The latest on Brexit economic fallout*

U.S. stocks followed global markets further into the red on Monday as the Brexit fallout continues to ripple around the world.

The Dow slumped almost 300 points and touched three-month lows. That's on top of Friday's plunge that wiped out 610 points from the index. This makes the post-Brexit turmoil the worst two-day period for U.S. stocks since the August 2015 freakout.

European stock markets came under heavier pressure and the pound hit a fresh low Monday following the U.K.'s historic vote to leave the European Union.

The pound sank 3.2% against the dollar to trade below $1.32, a fresh low and its weakest level in more than three decades.

The FTSE 250, which is made up of mostly mid-sized British companies, shed 6%. Benchmark indexes in London, Paris and Frankfurt all lost roughly 2%, while Ireland's main stock market plummeted by 8%.

Big banks were again targeted, and shares in Barclays (BCS) and RBS (RBS) were briefly halted in London as they raced to losses of more than 20%. Each has fallen more than 30% since the Brexit results were announced.

"The extent of the uncertainty that now clouds the U.K.'s economic and political outlook is hard to exaggerate," said Kit Juckes, strategist at Societe Generale. "Uncertainty is negative for the U.K. economy, for investor confidence and obviously, for the pound."

A weak pound might help boost U.K. exports, but it can also cause prices to rise and make the country less attractive for investors. If they start pulling money out, the U.K. could have trouble funding its large current account deficit.

The reaction from Asian stock markets, many of which had suffered heavy losses in the immediate aftermath of the vote, was less extreme.
Most major Asian markets closed the day a bit higher, after swinging throughout the day. Japan's benchmark Nikkei gained 2.4%, clawing back some of the nearly 8% loss the index posted Friday.

Moody's Investors Service late Friday cut its outlook on U.K. sovereign debt from stable to negative, indicating a higher likelihood of the agency downgrading the country's Aa1 rating.

The U.K. referendum result, which rocked global markets on Friday, is "extremely significant for the U.K. and significant for the rest of Europe," Alastair Wilson, the head of sovereign ratings at Moody's told CNBC on Sunday.

"Our rating is Aa1 and it remains Aa1, but the negative outlook reflects the fact that this is bad for growth, bad for debt and bad for the U.K.'s institutions and their ability to deliver on policy," Wilson said.

"Equally, it is bad for Europe, as well. We do not yet know quite how bad; we will see that as we see elections coming," he added.

First Sea Lord Handy Andy wrote:Its  LABOUR'S fault shriek the Conservatives.

Ben Reilly wrote:

U.S. stocks followed global markets further into the red on Monday as the Brexit fallout continues to ripple around the world.

The Dow slumped almost 300 points and touched three-month lows. That's on top of Friday's plunge that wiped out 610 points from the index. This makes the post-Brexit turmoil the worst two-day period for U.S. stocks since the August 2015 freakout.

European stock markets came under heavier pressure and the pound hit a fresh low Monday following the U.K.'s historic vote to leave the European Union.

The pound sank 3.2% against the dollar to trade below $1.32, a fresh low and its weakest level in more than three decades.

The FTSE 250, which is made up of mostly mid-sized British companies, shed 6%. Benchmark indexes in London, Paris and Frankfurt all lost roughly 2%, while Ireland's main stock market plummeted by 8%.

Big banks were again targeted, and shares in Barclays (BCS) and RBS (RBS) were briefly halted in London as they raced to losses of more than 20%. Each has fallen more than 30% since the Brexit results were announced.

"The extent of the uncertainty that now clouds the U.K.'s economic and political outlook is hard to exaggerate," said Kit Juckes, strategist at Societe Generale. "Uncertainty is negative for the U.K. economy, for investor confidence and obviously, for the pound."

A weak pound might help boost U.K. exports, but it can also cause prices to rise and make the country less attractive for investors. If they start pulling money out, the U.K. could have trouble funding its large current account deficit.

The reaction from Asian stock markets, many of which had suffered heavy losses in the immediate aftermath of the vote, was less extreme.
Most major Asian markets closed the day a bit higher, after swinging throughout the day. Japan's benchmark Nikkei gained 2.4%, clawing back some of the nearly 8% loss the index posted Friday.
http://money.cnn.com/2016/06/26/investing/markets-brexit-reaction-monday/index.html?iid=surge-stack-dom

Moody's Investors Service late Friday cut its outlook on U.K. sovereign debt from stable to negative, indicating a higher likelihood of the agency downgrading the country's Aa1 rating.

The U.K. referendum result, which rocked global markets on Friday, is "extremely significant for the U.K. and significant for the rest of Europe," Alastair Wilson, the head of sovereign ratings at Moody's told CNBC on Sunday.

"Our rating is Aa1 and it remains Aa1, but the negative outlook reflects the fact that this is bad for growth, bad for debt and bad for the U.K.'s institutions and their ability to deliver on policy," Wilson said.

"Equally, it is bad for Europe, as well. We do not yet know quite how bad; we will see that as we see elections coming," he added.
http://www.cnbc.com/2016/06/27/brexit-vote-bad-for-uk-growth-debt-moodys.html

* I actually wrote all this myself and faked the links, and it in no way reflects what is going on in the real world. In my poor confused little mind, if I trick people into believing the global economy is suffering, the people of Britain will have another referendum and rejoin the EU, which is something I've dreamed of ever since I was a little boy in Sonora, Texas. Further, I hope this one day brings Stalinism to the UK, because, you know, reasons!

Syl wrote:

First Sea Lord Handy Andy wrote:Its  LABOUR'S fault shriek the Conservatives.

Actually watching Prime Ministers question time live on TV that's not how it's going.
Cameron is being very diplomatic and unlike many forumers is being positive about the way the vote went, and how to handle the short term future till negotiations take place re our exit.

Syl wrote:

First Sea Lord Handy Andy wrote:Its  LABOUR'S fault shriek the Conservatives.

Actually watching Prime Ministers question time live on TV that's not how it's going.
Cameron is being very diplomatic and unlike many forumers is being positive about the way the vote went, and how to handle the short term future till negotiations take place re our exit.

Ben Reilly wrote:

Syl wrote:

Actually watching Prime Ministers question time live on TV that's not how it's going.
Cameron is being very diplomatic and unlike many forumers is being positive about the way the vote went, and how to handle the short term future till negotiations take place re our exit.

I wish those "casino bankers" who control so much of our financial destiny could be a bit more positive about it, but they're not and that's going to hit people in the wallet. And there's nothing positive about losing money.

Ben Reilly wrote:

John Oliver for PM!

That was 'EPIC' ...seriously, if the stiff upper lip British can't see the humor in that - then perhaps the 3 vapid campaign lies they were fed in order to garner their 'OUT' votes will generate a snarky/smirk or 2! 

Tommy Monk wrote:Yawn...

sassy wrote:I understood them perfectly, what is it about 8 am 27th June that you don't understand.

Analysis: Andrew Walker, BBC economics correspondent

Tommy Monk wrote:I thought we were talking about the graphs...?


The speculators have been selling sterling and buying up other currencies while also betting on sterling losing value...


Turmoil started after polls predicted a strong remain result!!!


Many casino bankers betting on red and it came up black...

nicko wrote:I just said that.

Ben Reilly wrote:

U.S. stocks followed global markets further into the red on Monday as the Brexit fallout continues to ripple around the world.

The Dow slumped almost 300 points and touched three-month lows. That's on top of Friday's plunge that wiped out 610 points from the index. This makes the post-Brexit turmoil the worst two-day period for U.S. stocks since the August 2015 freakout.

European stock markets came under heavier pressure and the pound hit a fresh low Monday following the U.K.'s historic vote to leave the European Union.

The pound sank 3.2% against the dollar to trade below $1.32, a fresh low and its weakest level in more than three decades.

The FTSE 250, which is made up of mostly mid-sized British companies, shed 6%. Benchmark indexes in London, Paris and Frankfurt all lost roughly 2%, while Ireland's main stock market plummeted by 8%.

Big banks were again targeted, and shares in Barclays (BCS) and RBS (RBS) were briefly halted in London as they raced to losses of more than 20%. Each has fallen more than 30% since the Brexit results were announced.

"The extent of the uncertainty that now clouds the U.K.'s economic and political outlook is hard to exaggerate," said Kit Juckes, strategist at Societe Generale. "Uncertainty is negative for the U.K. economy, for investor confidence and obviously, for the pound."

A weak pound might help boost U.K. exports, but it can also cause prices to rise and make the country less attractive for investors. If they start pulling money out, the U.K. could have trouble funding its large current account deficit.

The reaction from Asian stock markets, many of which had suffered heavy losses in the immediate aftermath of the vote, was less extreme.
Most major Asian markets closed the day a bit higher, after swinging throughout the day. Japan's benchmark Nikkei gained 2.4%, clawing back some of the nearly 8% loss the index posted Friday.

http://money.cnn.com/2016/06/26/investing/markets-brexit-reaction-monday/index.html?iid=surge-stack-dom

Moody's Investors Service late Friday cut its outlook on U.K. sovereign debt from stable to negative, indicating a higher likelihood of the agency downgrading the country's Aa1 rating.

The U.K. referendum result, which rocked global markets on Friday, is "extremely significant for the U.K. and significant for the rest of Europe," Alastair Wilson, the head of sovereign ratings at Moody's told CNBC on Sunday.

"Our rating is Aa1 and it remains Aa1, but the negative outlook reflects the fact that this is bad for growth, bad for debt and bad for the U.K.'s institutions and their ability to deliver on policy," Wilson said.

"Equally, it is bad for Europe, as well. We do not yet know quite how bad; we will see that as we see elections coming," he added.

http://www.cnbc.com/2016/06/27/brexit-vote-bad-for-uk-growth-debt-moodys.html

















* I actually wrote all this myself and faked the links, and it in no way reflects what is going on in the real world. In my poor confused little mind, if I trick people into believing the global economy is suffering, the people of Britain will have another referendum and rejoin the EU, which is something I've dreamed of ever since I was a little boy in Sonora, Texas. Further, I hope this one day brings Stalinism to the UK, because, you know, reasons!