Brexit News Archive: 10 Aug 2016

Canada's Sun Life Financial profit slumps 34 pct

Aug 10- Canadian insurer Sun Life Financial reported a near 34 percent drop in quarterly profit, hurt by volatile equity markets following the Brexit vote and low interest rates. Sun Life's net income fell to C $480 million, or 78 Canadian cents per share, in the second quarter ended June ...
CNBC   |   Wed, 10 Aug 2016 21:21:00

RBS Will Have A Tough Time In The Coming Years, But The Impact On Its Share Price Is Exaggerated

The Royal Bank of Scotland Group has seen its shares sink by nearly 50% since the beginning of the year. While major banking giants globally have seen their share prices take a hit following the U.K.'s Brexit vote, RBS has been hit particularly hard by the fact that its revamped ...
Trefis Team, Contributor / Forbes   |   Wed, 10 Aug 2016 19:08:00

Bank Stocks to Buy As Sector Joins Rally

The July jobs report finally pushed banks back over their pre-Brexit levels.
Barrons   |   Wed, 10 Aug 2016 18:59:49

The Last Time This Happened, US Equities Crashed

Something extremely unsusual just happened. The post-Brexit, post-QE collapse in UK Gilt yields has extended the 'cheapness' of US Treasuries to over 100bps. This is the widest absolute spread since May 2000 but at almost 3x, this is by far the greatest relative differential in history. As gilt yields collapse ...
Zero Hedge   |   Wed, 10 Aug 2016 18:12:18

Sausages, tea and tradition: the top brands and foods which set Brexiteers apart

Telegraph   |   Wed, 10 Aug 2016 17:44:59

Big cuts for Royal Mail and Post Office workers' pensions

Backlash expected over part-closure of defined-benefit schemes, which companies say are unaffordable Nearly 100,000 workers at the Royal Mail and the Post Office are likely to be the earliest victims of the post-Brexit turmoil in markets as the companies plan big cuts to their "simply unaffordable" pension schemes. One manager ...
Patrick Collinson / Guardian   |   Wed, 10 Aug 2016 17:41:48

Charles C.W. Cooke on Brexit, #NeverTrump, and the Future of National Review: New at Reason

Download Video as MP4 "One of the things I always liked about National Review is that we weren't just there to go after the Left," says Charles C.W. Cooke, the new editor of National Review online. "But we were also there to police our own side." Cooke sat down with ...
Hit & Run   |   Wed, 10 Aug 2016 17:41:00

Italy at the Brink: From Renzi's Referendum to Italexit?

photo: Davide Oliva Europe's Summer of Discontent In the aftermath of the Brexit tensions, Italy is defying Brussels to bail out troubled banks and preparing for constitutional referendum in October. If Prime Minister Matteo Renzi fails to achieve adequate support, economic destabilization will shift from the UK to Italy - ...
EconoMonitor   |   Wed, 10 Aug 2016 17:04:38

Sturgeon sets out £100m spending boost

Extra infrastructure funding designed to soften impact of Brexit vote on ailing Scottish economy
FT   |   Wed, 10 Aug 2016 16:37:34

PREVIEW - Aldermore, Derwent London and others to report

Challenger bank Aldermore Group PLC (LON:ALD) reports interims on Thursday and like all in the banking sector (well all sectors, actually) traders will be keen to hear what the outlook is like post the Brexit vote. It comes after some mixed noises from the big players recently, noteably being from ...
Proactive Investors   |   Wed, 10 Aug 2016 16:13:00

Increased concerns for the global economy - Wells Fargo

According to analysts from Wells Fargo, the Brexit referendum and the latest US GDP data put downward pressure on global economic activity.
Matías Salord / FX Street   |   Wed, 10 Aug 2016 15:19:08

The Eurozone Crisis: Monetary Union and Fiscal Disunion, Part 1

Alejandro Reuss Alejandro Reuss is co-editor of Triple Crisis blog and Dollars & Sense magazine. He is a historian and economist. This is the first part of a two-part series. His article "An Historical Perspective on Brexit: Capitalist Internationalism, Reactionary Nationalism, and Socialist is available here. In 2007-8, after the ...
TripleCrisis   |   Wed, 10 Aug 2016 15:00:52

CREDIT SUISSE: Mark Carney could be forced to eat his words and introduce negative interest rates

Bank of England governor Mark Carney may be forced to eat his words, and backtrack on his adamance that the UK's central bank will not introduce negative interest rates during his tenure, according to analysts from Credit Suisse. Since Carney took over as governor in 2013, the monetary landscape has ...
Business Insider   |   Wed, 10 Aug 2016 14:37:46

Norway has little to lose from having the UK in EFTA

Norway's Minister for EEA and EU Affairs has suggested the country might not welcome the UK in European Free Trade Association (EFTA) post-Brexit. But such an argument makes little sense, writes Raoul Ruparel. The post Norway has little to lose from having the UK in EFTA appeared first on Open ...
Open Europe   |   Wed, 10 Aug 2016 12:14:15

Procrastinating on August 10, 2016

**Over at [Equitable Must-Reads:** * **Kavya Vaghul**: _[Preschool is about more than a third grade test score - Equitable Growth][]_ * **Donald Trump** (2012): [_Time to Get Tough: Making America #1 Again_][] * **Nicholas Crafts**: _[Brexit: Lessons from History][]_ * **Paul Krugman:**: _[Prudential Macro Policy: Fiscal][]_ * **Aaron Carroll**:...
Grasping Reality   |   Wed, 10 Aug 2016 11:56:08

Morning News: August 10, 2016

Japan's Plunging Jobless Rate Is All About Aging, Not Abenomics BOE Finds Its Brexit Warnings Coming True in Company Plans Why Did Productivity Fall? Look [...]
Eddy Elfenbein   |   Wed, 10 Aug 2016 11:17:04

The Fabian Society and the Gradual Rise of Statist Socialism

The "Third Way" "Stealth, intrigue, subversion, and the deception of never calling socialism by its right name" - George Bernard Shaw An emblem of the Fabian Society: a wolf in sheep's clothing The Brexit referendum has revealed the existence of a deep polarization in British politics. Apart from the public ...
Acting Man   |   Wed, 10 Aug 2016 10:03:53

Midatech Pharma shares surge on strong sales

Midatech Pharma's (LON:MTPH NASDAQ:MTP) shares jumped by a fifth as it said interim revenues had met expectations and risen ten-fold. The US-focused pharma reported turnover in the half year to June was £3.8mln (£0.32mln), with no impact as yet from the Brexit vote. At the end of last year, Midatech ...
Proactive Investors   |   Wed, 10 Aug 2016 08:17:00

Healing a broken heartland? An historical perspective on Labour's gathering storm in the North East

Amidst the noise of the Brexit referendum, there was a strong signal of trouble in Labour's heartlands. Starting with the example of Peter Lee - and the town named after him - John Tomaney reflects on the long history of Labourism in North East England before looking forward, to what ...
British Politics and Policy at LSE   |   Wed, 10 Aug 2016 06:00:08

Brexit, Trump: the trouble with claiming we're in a post-truth era | Steve Richards

It's not just political outsiders who tell lies. Mainstream parties aren't always able to be honest with voters either A neat, if alarming, explanation for the astonishing rise of political outsiders across the western world is the idea that we live in a "post-truth era": one in which support for ...
Steve Richards / Guardian   |   Wed, 10 Aug 2016 06:00:04

Further reading

Elsewhere on Wednesday, - Taibbi: A Republican Workers' Party? - Yes Minister Brexit special - Sir Humphrey explains all. - Transmitting liquidity shocks across borders: evidence from UK banks, from the BoE. - Soaring CEO pay is also the right's problem. - Icahn: "Trump is right on about our economy. ...
FT Alphaville   |   Wed, 10 Aug 2016 05:28:07

AUD downside should be more limited vs GBP - Westpac

Sean Callow, Research Analyst at Westpac, suggests that the Bank of England's aggressive response to the Brexit vote should weigh on sterling for some
Sandeep Kanihama / FX Street   |   Wed, 10 Aug 2016 05:19:26

Average London house price down by £30,000 in July, says Haart

The Brexit vote helped knock more than £30,000 off the price of an average property in London during July and has sent prices lower nationally, according to estate agent Haart.
Here Is The City   |   Wed, 10 Aug 2016 05:19:04

Keep Your Eyes On David Davis

David Davis The new British Prime Minister Theresa May recently named former Europe minister David Davis to the post of Secretary of State for Leaving the European Union (Brexit). I'm told by people who monitor these things that this was her most important appointment. He has very strong free market ...
Economic Policy Journal   |   Tue, 9 Aug 2016 22:41:00

Quant Manager dormouse Dips -0.11% in July, Launches New Fund

Quantitative investment manager dormouse slipped slightly last month, falling -0.11% as many CTAs gave back some of the volatility-driven gains enjoyed immediately following Britain's Brexit vote. read more
FINalternatives   |   Tue, 9 Aug 2016 21:39:11

Italy At The Brink: From Renzi's Referendum To Italexit?

Italy At The Brink: From Renzi's Referendum To Italexit? Europe's Summer of Discontent Dan Steinbock - Rome In the aftermath of the Brexit tensions, Italy is defying Brussels to bail out troubled banks and preparing for constitutional referendum in [...]
Value Walk   |   Tue, 9 Aug 2016 20:25:16

Brexiteers need all the help they can get from the Remainers

Telegraph   |   Tue, 9 Aug 2016 19:49:36

UK trade deficit widens, as thinktank warns of possible recession - as it happened

Bank of England suffers QE setback UK economy shrinks in July - NIESR US productivity falls again UK trade figures are worse than feared Britain's trade deficit with EU widens too What the experts say Earlier: Pound hits one-month low Bank of England's McCafferty hints at fresh easing 6.02pm BST ...
until 2.15 / Guardian   |   Tue, 9 Aug 2016 17:02:56

Average London house price down by £30,000 in July, says Haart

Estate agent records one of biggest month-on-month falls following Brexit vote, with average price in capital now £527,349 The Brexit vote helped knock more than £30,000 off the price of an average property in London during July and has sent prices lower nationally, according to estate agent Haart. The month-on-month ...
Patrick Collinson / Guardian   |   Tue, 9 Aug 2016 15:23:42

Bank Stocks to Buy As Sector Joins Rally

The July jobs report finally pushed banks back over their pre-Brexit levels.
Barrons   |   Tue, 9 Aug 2016 14:46:03

August 2016

Our Global LI accelerated on the month Brexit fallout appears contained for now China still has its foot on the gas And firms are in a better position cyclically The euro area is still waiting for its capex driver But consumers seems resilient, with our LI above consensus Brazil and ...
Lombard Street Research   |   Tue, 9 Aug 2016 14:22:34

We've cut interest rates, but what happens next? | David Blanchflower

It may take a year to find out the true path of GDP growth, but more stimulus is likely, and uncertainty following the Brexit vote will not be resolved for several years The Bank of England's Monetary Policy Committee (MPC) did the right thing last week by adding stimulus to ...
David Blanchflower / Guardian   |   Tue, 9 Aug 2016 13:57:15

UK trade deficit widens as factory output slows and imports grow

Trade gap rises to £5.1bn but ONS says there is little evidence yet that Brexit uncertainty has dented manufacturing Britain's trade deficit widened and factory production eased back in the weeks immediately before and after June's EU referendum, the latest official figures have shown. Data from the Office for National ...
Larry Elliott / Guardian   |   Tue, 9 Aug 2016 09:19:10

Last week's gloomy numbers disguise Canada's economic secret: Don Pittis

Trump and Brexit and activist monetary policy - never mind various destabilizing clashes - make Canada seem boring in a hair-raising world. Despite last week's gloomy economic data, Canada is about to prove that a little bit of boring is a big asset.
Don Pittis / CBC   |   Tue, 9 Aug 2016 09:00:00

Two-track trade talks are best for UK

Negotiations with the EU will be helped by knowing what the WTO would offer, writes DeAnne Julius
FT   |   Tue, 9 Aug 2016 07:30:51

The BoE and those companies materially contributing to the UK

Mark Carney is still giving more details of today's policy actions (press conference here). But for now, if you're a company considering leaving Britain because of Brexit, perhaps take a good hard look at this from the August 2016 inflation report: Continue reading: The BoE and those companies materially contributing ...
Izabella Kaminska / FT Alphaville   |   Thu, 4 Aug 2016 11:50:28

Let young people move: why any post-Brexit migration deal must safeguard youth mobility

Restrictions on free movement are likely to be an important aspect of the UK's new relationship with EU countries post-Brexit. Richard Bronk argues that safeguarding youth mobility should be a major principle behind any immigration reforms. He explores the economic, political and social case for preserving it, before suggesting some ...
Blog Admin / British Politics and Policy at LSE   |   Tue, 2 Aug 2016 09:00:30

Post-Brexit, London's Financial Center Has English Law on Its Side

ImagesGetty ImagesGetty ImagesGetty ImagesGetty ImagesGetty ImagesGetty ImagesGetty ImagesGetty ImagesGetty ImagesGetty ImagesGetty ImagesGetty ImagesGetty ImagesPost-Brexit, London's Financial Center Has English Law on Its Side In its battle to keep financial institutions in London, Britain has an overlooked ally: English law.Post-Brexit, City of London Has English Law on Its Side In its ...
WSJ   |   Fri, 29 Jul 2016 03:16:25

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: 10 Aug 2016     |     enquire