Brexit News Archive: 07 Jul 2016

Beneath a Placid Surface, Stock Market Danger Lurks

A number of technical indicators, as well as the post-Brexit rally in bonds and utilities, bode ill for the S&P 500.
Barrons   |   Thu, 7 Jul 2016 21:41:59

Mortgage Rates: A Near-Record Low And A Near-Record Run

Mortgage rates hit a new 2016 low last week, falling to 3.41 percent in the wake of the Brexit vote. Home loans haven't been this cheap in three years and are flirting with the record-low 3.31 percent reached in November 2012, according to Freddie Mac. Source: Freddie Mac Here's another ...
Lorraine Woellert, Contributor / Forbes   |   Thu, 7 Jul 2016 20:35:00

Will Elon Musk's Tesla Motors Inc (TSLA)- SolarCity Corp (SCTY) Gamble Boost Earnings?

Will Elon Musk's Tesla Motors Inc (NASDAQ:TSLA) -SolarCity Corp (NASDAQ:SCTY) Gamble Boost Earnings? Between Brexit and the election there are a few other headlines flooding financial news. Just a few weeks ago news broke that Tesla made a [...]
Value Walk   |   Thu, 7 Jul 2016 20:27:24

Is Consumer Confidence About To Collapse?

Since Brexit, the financial world has become gravely concerned about the state of the macro economy. Indeed, global trade is slowing, central banks seem to be running out of tools to stimulate economic growth, debt is rising in developed nations [...]
Value Walk   |   Thu, 7 Jul 2016 20:20:56

Soveriegn Credit Is Deteriorating At A Record Pace

Culminating with the tipping of the UK's numerous real estate fund and the subsequent fallout in the wake Brexit, Fitch has been on a ratings-slashing spree, having cut the credit ratings on 14 nations so far in 2016, most recently that of the United Kingdom - a record downgrade pace ...
Zero Hedge   |   Thu, 7 Jul 2016 19:00:53

A Stock Rally Only a Bear Could Love

"Post-Brexit Rally Fades" was an inevitable headline. Not because every rally fades eventually, but because the U.S. stock market has been transformed it into something alien to normal capital markets.
MoneyBeat   |   Thu, 7 Jul 2016 18:52:22

Kipper Williams on the property fund freeze

Trusts are suspending trading and stopping investors withdrawing their funds as Brexit jitters grip the commercial property market Continue reading...
Kipper Williams / Guardian   |   Thu, 7 Jul 2016 18:21:10

GLOBAL MARKETS-World stocks up, Wall St drops ahead of jobs report

* European stocks gain as Brexit fears wane (Updates with oil, U.S. stocks fall; adds latest U.S. Treasuries data, sterling activity)
Reuters   |   Thu, 7 Jul 2016 18:16:00

MA's Ken Matheny Quoted in Reuters

MA's Ken Matheny was quoted in the article, "Fog of Brexit clouds outlook for central banks seeking clarity" by Howard Schneider and Ann Saphir at Reuters (excerpts shown below). For much of this year, the dollar, oil prices, and economic conditions largely behaved as the U.S. Federal Reserve had expected, ...
Macroadvisers   |   Thu, 7 Jul 2016 18:12:05

Why central banks are moving markets

Keep an eye on central bank moves for the market's next post-Brexit response, says Oppenheimer Funds Chief Investment Officer Krishna Memani.
CNBC   |   Thu, 7 Jul 2016 17:52:00

Great Graphic: More Thoughts on Banks

Italian banks were struggling before the UK referendum. The result drove down interest rate, which keeps margins under pressure. The prospects of weaker growth as a result of Brexit means that demand for credit will remain soft. At the sametime, the ECB's stress test at the end of the month ...
Marc to Market   |   Thu, 7 Jul 2016 17:02:30

This is money - mail: Property hits levels of unaffordability not seen since before the financial crisis as house prices rise by almost 3k in June

UK house prices continued to rise in June, adding almost 3,000 GBP in a month, stretching affordability to levels not seen since the run-up to the financial crisis in 2007, a new survey suggests. Halifax said it was too early to say how the referendum that sanctioned the UK's decision ...
House Price Crash   |   Thu, 7 Jul 2016 16:26:49

Transaction costs as the saviour of UK real-estate?

Six open-ended UK property funds (and counting) have suspended redemptions on the back of Brexit induced volatility leading some to worry the market's on the verge of a sizeable correction in UK real-estate prices. But this isn't the crisis of 2007, says SG's Jean-David Cirotteau. As Cirotteau and team observe, ...
FT Alphaville   |   Thu, 7 Jul 2016 16:15:31

Gold slips on decent ADP jobs number

A decent set of private job numbers from payroll firm ADP took some shine off gold as traders looked ahead to tomorrow's non-farm jobs number for June. The US economy has taken a back seat to Brexit recently, but it is still a major determinant in sentiment over gold and ...
Proactive Investors   |   Thu, 7 Jul 2016 16:02:00

Looming Worldwide Credit Crunch

Lede: Piecing together seemingly disparate phenomena such as Brexit, Donald Trump's rise, China's debt problems, and the curtailment of credit by bearish financiers, James H. Nolt argues that all signs point toward one thing: an imminent financial crisis. By James H. Nolt read more
World Policy   |   Thu, 7 Jul 2016 15:50:18

Politics: Is it all over for men?

David Cameron will step down as UK prime minister after losing the Brexit referendum; Shinzo Abe's economic reforms are running out of steam in Japan; and male politicians as varied as Francois Hollande in France, Petro Poroshenko of Ukraine and Mexico's Enrique Pena Nieto are struggling with their poll ratings. ...
CNN   |   Thu, 7 Jul 2016 15:37:45

Citi's 'Bear Market Checklist' says the coast is clear to 'buy the dip'

The stock market is going nowhere fast, according to Citi. Robert Buckland and the global strategy team at Citi said it is unlikely for stocks to go anywhere in the foreseeable future. "The Brexit vote has damaged the outlook for the global economy and EPS," wrote Buckland in a note ...
Money Game   |   Thu, 7 Jul 2016 15:35:00

Will London bankers flock to Paris?

Brexit has given the French an opportunity to get one over the English, writes William Wallis
FT   |   Thu, 7 Jul 2016 15:28:21

Current Links

**Most-Recent Must-Reads:** * **Pseudoerasmus**: [Did Inequality Cause the First World War? Contra * **Kevin Drum**: [NAFTA and China Aren't Responsible for Our Steel * **Narayana Kocherlakota**: [Three Antidotes to the Brexit * **John Holbo**: [Podcasts I just listened **Most-Recent Links:** * **Walter Greason**: [Introduction to the...
Grasping Reality   |   Thu, 7 Jul 2016 15:13:30

Critical Developments In The Copper Market

It's been a roller-coaster couple of weeks for copper. With the Brexit scare dropping the price nearly 4 percent in a day - only to come soaring back to multi-month highs immediately afterward. Uncertainty seems to be the order of the day in this space. As evidenced by several big ...
Oil Price   |   Thu, 7 Jul 2016 15:07:38

Citizenship test foxes would-be Danes

Broken-hearted by Brexit, thousands of Britons are applying, or thinking of applying, for citizenship in another EU country. All I can say is, unless you have recently won the BBC television quiz shows Mastermind or University Challenge, forget Denmark. According to Inger Støjberg, Denmark's integration minister, more than two-thirds of ...
FT The World   |   Thu, 7 Jul 2016 15:06:55

Crowded Trades Delivering Hedge Fund Pain

The US quantitative risk model at AllianceBernstein was in neutral for months, but jumped several levels right into high risk immediately following the Brexit vote. Their forward-looking global risk management model is showing signs of potential increased volatility ahead. In [...]
Value Walk   |   Thu, 7 Jul 2016 15:01:19

The stock market is 'trapped'

The stock market is going nowhere fast, according to Citi. Robert Buckland and the global strategy team at Citi said it is unlikely for stocks to go anywhere in the foreseeable future. "The Brexit vote has damaged the outlook for the global economy and EPS," wrote Buckland in a note ...
Business Insider   |   Thu, 7 Jul 2016 14:46:18

Financing markets reflect dollar demand

Three-month dollar Libor slowly creeping higher since Brexit as interbank lending tightens
FT   |   Thu, 7 Jul 2016 14:44:19

A "Deep Crisis", And Three Other Critical Developments For Copper

It's been a roller-coaster couple of weeks for copper. With the Brexit scare dropping the price nearly 4% in a day - only to come soaring back to multi-month highs immediately afterward. Uncertainty seems to be the order of the day [...]
Value Walk   |   Thu, 7 Jul 2016 14:40:59

UK banks spared downgrades by S&P

S&P carried out a mass-cull of UK bank rating outlooks in the wake of the country's Brexit vote.
CNBC   |   Thu, 7 Jul 2016 14:25:00

What the Brexit and Ebola Crises Have in Common

This article was originally published at Stratfor.com. Editor's Note:The Global Affairs column is curated by Stratfor's editorial board, a diverse group of thinkers whose expertise inspires rigorous and innovative thought in our analyses. Though their opinions are their own, they inform and sometimes even challenge our beliefs. We welcome that ...
Stratfor, Contributor / Forbes   |   Thu, 7 Jul 2016 14:14:00

Maybe the Italian Bank Problem Will Get Taken Care Of (and a note on a commodity indicator)

From FT Alphaville: Italian banks, this is euro area politics. We think you already know each other? Italian banks are a problem. Post-Brexit they're a serious problem. A full recap of said banking sector and its estimated €200bn of gross non-performing loans would, according to JPM, "require up to €40 ...
Climateer Investing   |   Thu, 7 Jul 2016 14:12:00

Property funds fall, the lowest ever 10-year mortgage, and a car hire guide

Plus, the the impact of Brexit on pensioners living overseas, consumer champions tackle your problems, and summer homes for sale Hello and welcome to this week's Money Talks - a roundup of the week's biggest stories and some things you may have missed. Continue reading...
Hilary Osborne / Guardian   |   Thu, 7 Jul 2016 13:41:13

Eton Mess: how the referendum result has exposed the fragility of our constitutional arrangements

The Brexit referendum has put added pressure on the UK's floundering constitution. It is time for a codified constitution. (Image: Josh Hallett, Eton - Windsor Berkshire, UK, An important part of the case for Vote Leave was the perceived undemocratic character of the European Union and the 'democratic deficit' of ...
Open Democracy   |   Thu, 7 Jul 2016 13:38:06

As Redemption "Panic" Accelerates, Two More UK Property Funds Slash Value Of Their Property Assets

Here come dominoes #8 and #9. As we reported yesterday, in the latest twist of the post-Brexit "falling dominoes" where UK property funds have frozen assets and suspended redemptions, which has so far seen over half of the the £25bn in UK property sector suspend trading including such names as ...
Zero Hedge   |   Thu, 7 Jul 2016 13:04:30

How to fix the jobs report: stop responding to it like Pavlov's dog

We can't trust the monthly employment data as the labor department often misses the mark and more Americans are working in the gig economy In this new post-Brexit universe, what happens to your investment nest egg is going to depend a lot on all kinds of economic data points - ...
Suzanne McGee / Guardian   |   Thu, 7 Jul 2016 12:58:46

JPMorgan said in jobs warning

JPMorgan could be forced to move thousands of staff out of Britain if the country loses its automatic right to sell financial services to the European Union after last month's Brexit vote, bank CEO Jamie Dimon told an Italian newspaper.
Here Is The City   |   Thu, 7 Jul 2016 12:51:01

Thursday Morning Links

MUST READS The Italian job - The Economist Italy: Europe's next domino to fall? - CNN/Money Deutsche Bank: World's most dangerous bank? - BBC Europe Banks Close to Breaching Crisis Lows - Bloomberg Brexit Impact: 3 More UK Property Funds Suspend Trading - IBT FBI director to face Republican fire ...
Tim Iacono   |   Thu, 7 Jul 2016 12:07:38

OECD calls for action to protect workers amid weak wage growth

Brexit vote and slowdown in global growth cast further shadows over outlook for wages for UK workers, thinktank finds Employment across developed countries has almost recovered to pre-crisis levels but weak wage growth has blighted living standards, a respected thinktank has said, as it called for more government action to ...
Katie Allen / Guardian   |   Thu, 7 Jul 2016 12:03:47

A constitutional convention would be a Brexit-scale crisis for the U.S.

Americans watched with detached amazement as British voters embraced the blatant lies of pseudo-populists and turned the structure of their nation on its head. We should not be smug, however. A Brexit-scale event could happen here. Indeed, right now a quiet campaign to call a new constitutional...
David Super / LA Times   |   Thu, 7 Jul 2016 12:00:00

Frontrunning: July 7

Global stocks and sterling bounce after Brexit bashing (Reuters) FBI director to face Republican fire over Clinton email probe (Reuters) UK's Hammond says Article 50 a decision for government, not parliament (Reuters) GOP Puts Pressure on Clinton, FBI After Lynch Closes Email Probe (WSJ) Gold's Most Accurate Forecaster Says Prices ...
Zero Hedge   |   Thu, 7 Jul 2016 11:42:53

Property Fund Turmoil in the UK has Eerie Echoes of Bear Stearns

The fallout from Brexit continues and financial uncertainty can be seen in the markets as the British Pound continues to come under pressure and a growing number of property funds in the UK freezing redemptions. The Telegraph's Ben Marlow draws some chilling comparisons with the Bear Stearns crisis of 2007. ...
Zero Hedge   |   Thu, 7 Jul 2016 11:35:36

10 Thursday AM Reads

My morning train vacation reads: • How remain failed: the inside story of a doomed campaign (The Guardian) see also Did economists fail us over Brexit? (FT) • Five bricks in the wall of worry (Macro Man) • Take a Simple Idea and Take It Seriously (Motley Fool) • Why ...
The Big Picture   |   Thu, 7 Jul 2016 11:30:54

Lagarde warns of Trump-style protectionism

IMF chief says Brexit could cost UK up to 4.5 per cent of growth
FT   |   Thu, 7 Jul 2016 11:22:36

Leadsom declines to respond to CV queries

Pro-Brexit leadership candidate outlines approach to UK economy
FT   |   Thu, 7 Jul 2016 11:18:59

Global growth: stay positive unless money trends reverse

Global economic growth appeared to be picking up at mid-year, as had been suggested by a rise in real narrow money expansion in late 2015. The view here is that the Brexit vote shock may delay but is unlikely to derail a further improvement in economic momentum during the second ...
Money Moves Markets   |   Thu, 7 Jul 2016 11:13:26

Morning News: July 7, 2016

XXX Global Stocks and Sterling Bounce After Brexit Bashing Populist Politicians Take On Italy's Massive Debt Pile Amid Political Uncertainty, Australia Faces Ratings Downgrade A [...]
Eddy Elfenbein   |   Thu, 7 Jul 2016 11:02:50

Numis hands big upgrade to Melrose PLC after Nortek buy

City firm Numis upgraded Melrose PLC (LON:MRO) to 'add' from 'reduce' on the back of its acquisition announced yesterday of US ventilation and home security products maker Nortek. In a post Brexit vote flurry into a potential new era, the UK listed turn-around firm is paying £2.154bn - equating to ...
Proactive Investors   |   Thu, 7 Jul 2016 10:08:00

World stock indexes higher on upbeat US economic report

HONG KONG (AP) - Global stock benchmarks were mostly higher Thursday after an upbeat U.S. economic report helped ease persistent investor concerns over Brexit-related global turmoil.
Associated Press   |   Thu, 7 Jul 2016 09:49:27

Angela Leadsom calls for 'prosperity not austerity' in Tory leadership pitch

Pro-Brexit leadership contender appears to ditch George Osborne's economic strategy as she vows to 'banish the pessimists' Andrea Leadsom has set out her pitch to be a positive and optimistic Conservative prime minister, promising to the goal would be "prosperity, not austerity". Related: Tory leadership battle: Andrea Leadsom says 'let's ...
Rowena Mason Political correspondent / Guardian   |   Thu, 7 Jul 2016 09:23:13

CEE MARKETS-Bonds retreat, robust debt auctions expected

* Hungary, Poland, Romania auction bonds * Brexit seen fuelling demand at CEE bond sales * Hope for Moody's upgrade additional help to Hungarian bonds By Sandor Peto BUDAPEST/WARSAW,...
Reuters   |   Thu, 7 Jul 2016 09:02:20

Tory leadership contest: Betting odds and poll predictions on who is favourite to become Prime Minister

Daniel Dunford / Telegraph   |   Thu, 7 Jul 2016 08:27:29

Sports Direct profits fall on wage costs

Sportswear chain warns Brexit vote and sterling plunge will depress future earnings
FT   |   Thu, 7 Jul 2016 08:05:06

Opening Quote: Rocky retail in the UK

UK retailers, with some exceptions, have had a rocky start to the day, but The City can take solace in musical metaphors for Brexit. FT Opening Quote, with commentary by City Editor Jonathan Guthrie, is your early Square Mile briefing. You can sign up for a full newsletter here. Continue ...
FT Alphaville   |   Thu, 7 Jul 2016 07:36:11

Short-term JGBs buoyed, 2-year yield hits record low

TOKYO, July 7 (Reuters) - Short-term Japanese government bond prices firmed on Thursday, with the two-year yield hitting a record low, supported by concerns over Brexit and expectations about further...
Reuters   |   Thu, 7 Jul 2016 07:22:59

Sports Direct not going private in near future, says Mike Ashley

Owner of leisurewear retailer says company expects fall in profits and says Brexit fears will mean uncertain year ahead Mike Ashley has told Sports Direct's board that he has no current intention to take the company private, as the retailer revealed a worse than expected fall in profits. Dave Forsey, ...
Sarah Butler / Guardian   |   Thu, 7 Jul 2016 07:06:01

JPMorgan could move thousands of staff out of UK - report

MILAN, July 7- JPMorgan Chase& Co could be forced to move thousands of staff out of Britain if the country loses its automatic right to sell financial services to the European Union after last month's Brexit vote, bank CEO Jamie Dimon told an Italian newspaper. "The key issue is the' ...
CNBC   |   Thu, 7 Jul 2016 07:06:00

Further reading

Elsewhere on Thursday, - Er... "If national security is under threat, China is likely to implement Tobin tax to take control of capital." - The good, the bad, and the ugly. - Magnus: FTSE isn't telling us anything about the post-Brexit world, but £ is. - Position limits (and competition ...
FT Alphaville   |   Thu, 7 Jul 2016 06:59:46

What a stunning economic finding

London's outsized contribution to the exchequer should make defending its position a priority in the years after the Brexit vote, a think-tank report has suggested. Centre for Cities calculated that in the last financial year the capital generated under 30pc ... read more
Tim Worstall   |   Thu, 7 Jul 2016 06:38:48

Sovereign downgrades hit new record

Fitch cuts the credit ratings of 14 nations so far this year, says Brexit 'hard to overstate'
FT   |   Thu, 7 Jul 2016 06:36:03

Facing our Waterloo? The referendum was unnecessary, and its consequences ironic

The shy pro-Europeanism of the last 40 years, together with the ways the EU was being abused for domestic purposes, all contributed to Brexit, writes John Gaffney. But the irony of it all is that the likely consequences of the vote could include both the break-up of the UK and ...
British Politics and Policy at LSE   |   Thu, 7 Jul 2016 06:00:49

Urban Future: The Revolt Against Central Planning

In Milton Keynes, perhaps the most radical of Britain's post-Second World War "New Towns," the battle over Brexit and the culture war that it represents is raging hard. There, the consequences of EU immigration policy, of planning instituted by national authority, and of the grassroots yearning to preserve local character ...
New Geography   |   Thu, 7 Jul 2016 05:38:47

Scottish youngsters squeezed out of university by SNP cap amid warnings of post-Brexit crisis

Simon Johnson / Telegraph   |   Thu, 7 Jul 2016 04:59:00

3 More Property Funds Halt Withdrawals After Vote

Three asset managers followed three others that had temporarily suspended trading in their British real estate funds as investors sought liquidity.
DealBook   |   Thu, 7 Jul 2016 04:00:10

Briefing: Constitutional Conundrums, Real Estate Woes and Tory Voting

Updates on the aftershocks of Britain’s June 23 referendum to leave the European Union.
Sewell Chan   |   Thu, 7 Jul 2016 04:00:00

Will the West Survive the Century?

"Nativism ... xenophobia or worse" is behind the triumph of Brexit and the support for Donald Trump, railed President Barack Obama in Ottawa. Obama believes that resistance to transformational change in the character and identity of countries of the West, from immigration, can only be the product of sick minds ...
Real Clear Politics   |   Thu, 7 Jul 2016 03:33:32

Most Asian stock indexes rise on upbeat US economic report

HONG KONG (AP) - Most Asian stock benchmarks rose Thursday after an upbeat U.S. economic report helped ease persistent investor concerns over Brexit-related global turmoil.
Associated Press   |   Thu, 7 Jul 2016 03:22:21

Shares rise despite credit rating warning

Morning trade has seen the benchmark index rise as concerns over the impact of Brexit and the federal election ease.
SMH   |   Thu, 7 Jul 2016 03:19:11

Wigan’s Road to Anger, Loss and Class Resentments

The Labour-dominated city voted to jolt elites in London as well as in Brussels into restoring a lost world of secure jobs and communities.
ANDREW HIGGINS / NY Times   |   Thu, 7 Jul 2016 03:10:37

How to Fix NATO's Chronic Burden-Sharing Problem

Jeffrey P. Bialos Security, Europe The Warsaw summit is only a beginning. This week's NATO Summit in Warsaw, held in the shadow of the United Kingdom's sobering "Brexit" vote to exit the European Union, the highly charged American presidential campaign, and continuing Russian provocations in Ukraine and the Baltic, highlights ...
National Interest   |   Thu, 7 Jul 2016 02:22:00

Chart watchers diverge on outlook for stocks

Wall Street pros that analyze charts and price patterns to figure out where the stock market is headed next in the post-Brexit world are divided on what's next for U.S.
USA Today   |   Thu, 7 Jul 2016 00:16:27

A Trigger to Revisit Bigger Global Worries

After the Brexit vote, thepoundhas dropped below $1.30, bond markets are going ballistic and risk appetite is taking a drubbing. But apart from the pound, is this really about the U.K.'s exit from the European Union?
WSJ   |   Thu, 7 Jul 2016 00:15:34

U.S. Stocks Rise, Led by Riskier Sectors

U.S. stocks rose, nearly recovering from Tuesday's retreat, as the most beaten-down sectors in recent weeks logged the biggest gains.
WSJ   |   Wed, 6 Jul 2016 22:47:37

5 Stocks With 3% Yields and 335% Upside

Since the salad days for stocks ended with the 2008 financial crisis, the new normal has been slower than average economic growth coupled with friendly (low) interest rates. The financial world hasn't returned to, well, normal due to some setbacks (Brexit most recently) and more headwinds (too much debt and ...
Brett Owens, Contributor / Forbes   |   Wed, 6 Jul 2016 22:37:00

Leaders must decide (2)

What a grave mistake is Brexit for the UK, a nation and people we Maltese love and visit. United Europe has maintained peace in diversity after two terrible world wars. The whole concept of the EU revolves around the free movement of goods, services and people. EasyJet has already started ...
Joe Bharwani, Floriana / Times of Malta   |   Wed, 6 Jul 2016 22:01:07

Leaders must decide (3)

To those people who, after Brexit, gave their opinion that Malta should consider leaving as well, I'd like to tell them to take some time and have a look atthe huge benefits Malta has reaped and is still reaping from EU membership. I will not go in details here but ...
Joseph Mercieca, Paola / Times of Malta   |   Wed, 6 Jul 2016 22:01:06

Why the Brits do political satire so well - and Americans can barely do it at all

Events in Britain since the June 23 "Brexit" referendum has Americans marveling at the meltdown of a political system we're accustomed to regarding as far more sober and effective than our own. Yet no fan of Britain's classic political comedies on TV and the printed page could have been surprised....
Michael Hiltzik / LA Times   |   Wed, 6 Jul 2016 21:59:00

Chart watchers diverge on outlook for stocks

Wall Street pros that analyze charts and price patterns to figure out where the stock market is headed next in the post-Brexit world are divided on what's next for U.S.
USA Today   |   Wed, 6 Jul 2016 20:42:05

Stocks climb into positive territory as 10-year yield bounces off record low

Last week's big rally in risk assets following a rebound rally after the Brexit vote is starting to unravel.
USA Today   |   Wed, 6 Jul 2016 20:10:22

Amazon says 'business as usual' with plans to hire 1,000 extra staff

Online retailer says Brexit changes nothing for now and more staff needed to fulfil Prime Now one-hour delivery service Amazon is planning to hire 1,000 more people than previously expected in the UK this year as the online retailer rolls out its one-hour delivery operation and extends its web services. ...
Sarah Butler / Guardian   |   Wed, 6 Jul 2016 18:57:45

Is There a Global Rejection of Liberal Ideals?

The U.K. Brexit vote and Donald Trump's presidential campaign point to an illiberal wave.
The Conversation / U.S. News   |   Wed, 6 Jul 2016 18:40:15

Amazon to create 1,000 UK jobs

Amazon says it is creating 1,000 new jobs in the UK and that Brexit has not caused a dip in sales yet.
BBC   |   Wed, 6 Jul 2016 18:32:58

Procrastinating on July 6, 2016

**Over at [Equitable Must-Reads:** * **Nick Bunker**: [The importance of childhood education and the birth lottery for U.S. innovation - Equitable * **Kevin Drum**: [NAFTA and China Aren't Responsible for Our Steel * **Narayana Kocherlakota**: [Three Antidotes to the Brexit * **John Holbo**: [Podcasts I just...
Grasping Reality   |   Wed, 6 Jul 2016 18:26:26

3 More Property Funds Halt Withdrawals After Vote

Three asset managers followed three others that had temporarily suspended trading in their British real estate funds as investors sought liquidity.
DealBook   |   Wed, 6 Jul 2016 17:55:41

Hunt imposes new contract on NHS doctors

Health secretary told MPs he was acting to avoid uncertainty post-Brexit
FT   |   Wed, 6 Jul 2016 17:32:53

PRO Uncut: Byron Wien on market

Legendary investor Byron Wien believes policymakers are playing with fire and may be running out of options, should a recession arise.
CNBC   |   Wed, 6 Jul 2016 17:12:00

Electorate Tremors: The Era of the Angry Voter Is Upon Us

Whether they are fans of Donald Trump, supporters of Brexit or Marine Le Pen voters in France, "angry voters" have one thing in common: They've been left in the dust by globalization. By SPIEGEL Staff
Spiegel   |   Wed, 6 Jul 2016 17:06:00

Bond Yields Plunge Triggering Stock Market Rally

The equity markets roared back from the Brexit scare last week finishing the period with the best weekly gain of the year. Bond yields plunged in nearly every corner of... The post Bond Yields Plunge Triggering Stock Market Rally appeared first on See It Market .
See It Market   |   Wed, 6 Jul 2016 17:02:35

Mark Carney to the rescue: Bank of England governor's Brexit crisis plan the only one U.K. has to work with

From the start of the Brexit crisis, Carney has shone a path forward for the country at a time when no elected politician is around to do so
Alessandro Speciale and Scott Hamilton, Bloomberg News / Financial Post   |   Wed, 6 Jul 2016 17:02:33

Bank of England's Carney steps up as Brexit crisis engulfs UK

By William Schomberg LONDON (Reuters) - As Britain struggles with political chaos following its vote to leave the European Union, central bank governor Mark Carney has stepped into the breach to manage the economic fallout. His response to the outcome of the June 23 referendum, starting with a televised address ...
Business Insider   |   Wed, 6 Jul 2016 16:48:38

Bank of England's Carney steps up as Brexit crisis engulfs UK

LONDON, July 6 (Reuters) - As Britain struggles with political chaos following its vote to leave the European Union, central bank governor Mark Carney has stepped into the breach to manage the...
Reuters   |   Wed, 6 Jul 2016 16:44:31

Brexit could lead to full-blown banking crisis: Pro

Lorenzo Codogno, Italian Ministry of Economy and Finance Director General and Former Chief Economist, discusses his prediction on a banking crisis in Italy due to the implications of a Brexit.
CNBC   |   Wed, 6 Jul 2016 16:35:00

Three more property funds halt trading

Three more U.K. property funds halted trade on Wednesday, amid renewed turmoil following the U.K.'s vote to leave the European Union in June.
CNBC   |   Wed, 6 Jul 2016 16:34:00

Tory leadership contest: Betting odds and poll predictions on who is favourite to become Prime Minister

Daniel Dunford / Telegraph   |   Wed, 6 Jul 2016 16:17:04

Wigan’s Road to Anger, Loss and Class Resentments

The Labour-dominated city voted to jolt elites in London as well as in Brussels into restoring a lost world of secure jobs and communities.
ANDREW HIGGINS / NY Times   |   Wed, 6 Jul 2016 16:14:19

Trump, Brexit, and the West's "Mad as hell" moment

With the popularity of Donald Trump, and the UK's recent vote to leave the European Union, we live in seemingly strange political times, writes Melissa Smith. She comments that the sluggish world economy, migration crisis, and negativity towards globalism all appear to be fuelling the West's current "Mad as hell" ...
USAPP   |   Wed, 6 Jul 2016 16:11:06

The second domino, by Scott Sumner

Soon after the Brexit vote was announced, I made this comment : This time around the UK was probably hurt somewhat; British stocks are down around 4% as I write. But French and German stocks are down 7% to 8%. The markets in southern Europe are down 10% to 15%. ...
EconLog   |   Wed, 6 Jul 2016 16:02:00

Everybody Else Is Reading This

The Billable Hour Is A Feminist Issue Above The Law Justices Haven't Ended Abortion Restrictions Yet How Appealing The Potential Impact Of Brexit On The EU Emission Trading System And Future UK Climate Policy Breaking Energy Study Shows Electronic Monitoring Of Hand Hygiene Lowers MRSA Rates MedCity News
Dealbreaker   |   Wed, 6 Jul 2016 16:00:26

Update: Columbia Threadneedle suspends trading on £1.4bn UK Property fund

Columbia Threadneedle has joined Henderson, M&G, Standard Life Investments and Aviva Investors in suspending trading on its £1.4bn UK Property fund and feeder fund, amid a post-Brexit rush to exit the asset class.
Professional Pensions   |   Wed, 6 Jul 2016 15:56:02

Mongolia's election - a protest vote for the good

By Lee Cashell, Asia Pacific Investment Partners Amidst the chaos sown by Brexit, one country's protest vote is being greeted with relief by investors. In a landslide election, 3m Mongolians opted to end an era of policies that contributed to a fall off in foreign direct investment and economic growth. ...
Beyond BRICs   |   Wed, 6 Jul 2016 15:38:50

More on Online Polls, Brexit and Trump

TPM Reader RM chimes in on Brexit, online polls and how American pollsters are dealing with the Trump phenomenon ... I think the flaw in the analysis is that the UK polls also missed the Conservative Party's win in 2015. If you recall, Labour led coalitions led in virtually all ...
TPM   |   Wed, 6 Jul 2016 15:33:26

Gold rushes to two-year highs

Gold continued its recent gains to reach levels not seen in more than two years as investors continued their rush to invest in haven assets. The precious metal has added around US$300 to its price so far in 2016, with Brexit contributing significantly to this latest rally. The pound has ...
Proactive Investors   |   Wed, 6 Jul 2016 15:12:00

France's PM woos London elite to Paris

France's PM has promised benefits for UK-based executives and companies.
CNBC   |   Wed, 6 Jul 2016 14:48:00

Brexitology

photo: muffinn A generation ago, in the second half of the 80s, hardly anyone would predict the fall of real socialism, or communism, as it was known in the West, and the disintegration of the Soviet Union. Quite the contrary; even such prominent Sovietologists as Zbigniew Brzeziski assumed that the ...
EconoMonitor   |   Wed, 6 Jul 2016 14:42:55

Case for minimum volatility looks robust

Equity markets' post-Brexit round trip provides test for smart beta
FT   |   Wed, 6 Jul 2016 14:31:40

France makes strong bid for banking business poised to leave London

Prime minister Manuel Valls tells French finance leaders he wants Paris to be 'the financial capital of the future' after Brexit The French government has pledged to make its tax regime for expatriates the most favourable in Europe, in a grab for London banking business displaced by Britain's decision to ...
Reuters in Paris / Guardian   |   Wed, 6 Jul 2016 14:25:13

Daily Digest 7/6 - Brazil Exports Drop, Bad Debt Piled in Italian Banks Looms as Next Crisis

Selling bonds may help U.S. pensions: Bank of America Merrill Lynch Canada Post lockout: work stoppages and unsustainable pension plans need to end Russia to empty one of its sovereign funds next year - ministry proposal U.K. Pension Fund Deficit Likely to Hit Record as Brexit Turmoil Squashes Bond Yields ...
Peak Prosperity   |   Wed, 6 Jul 2016 14:23:58

Did the Polls Miss Brexit and Maybe Trump Too?

After the UK voted to leave the European Union a week ago, there was a lot of talk about how the polls blew the result, predicting a "Remain" win when in fact "Leave" managed a close but clear victory. The rejoinder to this criticism - I think a valid one ...
TPM   |   Wed, 6 Jul 2016 14:11:00

Responses to the Referendum

So who is to blame? Please don't say the voters: 17,410,712 is an awful lot of people to be wrong on a question of this magnitude. They are not simply suckers and/or closet racists - in fact, relatively few of them are - and they are not plain ignorant. You ...
London Review of Books   |   Wed, 6 Jul 2016 14:03:28

Following Historically Bad June, Trump Polling Close To Clinton

Donald Trump really could have used a long weekend. Over the course of the seemingly interminable month of June, he parted ways with campaign manager Corey Lewandowski, went on a racist tirade against a Mexican-American judge, reported historically bad fundraising numbers, and bungled the Brexit while promoting his Scottish golf ...
Doug Schoen, Contributor / Forbes   |   Wed, 6 Jul 2016 13:51:00

Tarullo: Economy not 'running hot'

Federal Reserve Gov. Tarullo said financial markets are prepared for Brexit's impact.
CNBC   |   Wed, 6 Jul 2016 13:17:00

Briefing: Constitutional Conundrums, Real Estate Woes and Tory Voting

Updates on the aftershocks of Britain’s June 23 referendum to leave the European Union.
Sewell Chan   |   Wed, 6 Jul 2016 13:13:29

After Beating Insider Trading Allegations, Spanish Man Indicted On Perjury Charges

NEW YORK, NY - JULY 05: People walk by the New York Stock Exchange (NYSE) on July 5, 2016 in New York City. Markets were down in morning trading as investors are still nervous over the financial effects of Brexit. (Photo by Spencer Platt/Getty Images) A Spanish man who made ...
Jordan Maglich, Contributor / Forbes   |   Wed, 6 Jul 2016 13:00:00

Which U.S. banks have highest UK exposure risk?

Analyst: Brexit vote means the banks' deposit balances, securities and loans could be more risky
USA Today   |   Wed, 6 Jul 2016 12:58:42

Morning Movers: American Airlines Tumbles on Downgrade; Tesla Drops

Stocks look set for a second day of selling as the market continues to reconsider the impact of Brexit. Joe Raedle/Getty Images S&P 500 futures have, while Dow Jones Industrial Average futures have. Nasdaq Composite futures have. Medivation (MDVN) has gained 1.4% to $62.65 after signing a confidentiality agreement with ...
Stocks To Watch   |   Wed, 6 Jul 2016 12:39:57

BoA: The pension Pain Trade

BoA: Pension Managers Could Be About To Give Up Bond yields have plunged since Brexit, and it looks as if they are set to continue their downward decline going forward as the Bank of England, European Central Bank, and US [...]
Value Walk   |   Wed, 6 Jul 2016 12:36:26

Expanded ranges boost Topps Tiles sales

Flooring retailer shrugs off Brexit concerns saying it remains 'confident' in its long-term outlook
FT   |   Wed, 6 Jul 2016 12:35:37

Mark Carney to the rescue: Bank of England governor's Brexit crisis plan the only one U.K. has to work with

From the start of the Brexit crisis, Carney has shone a path forward for the country at a time when no elected politician is around to do so
Alessandro Speciale and Scott Hamilton, Bloomberg News / Financial Post   |   Wed, 6 Jul 2016 12:32:57

Fund managers look at leaving London

Survey after Brexit suggests vote has led some to rethink UK base
FT   |   Wed, 6 Jul 2016 12:32:52

Gold Rallies To 27-Mo. High On Keen Safe-Haven Demand

Gold prices are solidly up and hit a 27-month high Wednesday, on more safe-haven demand as risk appetite in the marketplace is on the downswing, post-Brexit vote.
Kitco News, Contributor / Forbes   |   Wed, 6 Jul 2016 12:30:00

How To Stay Afloat In Choppy High-Income Markets

How To Stay Afloat In Choppy High-Income Markets by Gershon Distenfeld, Alliance Bernstein Brexit has made at least one thing certain: markets are in for a stormy summer. Even so, there are steps that investors who rely on fickle global [...]
Value Walk   |   Wed, 6 Jul 2016 12:24:45

Paris dangles tax carrots to London bankers

French premier steps up post-Brexit drive to lure UK executives
FT   |   Wed, 6 Jul 2016 12:22:25

Tuesday Morning Links

MUST READS Pound hits new low on Brexit nerves - BBC Property funds halt trading as Brexit fallout deepens - Guardian Brexit Vote Underscores Limits of Direct Democracy - Spiegel FBI's decision proves rules don't apply to rich and powerful - The Hill Criminal charges against Clinton could have set ...
Tim Iacono   |   Wed, 6 Jul 2016 12:17:27

Italian banking crisis precedes Brexit, EU's Dombrovskis says

BRUSSELS, July 6 (Reuters) - European financial services commissioner Valdis Dombrovskis dismissed on Wednesday arguments that Italian banking is in crisis due to Britain's vote to leave the EU,...
Reuters   |   Wed, 6 Jul 2016 12:15:00

Bonddad Tuesday Linkfest

5-Day Sector Performance Is Very BearishBrexit Accelerates Pounds 100-Year Drop (BB)Sterling first slumped after coming off the gold standard in 1931 in which it had been overvalued, just as it was in 1944 when it joined the Bretton Woods system of managed exchange rates. Another 30 percent devaluation was swallowed ...
Bonddad Blog   |   Wed, 6 Jul 2016 12:13:00

Noam Chomsky full length interview: Who rules the world now?

Cathy Newman's full interview with Philosopher Noam Chomsky. From Trump and Clinton, to climate change, Brexit and TPP, America's foremost intellectuals presents his views on who rules the world today.
Plan B Economics   |   Wed, 6 Jul 2016 12:12:00

Deutsche Boerse hints HQ from London Stock Exchange deal will have to be outside UK

Deutsche Boerse signalled on Tuesday that the headquarters of the European giant to be created from its merger with the London Stock Exchange Group may have to be outside the United Kingdom after the Brexit vote.
Here Is The City   |   Wed, 6 Jul 2016 12:02:40

Gold soars to $1372 on persistent global uncertainty

Brexit-led uncertainty triggered a fresh bout of global risk-aversion trade and is boosting the safe-haven appeal of Gold, which has now jumped to its
Haresh Menghani / FX Street   |   Wed, 6 Jul 2016 11:49:00

10 Wednesday AM Reads

My morning train vacation reads: • El-Erian: 3 Things to Know About Record-Low U.S. Yields (Bloomberg View) • Gold Breaks Out as Brexit Hits European Currencies (Barron's) • How Brexit Is Likely to Keep Beating Up Emerging Markets (Real Time Economics) • Swedroe: A New Factor-Based Approach to Classifying and ...
The Big Picture   |   Wed, 6 Jul 2016 11:30:04

A Trigger to Revisit Bigger Global Worries

After the Brexit vote, thepoundhas dropped below $1.30, bond markets are going ballistic and risk appetite is taking a drubbing. But apart from the pound, is this really about the U.K.'s exit from the European Union?
WSJ   |   Wed, 6 Jul 2016 11:15:19

Morning News: July 6, 2016

Hong Kong Unlikely to Return Bookseller Wanted in Mainland China Brexit Aftershocks Shake U.K. Real Estate, Pound Financial Markets Show Lingering 'Brexit' Worries Gold Races [...]
Eddy Elfenbein   |   Wed, 6 Jul 2016 11:06:47

10 things you need to know before the opening bell (spy, spx, qqq, dia, wba, bx, vtr, tsla, twtr, fb)

Here is what you need to know. The British pound made a fresh 31-year low. Another day, another fresh 31-year low for the British pound. Sterling sank to 1.2798 in overnight action as traders continued to punish the currency amid the fallout from the Brexit vote. According to Goldman Sachs, ...
Money Game   |   Wed, 6 Jul 2016 11:05:00

Mortgage refinances jump 21% on low rates

A Brexit bonus is spurring U.S. homeowners to refinance their mortgages.
CNBC   |   Wed, 6 Jul 2016 11:00:00

Paris prepares incentives to attract finance jobs from London

By Leigh Thomas PARIS (Reuters) - The French government will outline incentives on Wednesday to make Paris a more attractive financial center, officials said, as the French capital seeks to win finance jobs from London for a post-Brexit era. France's financial sector has often complained of government ambivalence towards the ...
Business Insider   |   Wed, 6 Jul 2016 10:54:03

Strategies: Globalization is a small-business necessity

Brexit demonstrates that how globalization is handled by a country is critical.
USA Today   |   Wed, 6 Jul 2016 10:52:03

Crisis After Brexit: Let Us Put An End to the Old Europe of Denigrators

Europe's tall order for combatting Brexit: "What is called for is a union so good that people will want more of it."
Naked Capitalism   |   Wed, 6 Jul 2016 10:46:06

News: Morning Agenda: Pressures Grow After Vote

It May Be Time to Unwrap Another Hershey Deal | A Tasty, High-Calorie Deal
DealBook   |   Wed, 6 Jul 2016 10:33:47

Inside The Mind Of Rick Rieder, BlackRock's $1.2 Trillion Bond Guy

Brexit is shaking markets, global growth stinks, and election nervousness is gripping Wall Street. Still, BlackRock's $1.2 trillion bond man is buying.
Steve Schaefer, Forbes Staff / Forbes   |   Wed, 6 Jul 2016 10:00:00

Property fund CEOs accused of 'doing nothing'

U.K. property funds didn't have the liquidity to allow investors to redeem their money, the co-founder of SCM Private told CNBC.
CNBC   |   Wed, 6 Jul 2016 09:45:00

UK New Car Registrations Fell Last Month

The SMMT says it is too early to say whether Brexit has had an impact after reporting only the second decline in four years.
Sky   |   Wed, 6 Jul 2016 09:30:38

Tory leadership contest: Betting odds and poll predictions on who is favourite to become Prime Minister

Daniel Dunford / Telegraph   |   Wed, 6 Jul 2016 08:45:20

Britain is plunging towards an economic nightmare, and it isn't just because of Brexit.

On Monday morning, Markit released its latest set of data on the state of the UK's construction sector, and to say things didn't look good would be an understatement. The sector slipped into contraction for the first time since April 2013, hitting just 46.o, a shock fall from an already ...
Will Martin / Business Insider   |   Mon, 4 Jul 2016 16:29:17

The Leave campaign was toxic - but 43 years of embarrassed pro-Europeanism paved the way for Brexit

Yes, the Leave campaign was dishonest and some have argued criminally irresponsible; but are British pro-Europeans blameless, asks Eunice Goes? Political parties have for years avoided any discussion on the positive aspects of the EU, they rarely explained how the UK benefits from EU investment, all while the Eurosceptic press ...
Blog Admin / British Politics and Policy at LSE   |   Sun, 3 Jul 2016 06:00:27

"The Loss Of Central Bank Credibility Is The Biggest Tail Risk" BofA Warns Brexit Threat Remains

Despite the rapid decline in short-term risk momentum, there is no doubt in BofA's mind that the world is a riskier place following the UK's decision to leave the EU. Hence, they warn, the chances for additional critical stress events as Brexit unfolds remain high, and given the critical role ...
Tyler Durden / Zero Hedge   |   Sat, 2 Jul 2016 22:45:00

Brexit fears push back hopes of US interest rate rise to 2018

Peter Spence / Telegraph   |   Sat, 2 Jul 2016 18:56:48

The economic risks of Brexit contagion

Poll may trigger a cycle of low growth and populist policies in the west, writes Kenneth Rogoff
FT   |   Fri, 1 Jul 2016 16:55:39

Fed's Stanley Fischer Says Brexit Implications Still Being Evaluated

Federal Reserve Vice Chairman Stanley Fischer said Friday the Fed will know more by its July meeting about the implications of the so-called Brexit vote for the U.S. economy, and said those effects will be weighed against positive incoming U.S. economic data.
WSJ   |   Fri, 1 Jul 2016 15:32:43

The Macroeconomics of Brexit: Motivated Reasoning?

Sloppy thinking is always a vice.
Paul Krugman / Paul Krugman - Blog   |   Thu, 30 Jun 2016 21:04:06

Brexit talks will be stunningly complex. Who will provide the statesmanship we need?

Tony Blair / Telegraph   |   Thu, 30 Jun 2016 21:00:00

Some Traders See Emerging Markets Coming Back

A week after the U.K. vote to leave the European Union sparked a global market rout, some investors are already betting that emerging markets are on their way back.
WSJ   |   Thu, 30 Jun 2016 20:19:52

Brexit has demolished George Osborne's deficit plan. The next PM will need one of their own

Jeremy Warner / Telegraph   |   Thu, 30 Jun 2016 19:29:19

Brexit and the Idea of European Disintegration

Britain has voted to leave the European Union (EU), or more accurately, England has voted to leave. The majority in Scotland, Northern Ireland and Gibraltar voted to remain. The opinion polls, the bookies and the markets did not predict this outcome. The mood of the nation, it would seem, is ...
Aidan Regan / Irish Economy   |   Thu, 30 Jun 2016 19:26:53

Italy rescues bank after EU plea snubbed

Germany turns down Renzi's request to ease rules during Brexit turmoil
FT   |   Thu, 30 Jun 2016 15:48:23

UK looks China and India after Brexit

Prime minister calls business leaders to Number 10
FT   |   Thu, 30 Jun 2016 11:27:07

The Real Lesson From Brexit

Luigi Zingales at ProMarket: The Real Lesson From Brexit: ...What we have observed in Britain and ... in the U.S. with Trump is a growing mistrust of voters toward experts. In the Brexit debate it was hard to find any...
Mark Thoma / Economist's View   |   Wed, 29 Jun 2016 18:57:44

Brexit News Archive: 07 Jul 2016     |     enquire