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What Brexit market disaster?

Posted By Jo Nova On June 30, 2016 @ 4:10 am In Big-Government,Economics,Free markets | Comments Disabled

For five days headlines have told us the markets are being “Pounded”, with “Turmoil”, like a “Wild Ride” with “bloodletting“. I thought I’d graph the horror of the last week on the FTSE100, DAX, the CAC40 and the Euronext.  Naturally big-government fans in the media have no interest in overselling the disaster that is Brexit.

Spot the crisis?

The last five years of the FTSE 100. See the carnage of the last week:

UK FTSE, BREXIT.

5 Year FTSE graph   TradingEconomics.com

More shocking routs on the continent. Here’s the last twelve months of the EURONEXT:

...

The last year on the Euronext 100  | CNN

Twelve months on DAX:

BRexit

The last year on the DAX 100  | CNN

Looks like a disaster every other week:

Brexit, financial market, CAC40.

The last year on the CAC40 (Paris)   | CNN

Financial graphs on DAX, CAC, and EuroNext from CNN

The British Pound is at a historic low (luckily the fall hasn’t quite hit the 2008 level):

...

10 year Great British Pound (USD) graph. 2006 – 2016. Investing.com

British exporters must be loving this.

Shh. Banks are the biggest losers:

The S&P 500, Germany’s DAX, the Euro Stoxx 50—all of them have banks at the very bottom of the performance table…

In Europe, the damage is much, much worse: Germany’s Deutsche Bank and Commerzbank are down by between 11.5% and 12% (having recouped around half of their losses at the European opening). In France, Societe Generale is the biggest loser, down 19%, followed by BNP Paribas -16% and Credit Agricole -12.1%. In Italy, seven of the bottom eight losers are banks, down by between 17% and 20.9%. The only thing keeping Lloyds Banking Group off the bottom of the FTSE 100 table is the fact that the U.K. has a lot of listed homebuilders, who have been hit even harder. — Fortune, June 24th

In the Brexit aftermath the Big Banks are getting into trouble. Most mainstream journalists don’t seem to want to highlight the banker-pain.   Maybe it’s not the right message: “Stay IN the EU and Save the Banks”

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