Economy
Friday June 24, 2016
also hit Asia: Tokyo yielded 7.9%
they suffered major world markets today a real disaster on a planetary scale, after news that the British had voted in favor of the release of their country in the European Union (EU), amid a climate of panic which sparked massive sales in the first two hours of negotiations.
the unexpected blow that marked the Brexit, a possibility until Thursday night seemed quite remote, led to a real “black Friday,” particularly in the equity markets, Bagging such as Madrid and Milan beat historical records in terms of declining capitalization.
While European markets were those reflected in more extreme British surprise, the stock markets of the Far East and the United States also suffered very heavy landslides, shaken by the earthquake Brexit.
the high prevailing sensitivity from the same moment that confirmed the results made sterling collapsed to levels 31 ago, suffering from a maximum loss of 12%, three times higher than that experienced even in 1992, when the speculator George Soros bet against that currency and led to a drop of 4%.
But the historic decision of the electorate in Britain in the referendum also hit other sectors that usually do not suffer the consequences of turns as large tourist companies in countries receiving visitors to the island as Spain, where they were registered losses of up to 26% on the stock market.
the Dow Jones industrial index New York stock Exchange ended down 3.4%, while the Nasdaq, dominated by technology stocks collapsed even more, 4.1%, percentages back that reminded some analysts what happened in these markets during the crisis Lehman Brothers in 2008.
This is even more true for the Old Continent, as revealed in the case of Spain, a country that holds general elections next Sunday, where IBEX 35 index of the Madrid Stock Exchange experienced its worst historic day, with a record decline of 12.35%, influenced primarily by strong bank composition of this indicator.
in the case of Spain, the main financial institutions listed tumbled between 16% and 21%. Bankia, Santander and Sabadell, the latter two with significant businesses in Britain fell 20%, while BBVA and Popular allowed CaixaBank 16% and lost 18.1%.
the losses of bank shares has been widespread throughout Europe as businesses in this sector in the City of London are very important and financial institutions face, from this result of the referendum, a prolonged scenario of low rates interest and growing economic uncertainty.
in London, the heart of European finance and district that voted overwhelmingly in favor of the permanence of Britain in the EU, FTSE index fell 3, 1%, a remarkably lower than other continental seats percentage.
This is shown by the loss of 8% of the CAC 40 index in Paris, while the DAX Stock Exchange Frankfurt fell 6.8%, while Zurich shares tumbled 3.4%
the cases where the crash were more pronounced and historical by their percentage were the already mentioned the Madrid Stock Exchange and also the MIB index of the Milan Stock Exchange, which lost a little more, 12.5%. While the ASE Athens Quote sank 13.4%. Amsterdam Stock Exchange fell 5.7% and in Lisbon, 7%.
At the monetary level, the pound fell as 12% in the first phase of operations the day, closed at $ 1.3676 per unit , down 8.1% from its close of $ 1,495 on the day on Thursday. The performance of the British currency remained within formulated forecasts before the referendum in the case of victory Brexit, which were down 10%.
“The market reaction has it was more virulent because in recent days most surveys concluded that the stay would win. This strong reaction shows that we are moving in a completely unfamiliar territory, where the only certainty is uncertainty “, said today Jean- Michel Six, chief economist for Europe, Middle East, and Asia Standard & amp;. Poor’s
the rating agency issued a report which predicted that the UK GDP could slip back a 1% by the “Brexit”
Standard & amp.; Poor’s said that the rating of triple A for the British economy is unsustainable. At the monetary level, the euro also suffered the effects of the financial meltdown and although it started with heavy falls limited the falling nearly 2% to $ 1.11.
price of oil also felt the cimbronazo the Brexit and other markets, losing 5%, and falling values around 48% a barrel.
But the biggest shelters to fleeing investors in stocks and equities in general were gold and the dollar, both valued against the pound and the euro. At the end of the day, an ounce of gold had overcome the barrier of $ 1,300, up 4.6%, the highest since July 2014, trading at $ 1318.50 an ounce.
the German bonds and Treasuries US were also in high demand, which made his performance fell and the cost of investing in German securities was located in the order of 0.14% due to interest rates negative European Central Bank (ECB).
the European Central Bank (ECB) said that the banking system of the euro zone “is strong in terms of capital and liquidity” he said he was willing to bring euros or other currencies to grease the wheels of credit.
“the victory of Brexit is one of the biggest shocks of the markets of all time” said Joe Rundle, head of trading at ETX Capital.
“It is difficult to measure the extent of damage to the assets, but at least can become the worst since Lehman Brothers” , he added, referring to the collapse of Wall Street bank in 2008 precipitated the global financial crisis.
• Asia
the ” Brexit “also caused a stir in Asian markets, where the Japanese index Nikkei 225 fell 7.9% and lost more than 1,000 points
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