contemplation after the Brexit vote, which failed to alleviate political and economic uncertainty.
Markets were surprised on Friday when it emerged Britain had voted to leave the European Union (EU), with the leave camp securing 51.9 percent of the vote. Prime Minister David Cameron, a “remain” proponent, announced on Friday that he would resign by October. No immediate successor is lined up, so it appeared the country could become rudderless.
The British currency traded at around $1.320 at 12:10 a.m. London time on Monday, below the 31-year low of $1.3224 reached on Friday.
“No political stability was seen over the weekend,” Anthony Darvall, chief market strategist at spread-betting firm easyMarkets, said in a note Monday morning.
“Indeed, more uncertainty was evident as talks of a Scottish referendum and potential Scottish block of the U.K. leave vote is clouding the way forward. European officials have been keen to see the U.K. leave quickly to limit the disturbance to the euro zone.”
Others suggested that any light at the end of the tunnel was probably a train. [more]
Sterling falls below Friday’s 31-year low amid Brexit uncertainty
Source: http://www.desdemonadespair.net/2016/06/brexit-costs-investors-2-trillion-worst.html
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