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.
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”