What Brexit market disaster?

What Brexit market disaster? by Joanne Nova.

For five days headlines have told us the markets are being “Pounded”, with “Turmoil”, like a “Wild Ride” with “bloodletting“. I thought I’d graph the horror of the last week on the FTSE100, DAX, the CAC40 and the Euronext.  Naturally big-government fans in the media have no interest in overselling the disaster that is Brexit.

last five years of FTSE 100 including Brexit

See the link for more graphs. Last night the UK’s FTSE 100 surged 3.6% to close higher than it was just prior to the referendum.

The British Pound is at a historic low (luckily the fall hasn’t quite hit the 2008 level). British exporters must be loving this. …

Shh. Banks are the biggest losers: … “Germany’s Deutsche Bank and Commerzbank are down by between 11.5% and 12% (having recouped around half of their losses at the European opening). In France, Societe Generale is the biggest loser, down 19%, followed by BNP Paribas -16% and Credit Agricole -12.1%. In Italy, seven of the bottom eight losers are banks, down by between 17% and 20.9%. The only thing keeping Lloyds Banking Group off the bottom of the FTSE 100 table is the fact that the U.K. has a lot of listed homebuilders, who have been hit even harder. — Fortune, June 24th

In the Brexit aftermath the Big Banks are getting into trouble. Most mainstream journalists don’t seem to want to highlight the banker-pain.   Maybe it’s not the right message: “Stay IN the EU and Save the Banks”