While the initial effects of Brexit were clearly visible in the main financial markets, George Osborne, the British finance minister, suggests that the government will not implement the steps quickly, or that Britain will activate Article 50 of the Lisbon Treaty leave the EU when it is ready "at the appropriate time". Osborne, with the premise that the country is ready to face the turbulence caused by the decision to leave the Union, explains that "Only Britain can activate Article 50. And, in my opinion, we should not do it until we have a clear vision of the new arrangements to be introduced with our European neighbors ".
Christine Lagarde, during the forum Aspen Ideas Festival in Colorado, USA, while showing that the financial markets have "by far underestimated" the outcome of the vote in Britain, noted with respect for democracy, the outcome of the referendum last Friday. "We take note of the decision by the people of the UK and urge the British authorities and the EU to work collaboratively to ensure a smooth transition and a new economic relationship between the United Kingdom and the European Union, clarifying procedures and big goals that will drive this process. "
The markets had been anticipating a “remain” victory and the surprise effect should even amplify the impact on financial markets. The immediate effect should be extreme volatility with market dislocations due to margin call, panic selling and the search for safe haven. The UK are to enter into a two year procedure with the EU, to negotiate the exit terms. The EU will probably not make it easy in order to discourage other leavers, which promise to keep uncertainty and volatility fairly elevated at least for the next months.
We were cautious in our diversified portfolios with a reduced exposure to equities and high yield bonds. We held significant amounts of cash (over 10% on average) to stay flexible and be able to act quickly. We sold our UK exposure and hedged the GBP currency in order to preserve investors’ capital. We also hedged part of our peripheral exposure by selling futures contracts on Italian debt.
Credit Suisse expects to Britain a period of recession in the second half of 2016, significant interventions by the Bank of England and a generalized economic slowdown eurozone. The bank expects this scenario as a result of the success of Brexit in the referendum, calling it in a statement "is the most significant withdrawal from the need for integration since the Second World War. While the current output path is not yet clear, however, there are profound implications for Britain. we expect a recession in the second half of the year and monetary interventions by the Bank of England ".
"We recovered the country, this is a victory of the real people, the ordinary people, the dignified people." So Nigel Farage, leader of UKIP Independence Party Face and favorable exit of Britain from Europe, commented on the victory in the referendum on Brexit. And anticipating the next move, when reporters asked if the prime minister David Cameron should resign, he replied: "Immediately." Nigel Farage said that the referendum on Brexit there was "the victory of the common people against the big banks, big business and big politicians."
The first months of 2016 were a reminder that we are not only living in a world of low to negative interest rates. It was also a good reflection of uncertainties around global growth in general and a long list of looming event risks. The volatility witnessed during the first months of the year and the whipsawing in the valuation of risk premia is not a 2016 phenomenon: equity indices for Europe, the US or Emerging Markets unveil that high volatility and significant market swings have been with us since at least late 2014.
The Brexit is a negative event for the merit of Britain's credit, Moody's says. The decision to leave the EU will lead to a prolonged period of uncertainty that will weigh on the economic and financial center of Britain. The increased uncertainty in negotiations on new agreements EU-UK will likely reduce the flow of investment and confidence of businesses and consumers in the UK. Moody's adds that the lasting impact of the vote for the exit will depend on the nature of the new EU-Britain ties.
The Swiss National Bank (SNB) intervened in the foreign exchange market after the "yes" of Britons to Brexit, the exit of Britain from the EU. This was confirmed by the SNB in a statement today. The National Bank has announced that continues to remain active on the market. The result of the referendum in the UK has resulted in growing pressure on the franc, the SNB noted. The euro rose to start the day below the threshold of 1.07 francs to 1.0624 francs, its lowest level since August 2015. The Swiss currency is seen as a traditional value of refuge in case of major political crisis.
It was a constant head to head, with constant reversals in the face at the end won the Leave (51.9) on the Remain (48.1) and Britain is outside the EU. High voter turnout, recording 72.2%. The vote, as well as to plunge the United Kingdom in uncertainty, is the most decisive defeat for the supporters of greater European integration after the Second World War and is likely to trigger a domino effect in other countries. The initial rejoicing in the field of pro-EU has gradually given way to the joy of those who want Britain out of the EU. "Now we sing our anthem without Brussels telling us that it is wrong," said UKIP leader Nigel Farage commenting on the progress of the examination. It is "a victory for real people, a victory for ordinary people, a victory of the people for good. We fought against the multinationals, the big banks, the lies, the big parties, corruption and deception, "said Farage, who defined June 23 as Independence Day in Britain.
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