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Scourge of the City Michel Barnier handed the job of Brussels chief Brexit negotiator. Doesn't bode well. FT quotes corporate leaders saying its a provocative move, which ha received a frosty response in Downing Street.

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The FTSE 250, which is considered a bellwether of the UK economy as a whole because it contains more UK-focussed companies, ended the day down 7.2pc - its worst day since Black Monday. The fall wiped £25bn off the value of the index in all and wiped almost a quarter off the value of some stocks.

Back above June 23rd levels today.

 

Happy?

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Scourge of the City Michel Barnier handed the job of Brussels chief Brexit negotiator. Doesn't bode well. FT quotes corporate leaders saying its a provocative move, which ha received a frosty response in Downing Street.

Just willy waving retaliation to us putting 3 brexiteers in the positions we did.

 

He'll do exactly what Mrs Merkel says.

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Back above June 23rd levels today.

 

Happy?

 

i wouldn't say i'm happy that we voted brexit, no. the referendum result created huge risks to the uk economy and global markets. that's obvious even to those with a limited understanding of financial markets and economics.

 

but one month on, the dust has settled and i'm relieved that it looks like the initial market response was an ltcm-style short, sharp sharp shock rather than a lehman-style global financial meltdown. that's not to say that we won't see a 2008 style collapse further down the line once we find out what 'brexit means brexit' actually means.

 

the huge drop in sterling - the biggest since the end of bretton woods in the 70s - has held up, but volatility as measured by the vix index shows it's lower now than before the election, so clearly there's some relief in the system, for now.

 

stocks have also rebounded, but a lot of that is because of the weaker pound. the uk is still perceived as having lost a lot of value compared to the rest of the world.

 

If you want longer lasting effects – gilt yields fell, and the price of gold in pounds rose; all in all a consistent writing-in of an extra level of risk.

 

but the story so far is this isn't another lehman brothers, and a huge one-off fall in sterling has been enough to bugger against other effects. uk politicians have a historic tendency to let the pound fall and take the pain for the rest of the economy.

 

but the takeaway is uncertainty persists because there is still a huge range of brexits possible. a market-friendly outcome is conceivable, but so is a market disaster - an isolationist nightmare for the city, in which we give up our privileged access to the single market in return for clamping down on migration. cameron's prediction of world war III could still occur is this is the end result.

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Just willy waving retaliation to us putting 3 brexiteers in the positions we did.

 

He'll do exactly what Mrs Merkel says.

 

i don't think it suggests they're going to roll over and give us everything we want

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interesting read on why, on closer inspection, we shouldn't get carried away with the rebound in the FTSE 250. from the FT - and not behind the subscription veil.

 

Post-Brexit rebound in UK stocks comes with a red flag

http://www.ft.com/cms/s/2/bfd9e99c-54f3-11e6-befd-2fc0c26b3c60.html#axzz4FtSKySSO

 

:lol:

 

You brought it up!!!!

 

Bottom line is me and you can post positive / negative stories til the cows come home, but the truth is we'll know in about 5 years time. And even then people will argue.

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:lol:

 

You brought it up!!!!

 

Bottom line is me and you can post positive / negative stories til the cows come home, but the truth is we'll know in about 5 years time. And even then people will argue.

 

Why do I get the feeling that if, in 5 years time we all concluded that this was a good thing after all, you'd argue that it wasn't? :lol:

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:lol:

 

You brought it up!!!!

 

Bottom line is me and you can post positive / negative stories til the cows come home, but the truth is we'll know in about 5 years time. And even then people will argue.

Bottom line is you don't know what the fuck you're talking about.

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Why do I get the feeling that if, in 5 years time we all concluded that this was a good thing after all, you'd argue that it wasn't? :lol:

Because your in danger of falling for the TT hype.

 

You're usually very objective. Don't change :(

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You can be right about whatever you like because you change your opinion every five minutes.

 

You were categorically wrong about the post brexit world being business as usual. That must be clear, even to you.

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