The “Brexit” caused market swoon on Wall Street turned out to be a nasty 5.3% two day dive (S&P 500) that was all but reversed in the next 4 trading sessions. The reason was clear early on – despite forecasts of immediate worldwide economic doom and gloom, the non-binding referendum was mostly a political statement about bureaucratic government, and the referendum split along demographic lines (older vs. younger, and rural …Read More
An Overview of Brexit
The Reaction of the European Bourses On June 14th, the FTSE closed at 5923.50. On June 15th, the world’s major bourses began their run-up in anticipation that “remain” would win in the U.K. referendum. The FTSE rose 7% from its June 14th level until June 23rd (to 6338.10), the day of the referendum. The day after the referendum, when the “shock” of “exit” was highest, the FTSE fell 3.1% to …Read More
