PDA

View Full Version : Brexit crash wiped out a record $2.1 trillion.



Cigar
06-27-2016, 11:29 AM
Brexit crash wiped out a record $2.1 trillion.Source: CNN

A record $2.1 trillion was wiped out from global markets on Friday.

That means more money vaporized as a result of the Brexit crash than any single market day ever, according to S&P Dow Jones Indices.

It eclipses the $1.9 trillion that was erased on September 29, 2008 when the U.S. Congress infamously voted down the Wall Street bailout. The larger losses in the Brexit fallout partially reflect the fact that markets are retreating from higher levels these days.



http://money.cnn.com/2016/06/27/investing/brexit-consequences-2-trillion-lost/index.html?iid=hp-stack-dom

Peter1469
06-27-2016, 01:13 PM
It came back after 2008. Wait for it..., wait.....

Cigar
06-27-2016, 01:17 PM
It came back after 2008. Wait for it..., wait.....


Are you sure you want to go down that Road? :huh:

Hummm ... so, what was done to help this "Come-Back" as "you" say? :grin:

Truth Detector
06-27-2016, 01:18 PM
Brexit crash wiped out a record $2.1 trillion.

http://money.cnn.com/2016/06/27/investing/brexit-consequences-2-trillion-lost/index.html?iid=hp-stack-dom

Nothing has been wiped out unless and until those who may have lost money on stocks cash them in for less than what they are worth. It is merely a paper loss at this time, not a REAL loss.

I do wish Liberuls had even the slightest clue of what they emotionally erupt about instead of being brain dead parrots of leftist media talking points.

Truth Detector
06-27-2016, 01:20 PM
Are you sure you want to go down that Road? :huh:

Hummm ... so, what was done to help this "Come-Back" as "you" say? :grin:

Well, if you had an economic clue, which you don't, the only thing that has "come back" is Wall Street wealth thanks to a Fed that has been recklessly printing money and making money cheap over the last eight years.

As for everyone else, why do you think the ObamaTard and liberuls keep whining about wage inequality and the minimum wage? It's because it hasn't done a damned thing for everyone else. DERP

waltky
06-27-2016, 02:23 PM
Sterling, stocks take another Brexit hit; oil, yen rise...
http://www.politicalforum.com/images/smilies/icon_omg.gif
Banks pull stocks lower as Brexit continues global rout
June 27, 2016 - Britain's shock vote to leave the European Union roiled global markets for a second day on Monday, hammering U.S. and European banks, lifting bond and gold prices, and dragging the British pound to a 31-year low.


U.S. stocks opened sharply lower, following European markets, pulled down by financial stocks amid uncertainty over London's future as the region's financial capital. The S&P financial index <.SPSY> fell 2.5 percent. JPMorgan <JPM.N> was down 3.3 percent while Bank of America <BAC.N> was down 5.3 percent. The Dow Jones industrial average <.DJI> fell 295.06 points, or 1.7 percent, to 17,105.69, the S&P 500 <.SPX> lost 39.83 points, or 1.95 percent, to 1,997.58 and the Nasdaq Composite <.IXIC> dropped 110.39 points, or 2.34 percent, to 4,597.59. An index of European bank shares <.SX7P> fell 8.89 percent. Royal Bank of Scotland <RBS.L> fell 16 percent while Barclays <BARC.L> shed 18 percent.

Italian banks also suffered. UniCredit <CRDI.MI> fell more than 9 percent. The government was looking at options to help its banks and prevent further share price falls. European stocks <.FTEU3> took a beating for a second day, down 3.7 percent. Banks at a seven-year low helped push London's top share index <.FTSE> down by 2.5 percent. British finance minister George Osborne sought to reassure markets, saying the world's fifth-largest economy was strong enough to cope with the Brexit-inspired volatility, but the positive impact on sterling was only fleeting. MSCI's all-country world stock index <.MIWD00000PUS> fell 2 percent. "There is a crisis of confidence in the markets," said Todd Morgan, Chairman at Bel Air Investment Advisors in Los Angeles. "But there is a lot of cash lying around and interest rates are low, the world will survive."

Yields on core government debt fell again. German 10-year bond yields <DE10YT=TWEB>, the benchmark for euro zone borrowing costs, fell as low as minus 0.11 percent but held above Friday's record low of almost minus 0.17 percent. In the scramble for safe-haven assets, benchmark U.S. Treasury yields hovered near four-year lows. The 10-year note <US30YT=RR> fell nearly 11 basis points to 1.47 percent. "The U.S. remains a very powerful place where people can find a safe haven. Foreigners are also getting a kick with the rise in the dollar," said Guy LeBas, chief fixed income strategist at Janney Montgomery Scott in Philadelphia. Sterling fell more than 3.65 percent to $1.310, surpassing its Friday low as yields on 10-year British government debt fell below 1 percent for the first time <GB10YT=RR>. "Uncertainty equals currency weakness, we know this, and there is no sense that this (sterling) is a value trade right now and that you have to get back in. It is too early for anyone to start calling a bottom," said Neil Mellor, a currency strategist at Bank of New York Mellon in London.

The euro <EUR=>, also seen vulnerable to the exit from the EU of its second-largest economy, fell 1.2 percent to as low as $1.098. The yen firmed as high as 101.52 per dollar <JPY=>. The dollar index, which tracks the greenback's value against six currencies <.DXY>, was up 1 percent. The rallying dollar helped drag oil prices down. Brent crude <LCOc1> dropped more than 2 percent to $47.35 before 12 noon EDT (16:00 GMT), while U.S. crude <CLc1> slipped $1.12 to $46.52. Brent and U.S. crude futures have lost about 7 percent since Thursday's settlement in the rush away from global risk assets.

https://www.yahoo.com/news/asian-stocks-pound-fall-brexit-aftershocks-001818502--finance.html?ref=gs

The Xl
06-27-2016, 02:25 PM
The British people should be held hostage forever and permanently give up their sovereignty.

waltky
06-27-2016, 04:33 PM
The sky is fallin' in Britain...
http://www.politicalforum.com/images/smilies/icon_omg.gif
Brexit: What happens now?
Mon, 27 Jun 2016 - The UK has voted to leave the EU. Here is what is likely to happen next.


The story so far

At exactly 06:00 BST on 24 June it was confirmed that the UK had voted to leave the European Union. The first thing to stress is that the UK will not leave immediately. The UK is still a member of the EU and will probably remain so for several years. But the vote has already triggered an extraordinary chain of events.

A new prime minister needed

In a statement outside Downing Street, David Cameron said the government would respect the result and carry out the instructions of the British people, reassuring the 2.9 million EU citizens in the UK that they will not be adversely affected. Although it was his responsibility to remain in No 10 to "steady the ship", he announced he would step down in the autumn as he was not the right "captain to steer the country to its next destination". A new Conservative leader and prime minister is expected to be elected by the end of September.


http://ichef.bbci.co.uk/news/320/cpsprodpb/BB74/production/_90088974_mediaitem90088973.jpg
Vote Leave supporters celebrate

Under the party's existing rules, Conservative MPs would hold a series of ballots, with all but the two most popular candidates being eliminated. The final two will then go into a run-off in which all Conservative Party members will get a vote. This was the system used to elect Mr Cameron in 2005. Labour leader Jeremy Corbyn has come under huge pressure from within his party to consider his position but he has insisted he will not step down. Two MPs have submitted a motion of no confidence in Mr Corbyn, accusing him of weak leadership during the referendum campaign and he has been forced to announce a new shadow cabinet following a wave of resignations.

This is not a formal mechanism for removing Mr Corbyn and he could survive even if the vote, should it take place, went against him. He has warned: "Those who want to change Labour's leadership will have to stand in a democratic election, in which I will be a candidate." His critics had hoped the vote and resignations might force him to either step down voluntarily or precipitate a formal challenge - which would require 50 MPs to write to the party's general secretary and a challenger to come forward with sufficient nominations to get on the ballot paper. Shadow chancellor John McDonnell has effectively challenged the would-be challengers, saying that even if Mr Corbyn was forced to stand for re-election, he would win when it came to a vote of the party members and supporters. This one looks set to run for a while yet.

The markets react (http://www.bbc.co.uk/news/uk-politics-eu-referendum-36420148)

See also:

Post-Brexit era begins for Britain as reactions range from jubilant to hostile
Monday 27th June, 2016 – In what is being considered as one of the most historic events in the world, the tiny archipelago that is the United Kingdom has voted out of a 43-year-old marriage with the European Union. Eurosceptic restlessness finally found a voice, and has Britain turning its back on the 60-year-old bloc. In the wake of their bitter divorce, Big News Network traces the ties backwards to the very beginning.


SO HOW DID IT BEGIN?

Britain joined the European Union way back in 1973, but since then, time has seen a lot of arguments over money, partiality and overall exasperation between the two. The negotiation to allow Britain into what was then the European Economic Community, formed in 1971, was championed by Conservative Prime Minister, Edward Heath. As if in a prediction of what was to come four decades later, British opinion was divided then too, with the center wanting to “join,” and the right and left wings saying, to quote Margaret Thatcher, “No, no, no.”

However, the House of Commons voted, Britain became a member and Europe turned into U.K.’s salvation after being snubbed by multiple colonies, including their largest, India. With the entry of Thatcher, the Eurosceptic bubble grew stronger. Britain began to demand better prices for being a member, and seethed against plans for a single currency and greater powers for the EU Commission and Parliament. Thatcher also seemed to have set the cornerstone for one of the most debated topics currently - immigration, by saying that, “People are really rather afraid that this country might be rather swamped by people with a different culture.”

FAST FORWARD TO THE PRESENT

With the U.K. Independence Party claiming Thatcher’s legacy, the “Leave” campaign came back with full force, as “the gap between the metropolitan, cosmopolitan, middle-class voters and working-class social conservatives has now grown so great that it simply cannot be ignored.” Many rural counties, therefore, voted heavily in favour of Brexit on June 23, 2016, antagonised by the stumblings of the EU over migrant crises, interfering Eurocrats and fixed jam-jar sizes. In this way, Brexit has also exposed the great divide within the “United” Kingdom, both culturally and economically. As counties were jubilant over the results, London and Scotland, that passionately voted to remain, were crestfallen. Young voters voted to “stay,” but were overwhelmed by prosperous, retired Conservative voters saying “out.” “Leave” voters were akin to a tough-minded bulldog digging in its heels and refusing to head in - citing fears of immigration and love for nationalism. However, it is important to note that even for the U.K. to remain a worthwhile trading partner; it must keep relations intact with the rest of Europe - just not through the EU.

WHAT THIS MEANS FOR EVERYONE (http://www.bignewsnetwork.com/news/245313239/post-brexit-era-begins-for-britain-as-reactions-range-from-jubilant-to-hostile)