Central banks around the world have moved to try and calm markets in the aftermath of Brexit June 24, 2016 As financial markets adjust to a post-Brexit world, central bankers are rushing to try and restore calm. The immediate reaction to the UK vote to leave the European Union was a harsh sell-off that in which the pound plummeted and markets around Europe followed their Asian counterparts sharply lower. The Bank of England governor Mark Carney has already said he will prop [...]
Before the bell: What you need to know before the US market open June 24, 2016 The UK's vote to quit the European Union in a so-called Brexit has thrown markets around the world into meltdown and the US looks like it's heading the same way. Here's what you need to know before the US market open at 2:30pm. In the pre-market, US stocks are pointing straight down. The S&P is off by [...]
EU referendum: FTSE 100 in partial recovery as billions wiped off bank shares June 24, 2016 More than £100bn was wiped off the FTSE 100 this morning as the bluechip index suffered a near record fall following the UK's decision to leave the European Union. The index dropped eight per cent in the first minutes of trading as stock markets looked on course for their worst day since the financial crisis. After 90 minutes of [...]
EU referendum: UK set to lose gold standard AAA credit rating June 24, 2016 The UK's gold standard credit rating is set to be slashed following the decision to leave the European Union, leading ratings agencies warned today. All three of the leading ratings agencies – Standard and Poor's (S&P), Moody's and Fitch, said the UK's AAA rating on its sovereign debt was likely to be cut. In theory, that would [...]
EU referendum: Markets expect Bank of England to cut interest rates after vote for Brexit June 24, 2016 Leading economists have predicted the Bank of England will need to cut interest rates this summer to prop up the UK economy in the wake of the vote to leave the European Union. This morning, governor of the Bank of England Mark Carney told markets the Bank stood ready to do whatever is needed to support financial stability [...]
EU referendum: Bank of England to take “all necessary steps” in wake of Brexit vote June 24, 2016 The Bank of England will take "all necessary steps" to protect the financial markets in the wake of the vote to leave the European Union, it confirmed this morning, in its first intervention since the result of the referendum became clear. In a statement issued at 7am this morning, Threadneedle Street said: The Bank of England [...]
S&P warns Britain likely to lose its AAA credit rating after Brexit June 24, 2016 Credit ratings agency Standard & Poor's has warned Britain could lose its AAA credit rating, after it voted for Brexit heralding a period of political, economic and financial uncertainty. Moritz Kraemer, chief ratings officer for S&P, reiterated that he expected the risks associated with the UK voting to leave the European Union will lead to a credit downgrade [...]
EU referendum results: FTSE futures plummet as Leave vote looks likely June 24, 2016 The FTSE 100 was set to fall by a near-record amount at the open with futures indicating an 8.2 per cent plunge – more than 500 points – in the first minutes of trading, after the UK voted to leave the EU. Last night the index closed at 6,338.1 points, up 1.23 per cent as [...]
Trading suspended on Nikkei 225 as shares plummet after UK votes for Brexit June 24, 2016 Trading on the Japanese stock market was suspended this morning as the Nikkei 225 tumbled following the UK's vote to leave the European Union. The benchmark index dropped 8.3 per cent over night – dipping to its lowest level since the end of 2014 – as shares kept dropping as results from across the UK [...]
New car sales to drop 20 per cent in Brexit recession, analyst says June 24, 2016 Demand for new cars could tumble by 20 per cent if the UK falls into a recession following the historic vote to leave the European Union. BNP Paribas warned economic downturns usually shrivel car sales by up to one fifth, in a market update after media organisations called the EU referendum for the Leave side. [...]