Britain’s exit from the European Union is expected trigger increased volatility in global markets for months and years to come.
Fears of the fallout were immediately manifested in global financial markets Friday, which lost about US$2 trillion in value, while the British pound suffered a record drop to a 31-year low. U.S. stocks witnessed their worst performance in 10 months. Here at home, the S&P/TSX Composite Index closed down 239 points.
Investors were clearly caught off guard by the outcome, selling off risk assets and heading to safety. The yield on the two-year Treasury dropped 0.28 percentage points, the most since 2008, signalling investors were driving prices up as they rushed to buy the safe-haven asset (bond yields and prices move inverse to each other. Read More…
I am a native Briton who immigrated to Canada and i am very disappointed. Those who understand the gravity of this moment understand this is bad news for my home country.
I honestly thought the referrendum would go the other way. 🙁
I find it really fascinating that all of this has linked to fears of immigrants taking their jobs and the whole Isis thing. And all of this can trace back to the US invasion of Iraq.
Donald Trump must be happy.
Doom and gloom has finally hit hard on the EU. Just a taste of what is to come with the rest of this Union.
Not surprising the anxiety hit hard the markets but if you look deeper into things it might be for the best.
This is really mindboggling. This will probably start a chain effect where others (25 if i recall) will want to leave too.
Oh great i wake up and check my portfolio and across the board i see everything is down. And i find out Britain is leaving the EU. *sigh*
Any predictions when TSX and NYSE will see a rebound?
I wonder if this will see the CAD loonie on the rise.
I guess that means we should all be trading gold now. How long will it take for this to be official? Years?