June 2016 Flash Report

The momentous decision by British voters to leave the European Union (EU) on June 23rd was unexpected by the markets and resulted in nearly $3 trillion of global stock losses in the subsequent two trading days. Confusion and fears were high as investors sought safe havens, worried about the stability of the EU, currency impacts on Japan, and the possibility that China might significantly weaken its currency. After a volatile week in which the pound has been hammered, broad markets have rebounded and are discounting weaker growth, persistently low inflation, and little-to-no increases in developed economies’ interest rates.

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