Brexit News Archive: 28 Jul 2016

Trump seen on same page as Putin on Crimea, NATO, Brexit, sexism

Donald Trump has refused to condemn Russia's military takeover of Ukraine's Crimean Peninsula, saying if elected he would consider recognizing it as Russian territory, in the latest of a series of statements that have raised eyebrows about the Republican candidate's intentions toward the Kremlin. "We'll be looking at that. Yeah, ...
Japan Times   |   Thu, 28 Jul 2016 20:54:46

To show confidence, Philip Hammond should hang on to Lloyds shares | Nils Pratley

'Market volatility' postponed George Osborne's plan for Lloyds retail offer - the new chancellor should play the long game Be grateful, dear retail investor, that George Osborne never got a chance to unleash his mass-market offer of shares in Lloyds Banking Group. The former chancellor had planned to sell discounted ...
Nils Pratley / Guardian   |   Thu, 28 Jul 2016 19:27:06

U.S. Stock Markets Have Become a Lot Less Exciting This Month

If it feels like U.S. stock markets have become a lot more quiet, it's not some post-Brexit hangover. It's because trading in U.S. stocks has become far more muted in July.
MoneyBeat   |   Thu, 28 Jul 2016 18:15:58

What's Going On With USD Libor?

While the financial world's attention is fixed on the global macro economy, Brexit and, China, something has been going on with USD Libor fixings. The past couple of weeks have seen a sharp increase in USD Libor fixings and widening in [...]
Value Walk   |   Thu, 28 Jul 2016 17:53:33

Keep Your Eye on Italy

( Steven Hayward ) Earlier this month we reported here ("Brexit Vote: Italy Hardest Hit?") about how Italy was the nation to watch in the aftermath of Brexit, as it had the weakest financial profile among EU nations after Greece. Tomorrow Italy will report the results of its "stress tests" ...
Power Line   |   Thu, 28 Jul 2016 17:30:18

Lloyds to shed more jobs and branches

Bank more than doubles first-half profits but warns of Brexit slowdown
FT   |   Thu, 28 Jul 2016 16:18:04

NSO calculator to predict changes to economy

A new tool offered by the National Statistics Office allows researchers to forecast the effect on local industries of a sudden increase in tourists or the assumed impact of Brexit, among other things. The NSO has published what are known as the "supply, use and input-output" tables, which show the ...
Sarah Carabott / Times of Malta   |   Thu, 28 Jul 2016 15:47:04

Countrywide warns on earnings as London property market stalls

UK's largest estate agent sees share price fall amid Brexit worries and interest rate uncertainty, despite house price rise Countrywide, the UK's biggest estate agent, has warned that its 2016 earnings will be lower than last year, saying commercial and London residential transactions have stalled after Britain voted to leave ...
Julia Kollewe / Guardian   |   Thu, 28 Jul 2016 13:33:26

Ford's CFO just raised an unexpected red flag about the US car market (F)

Competition could be overheating in the US auto industry. Ford reported second-earnings on Thursday, and they missed analysts expectations. In statement, the carmaker noted that it "now sees risks challenging achieving guidance." Business Insider spoke with CFO Bob Shanks right after earnings were released, and he said that although Brexit ...
Business Insider   |   Thu, 28 Jul 2016 13:13:30

Using technology to inject the demos back into democracy

Online deliberation allows us to take a leap towards much deeper democracy. The Agora at Tyre, Heretiq, Wikimedia The recent Brexit referendum revealed a deep societal rift about what the word 'democracy' means. To some, the term 'democracy' is inseparable from the idea of majoritarian rule, and is viewed as ...
Open Democracy   |   Thu, 28 Jul 2016 12:17:35

Rolls-Royce beats expectations

Shares rise 17% as aero-engine maker maintains guidance despite Brexit hitting currency hedge
FT   |   Thu, 28 Jul 2016 11:54:11

This chart is easy to interpret: It says we're screwed

This is the worst chart we've seen so far about the coming Brexit recession: UK GDP came in higher than expected at 2.2% for Q2, but that number reflects the economy before the June 23 EU referendum. The lines above are from a more recent survey of financial officers at ...
Business Insider   |   Thu, 28 Jul 2016 11:34:17

Schroders suffers heavy outflows

UK's largest listed asset manager blames withdrawals on difficult conditions post-Brexit
FT   |   Thu, 28 Jul 2016 11:16:18

Morning News: July 28, 2016

Brexit Bulletin: Confidence Crumbles as Lloyds Bank Cuts Jobs China Confirms Legal Status of Ride-Hailing Industry Fed Caution Hits Dollar as Japan Anticipation Builds Facebook [...]
Eddy Elfenbein   |   Thu, 28 Jul 2016 11:06:18

These 4 things could trigger the next crisis in Europe

Credit Suisse has identified four crunch points that could bring about another crisis in Europe. The 28-nation bloc seems to have been in almost constant crisis since 2008, when the world's financial system blew up: the sovereign debt crisis, Greece, the refugee crisis, and now Brexit. In a "Global Equity ...
Business Insider   |   Thu, 28 Jul 2016 09:51:57

Equity star performers of the week

Equity markets are on a role and this earnings season has taken markets by surprise. With global growth concerns and the recent negative events such as Brexit, investors feared earnings season would be more of the same bad news. But the opposite is happening as companies are not only beating ...
Kristian Camenzuli / Times of Malta   |   Thu, 28 Jul 2016 08:53:00

Diageo facing forex headwinds: Wilson King

Looking at Diageo's latest earnings, Richard Hunter, head of research at Wilson King Investment Management, discusses how Brexit and currencies could impact the drinks brand.
CNBC   |   Thu, 28 Jul 2016 08:10:00

AUD and NZD will remain caught between a rock and a hard place - ANZ

Analysts at ANZ Research share their take on the fx themes that will hold prominence in the month of August, in wake of the Brexit vote and yuan deval
Dhwani Mehta / FX Street   |   Thu, 28 Jul 2016 07:12:11

Why applying for citizenship is an anxiety filled process - and not just for applicants

As we consider what post-Brexit citizenship might look like, it is crucial to understand the pervasiveness of anxiety and its integral role in shaping policy processes. Here, Anne-Marie Fortier discusses how anxiety is attached especially to English language ability for applicants, whilst also highlighting the role it plays for those ...
British Politics and Policy at LSE   |   Thu, 28 Jul 2016 06:00:07

How accounting tricks distort the equity market

The World is accelerating. It is clear especially when you look at the amount of bad news we are being fed. Markets react violently - we saw that during Brexit vote. Aside from more remarkable events, the rest is only [...]
Value Walk   |   Thu, 28 Jul 2016 01:24:37

Leon Cooperman published an epic 48-page note to investors explaining why everything is fine

Leon Cooperman's Omega Advisors released a 48-page investment outlook last week. And for all the fiddling over post-Brexit markets and the risks of a Chinese currency devaluation, Omega doesn't think there's much to worry about, according to the note, which was co-written by Omega's vice chairman, Steve Einhorn. The bulk ...
Money Game   |   Wed, 27 Jul 2016 22:38:00

Seeking growth in America

The extent to which negotiations on the TransAtlantic Trade and Investment Partnership (TTIP) will pick up momentum following the Brexit referendum remains to be seen. It would appear that the EU's negotiating position may have suffered a setback following Britain's decision to leave the EU. Another factor which may slow ...
Tanya Sciberras Camilleri / Times of Malta   |   Wed, 27 Jul 2016 22:01:02

Is the consolidation over?

Mid-week market update: After the stock market rally off the panic Brexit bottom that took SPX to new all-time highs, the market has been in a tight trading range for the last 10 trading days.As the chart below shows, the 5-day RSI, which is a useful short-term trading indicator,flashed a ...
Humble Student of the Markets   |   Wed, 27 Jul 2016 21:39:00

Is the world's 'Long Peace' over?

The scent of chaos hangs heavy in the air. Donald Trump evokes it in Cleveland. Islamic State sows it in Nice, Brussels, Paris, Orlando. Britain is immersed in it after Brexit, while the EU struggles to prevent its onset amid mounting crises of migration and political legitimacy. Ukraine and Syria ...
CNN   |   Wed, 27 Jul 2016 20:22:52

Greenlight Capital Q2 Letter: Long Chemours (CC)

David Einhorn's hedge fund Greenlight Capital is out with its Q2 letter. They feel that the 'Brexit' won't be a significant economic event by itself.Turning to specific stocks, Greenlight outlines its thesis on Chemours (CC), a recent spin-off from DuPont (DD). They note, "CC should benefit from the continued recovery ...
Market Folly   |   Wed, 27 Jul 2016 18:38:23

Leon Cooperman published an epic 48-page note to investors explaining why everything is fine

Leon Cooperman's Omega Advisors released a 48-page investment outlook last week. And for all the fiddling over post-Brexit markets and the risks of a Chinese currency devaluation, Omega doesn't think there's much to worry about, according to the note. The bulk of Omega's assets are invested in US equities. As ...
Business Insider   |   Wed, 27 Jul 2016 18:27:15

UK Cautiously Optimistic New Government May Be Good for Renewables

Amid the upheaval of Brexit lies cautious optimism that Theresa May's new government may hold better times for the UK renewable energy industry. Gone is the hawkish chancellor George Osborne - determinedly pro nuclear and fracking - while former energy and climate change secretary Amber Rudd, whose policy lurches over ...
REN   |   Wed, 27 Jul 2016 18:07:00

In Latest Political "Coup", Catalan Parliament Votes To Secede From Spain

In the aftermath of last month's Brexit vote, there was an outpouring of concern in Europe that the British decision would embolden similar separatist movements across the continent. Earlier Wednesday, this is precisely what happened when Catalan nationalists voted to approve a plan to secede from Spain, defying the nation's ...
Zero Hedge   |   Wed, 27 Jul 2016 17:17:12

UK shares rise as a session of superlatives grips the City

London blue-chip shares closed Wednesday at a more than one-year high, AIM paper had its best level in over two years, and mid-caps briefly beat pre-Brexit levels. The session of superlatives came as stocks posted solid results, GlaxoSmithKline (LON:GSK) announced investment in the UK and growth data was strong. Glaxo ...
Proactive Investors   |   Wed, 27 Jul 2016 17:08:00

UK growth will slow down markedly, despite upbeat GDP figures

Policymakers will treat 0.6% growth as a historical curiosity as they work out how to make slowdown as short as possible The reaction from Philip Hammond spoke volumes. Yes, the second lord of the Treasury was pleased that UK growth in the quarter leading up to the Brexit referendum had ...
Larry Elliott Economics editor / Guardian   |   Wed, 27 Jul 2016 16:16:27

Heckuva Job

The thing is how much the UK press is largely ignoring the party that actually created Brexit, and which happens to be in power, in favor of focusing on blaming the leader of the party that has no power and focusing on the infighting in that party.In 5 years everyone ...
Eschaton   |   Wed, 27 Jul 2016 15:30:00

5 Multinational Stocks With Stable Cash Flow

5 Multinational Stocks With Stable Cash Flow Richard Nield of Invesco International Growth is exploiting Brexit to snatch up oversold firms with good earnings.5 Multinational Stocks With Stable Cash Flow Richard Nield of Invesco International Growth is exploiting Brexit to snatch up oversold firms with good earnings.
Barrons   |   Wed, 27 Jul 2016 15:11:50

Independent: Home Affairs Committee: "UK must prepare for immigration surge after Brexit"

Insulting your intelligence they claim the surge is hypothetical, it is happening right now and possibly explains why French border control has been taken unawares. I would not be surprised if net migration does no hit a million people this year, as folk front-run border controls. Housing shortages could be ...
libertas / House Price Crash   |   Wed, 27 Jul 2016 13:54:27

Who is Michel Barnier: The Frenchman in charge of the EU's Brexit negotiations

Laura Hughes / Telegraph   |   Wed, 27 Jul 2016 13:32:24

Theresa May has Brexit talks with Italy's Matteo Renzi

Theresa May has held talks with her Italian counterpart Matteo Renzi on the UK's exit from the EU and the challenge posed by terrorism and mass migration.
BBC   |   Wed, 27 Jul 2016 13:29:10

Japan's Economy Doesn't Need Helicopter Money: It Needs Less Debt

Pondering the state of the global economy can elicit emotions. The volatility of global markets - equities, bonds, commodities, currencies, etc. - are challenging enough without consideration of Brexit,... The post Japan's Economy Doesn't Need Helicopter Money: It Needs Less Debt appeared first on See It Market .
Michael Lebowitz / See It Market   |   Wed, 27 Jul 2016 13:27:49

May says Italians' rights guaranteed if Rome reciprocates (2)

Rome, July 27 - New British Prime Minister Theresa May said Wednesday that the rights of Italians living in post-Brexit Britain will be guaranteed only if Italy does the same for Britons living here. "I can guarantee the rights of the Italians who live in Britain will not be touched, ...
Gazzetta Del Sud   |   Wed, 27 Jul 2016 13:19:00

Brexit is hitting the economy hard - negative interest rates could be next

The vote to leave the EU has been a nasty negative shock to the UK economy that is going to lower living standards and cause much pain and suffering Since the leave vote in the EU referendum, the bad economic news has continued to roll in. A survey by the ...
David Blanchflower / Guardian   |   Wed, 27 Jul 2016 13:17:14

EIU: Commodities Forecasts Till 2020

The Economist Intelligence Unit have produced their first global forecast since the Brexit vote. Please find below, their forecasts for commodities until 2020. EIU Report:Oil prices have fallen back slightly in the wake of the Brexit voteThe rally in oil prices, which saw dated Brent... Please click on the post ...
EconMatters Global   |   Wed, 27 Jul 2016 13:00:00

Cello boss Mark Scott says health business is in "exactly the right place"

Stocktube caught up with Cello Group plc (LON:CLL) after its interim trading update dismissed any noticeable Brexit impact and promised strong full-year results in line with expectations. "The full year we believe will be a good strong year for Cello Health, as it has been for a number of years, ...
Proactive Investors   |   Wed, 27 Jul 2016 12:33:00

Can the EU persuade the UK to change its mind on Brexit?

The Brexit vote is no more irreversible than any other election or referendum, provided the EU is willing to adopt some modest reforms How should the European Union respond to the narrow decision by voters in the United Kingdom to leave? European leaders are now focusing, rightly, on how to ...
Anatole Kaletsky / Guardian   |   Wed, 27 Jul 2016 12:23:24

CBI blames post-Brexit caution for slump in high street spending

Snapshot of retail activity by employers' organisation immediately after referendum reveals biggest fall since January 2012 The CBI has blamed a post-Brexit mood of caution among consumers for the biggest fall in high street spending in more than four years. The employers' organisation said that a snapshot of retail activity ...
Larry Elliott / Guardian   |   Wed, 27 Jul 2016 12:18:12

These 9 slides show how European tech funding is diving while M&A is booming

Boutique tech investment bank Magister Advisors has produced a quick slideshow surveying the state of European tech in the run up to the Brexit vote. The deck, which they've agreed to let us reproduce below, presents a mixed picture that will likely be troubling for anyone working at a growth ...
Oscar Williams-Grut / Business Insider   |   Wed, 27 Jul 2016 11:49:56

How to negotiate the pensions minefield in Brexit Britain

The vote to leave the EU has seen annuity rates fall sharply. But would-be retirees still have other options Margaret Lawson is relieved that she bought an annuity in April before the rates sank any further. It was an astute decision by the 66-year-old dairy farmer. Since the vote at ...
Harriet Meyer / Guardian   |   Wed, 27 Jul 2016 11:41:14

Former French EU Commissioner to become chief Brexit negotiator

Former French EU commissioner Michel Barnier has been appointed as the EU's main negotiator for the UK's exit of the bloc. He will take up his new position in October.
euronews   |   Wed, 27 Jul 2016 11:41:03

UK economy was growing before Brexit vote, retail sales fall since vote

Newly released statistics show that before the Brexit vote the UK's economy grew fairly robustly and after the vote British retailers suffered their sharpest fall in sales in four years.
euronews   |   Wed, 27 Jul 2016 11:41:02

Sterling Finds New Post-Brexit Footing

Whether the U.K.'s economic data is good or bad, the pound just doesn't seem to care. The currency has found new footing at roughly 13% below where it was before Britain voted to leave the European Union and so far it's refusing to budge. This could suggest that investors don't ...
Jon Sindreu / MoneyBeat   |   Wed, 27 Jul 2016 11:32:28

Taylor Wimpey brushes off Brexit fears

Housebuilder's shares rise as it says trading since the EU referendum has been business as usual
FT   |   Wed, 27 Jul 2016 10:38:08

Leaders Need To Move Margins To Center Stage

There seems to be a tendency to forget that the world economy was under some strain even before the U.K.'s Brexit vote. Bank interest rates hovering just above zero in major economies, stubborn national deficits and the apparent refusal of so-called emerging economies to provide their promised growth have all ...
Roger Trapp, Contributor / Forbes   |   Wed, 27 Jul 2016 10:37:00

European Commission appoints France's Barnier to lead Brexit talks

European Commission head Jean-Claude Juncker on Wednesday appointed veteran French politician and former EU commissioner Michel Barnier to lead the negotiations with Britain on its exit from the bloc.
NEWS WIRES / France 24   |   Wed, 27 Jul 2016 10:31:42

U.K. retailers saw biggest fall in sales in four years after Brexit vote

British retailers suffered the sharpest fall in sales in four years following the June 23 vote to leave the European Union, the Confederation of British Industry said on Wednesday.
David Milliken / Globe and Mail   |   Wed, 27 Jul 2016 10:19:59

EU appoints former French minister who blames Britain for losing his job as head of Brexit negotiations

Steven Swinford / Telegraph   |   Wed, 27 Jul 2016 10:16:00

Big in Japan

I've been away for a couple of days and come back to find that absolutely nothing has changed. Well, I suppose bits and bobs have but in the wake of the Brexit bungee jump, most other activity looks a bit minor.
IFR   |   Wed, 27 Jul 2016 10:14:00

Brussels names Barnier to lead Brexit talks

Former scourge of the City to help open the door once Britain invokes Article 50
FT   |   Wed, 27 Jul 2016 10:08:01

UK turns in strong pre Brexit growth

Economy grew by 0.6 per cent driven by a strong performance from the service sector
FT   |   Wed, 27 Jul 2016 10:00:50

Priorities for the new Department for International Trade post-Brexit

With the remaking of the government, the Prime Minister Theresa May has made it clear that international trade (be it with the EU or the rest of the world) will be a key priority of her government. But with so many tasks on the table, which should the UK prioritise? ...
Raoul Ruparel / Open Europe   |   Wed, 27 Jul 2016 07:41:01

What to watch for at the ECB meeting

Draghi set to wrestle with Brexit economic fallout, QE headaches and problems with Italian banks
FT   |   Thu, 21 Jul 2016 04:32:10

IMF cuts UK growth forecasts following Brexit vote

Predictions revised down from April as IMF says EU referendum result has 'thrown a spanner in the works' of global recovery The International Monetary Fund has slashed its forecast for UK growth next year after warning that the decision to leave the EU had damaged the British economy's short-term prospects ...
Larry Elliott Economics editor / Guardian   |   Tue, 19 Jul 2016 23:10:15

Brexit News Archive: 28 Jul 2016     |     enquire