AdminBill: TODAY IS THE BEGINNING OF THE END OR IT IS A NEW BEGINNING. THE BREXIT VOTE WAS LARGELY SPLIT ON AGE WITH MILLENNIALS VOTING TO STAY AND THE OLDER GENERATION VOTING TO LEAVE.
I KNOW WHAT THAT MEANS TO ME BUT WHAT DOES IT MEAN TO YOU AND WHAT MIGHT IT BE AN INDICATION WILL HAPPEN IN OUR UPCOMING ELECTIONS?
Scotchie: Brexit has no bearing on the RV/GCR, imo. Would have been a good time to invest in a gold-backed currency, if there was one.
AdminBill: SCOTCHIE - I WILL RESPECTFULLY AGREE AND DISAGREE WITH YOUR ASSESSMENT THAT BREXIT HAS NOTHING TO WITH THE GCR. AS MENTION JUST A MOMENT AGO THERE IS AN OPPORTUNITY FOR A MASSIVE "RE-BALANCING OF CURRENCIES".
AN EXCELLENT OPPORTUNITY FOR THIS WEEKEND WHEN EVERYTHING IS CLOSED.
I AM STILL WAITING TO HEAR FROM MY SOURCES OF INFO. THEY THEMSELVES HAVE BEEN PLACING CALLS THROUGH THE NIGHT.
NWMontana: I was sure they would rig the vote, to appear as if it was a close vote to remain, then, a demanded 'recount" would show that yes, they would stay. I am that cynical, I assumed from the get-go someone would get tricky... Like here, in America
SunniDaze: NW I LOVED THE FACT THEY HAD CAMERAS AND PAPER BALLOTS AND NO SPECULATION UNTIL AFTER THE POLLS CLOSE HMMM MAYBE WE COULD TAKE NOTES
Lostnq8: admin - bluwolf mentioned that the UK was in the RV basket and this grexit vote is doing the same thing
AdminBill: LOST - VERY CLEVER
AdminBill: BREXIT WAS A REFERENDUM ON POLITICIANS THAT THEY FEEL HAVE LIED AND DESTROYED THE SOVEREIGNTY OF THERE COUNTRIES AND OPENED THE FLOODGATES TO REFUGES WITH LITTLE OR NO RESPECT OF THEIR CULTURE. SOUND FAMILIAR?
IN EUROPE THE MAJORITY OF RECENT REFUGES HAVE BEEN THOSE ESCAPING THE RAVAGES OF WAR. THE LEADERS PROMISED THERE WOULD BE NO PROBLEMS. WRONG. IN THE USA AND CANADA OUR REFUGEES ARE ECONOMIC REFUGEES TRYING FOR A BETTER LIFE. OUR LEADERS HAVE TOLD US THEY ARE ONLY DOING JOBS WE WON'T DO. REALLY?
THE PROBLEM WITH THAT SCENARIO IS THAT THOSE JOBS NO LONGER EXIST FOR THE MOST PART. THE AGRICULTURAL INDUSTRY HAS SHRUNK OR MOVED OVERSEAS. THE TEXTILE INDUSTRY HAS SHRUNK OR MOVED TO WHERE? ASIA AND CENTRAL AND SOUTH AMERICA. CONSTANT AND CONTINUAL LIES FROM BOTH SIDES OF THE POLITICAL AISLE.
THE VAST MAJORITY OF THOSE CROSSING OUR BORDERS ARE GOOD, HONEST AND DECENT PEOPLE. THE PROBLEM IS THEY ARE LARGELY UNEDUCATED AND DO NOT SPEAK ENGLISH. THAT COST THE TAX PAYER BILLIONS IN EDUCATIONAL PROGRAMS AND FINANCIAL SUPPORT PROGRAMS THAT WE CANNOT AFFORD. THE SAME ISSUES THAT FACED THE UK.
Lostnq8: Admin...the world is seeing the many lies being exposed. It won't be long before these United States follow suit to Europe.
SunniDaze: HEARD ON A CALL LATE LAST NIGHT THAT DEUTSCH BANK FIRED 3,000 EMPLOYEES
StillOKRocks: MSN news quote ... With all of that uncertainty rushing around, a British exit will likely result in a massive rebalancing of currencies......
RicOShea: "Work for a cause, not applause. Live life to express, not to impress. Don't strive to make your presence noticed, just make your absence felt." Laugh when you can, apologize when you should, and let go of what you can't change. Life's too short to be anything but happy. Enjoy Life - It has an Expiration Date.
Elmerf123456 : To the question do I believe this is a trigger- time will tell but YES I do! A rebalance is needed if you've been paying attention to the system failures all around.
Go about your day as normal. Live for today not for the moment. Cards have been dealt and let's see what's in the cards. Should be interesting to watch.
More spiraling to come. This should be an interesting day.On news. THEY JUST MENTIONED FRANCE AND GERMANY PULLING OUT!
Indirectly this is a global economic crisis and It will lead to a needed global change
Hence the term domino affect
beachcindy : if Deutsche Bank collapses as it looks like its doing with the immediate mass firings, there go the closely affiliated banks like BoA
SassyD: British Money-Changer Imposes Capital Controls, Suspends Online FX Transactions -- Jun 24, 2016 9:32 AM -- http://www.zerohedge.com/news/2016-06-24/british-money-changer-imposes-capital-controls-suspends-online-fx-transactions
SassyD: Global Central Banks Raise Cash Offer to Quell Brexit Panic -- June 24, 2016 — 8:20 AM CDT -- http://www.bloomberg.com/news/articles/2016-06-24/central-banks-pledge-action-to-alleviate-strains-on-brexit-news
SassyD: EU referendum: What next for the world's central banks? -- 6/24/2016 -- http://www.bbc.com/news/business-36607475
SassyD: Deutsche Bank to shut 188 German branches, cut 3,000 staff -- 6/23/2016 -- http://www.cnbc.com/2016/06/23/deutsche-bank-to-shut-188-german-branches-cut-3000-staff.html
SassyD: The Brexit contagion: How France, Italy and the Netherlands now want their referendum too ... http://www.telegraph.co.uk/news/2016/06/23/the-brexit-contagion-how-france-italy-and-the-netherlands-now-wa/
LilyPad: Statement by Christine Lagarde on the U.K. Referendum
Press Release No. 16/303
June 24, 2016
Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today:
"We take note of the decision by the people of the United Kingdom. We urge the authorities in the U.K. and Europe to work collaboratively to ensure a smooth transition to a new economic relationship between the U.K. and the EU, including by clarifying the procedures and broad objectives that will guide the process.
"We strongly support commitments of the Bank of England and the ECB to supply liquidity to the banking system and curtail excess financial volatility. We will continue to monitor developments closely and stand ready to support our members as needed."
Emailed to Recaps:
( POSSIBLE COVER STORY FOR MASSIVE REBALANCING OF CURRENCIES)
Excerpt from BREXIT 101.... ....The sudden need to reset tons of global investment channels — against the background of the ambiguous and extended period of the U.K.'s exit negotiations — could have a freezing effect on the whole region. .... Depending on how you measure it, the EU as a whole ranges from the first to the third largest economy in the world.
And in terms of trade, the bloc easily topped the U.S. and China in both imports and exports. So a slowdown there would mean a global slowdown. One that could last months — if not years. .....
With all of that uncertainty rushing around, a British exit will likely result in a massive rebalancing of currencies......
"It’s Scary, And I’ve Never Seen Anything Like It" - Where Markets Are The Morning After
by Tyler Durden
Jun 24, 2016 8:44 AM
For those of you who are just waking up, first of all, congratulations. Here is what you missed.
European, Asian stocks and S&P futures plummet, as U.K. votes to leave European Union membership. FX carry trades everywhere go haywire, with the Dollar and Yen spiking while the Cable overnight plunged to 30 year lows and at last check was trading just around 1.37, down 1,300 pips from yesterday's highs.
A modest rebound was experienced when first the Bank of England and shortly after all other central banks promised to pump virtually unlimited liquidity into the financial system. Ironically, all of this takes place a day after Fed’s stress tests showing all 33 banks exceed minimum requirements - we may find out just how "unstressed" they are as soon as today.
For those who are pressed for time, the following quote from James Butterfill, head of research and investments at ETF Securities, summarized it best: "It’s scary, and I’ve never seen anything like it. We’re going to see outflows from basically any kind of cyclical asset. A lot of people were caught out, and many investors will lose a lot of money.”
Here are key market updates:
S&P 500 futures down 3.9% to 2023
Stoxx 600 down 7% to 322
MSCI Asia Pacific down 4.1% to 125
US 10-yr yield down 22bps to 1.53%
Dollar Index up 1.86% to 95.27
WTI Crude futures down 4.2% to $48.00
Brent Futures down 4.3% to $48.70
Gold spot up 4.2% to $1,310
Silver spot up 2.8% to $17.77
WHAT HAPPENED IN EUROPEAN MARKETS:
European shares sinks after U.K. voted to quit the European Union. All 19 Stoxx 600 sectors fall with banks, insurance underperforming and health care, food & beverage outperforming. 90% of Stoxx 600 members decline, 10% gain. “It’s scary, and I’ve never seen anything like it,” said James Butterfill, head of research and investments at ETF Securities, said by phone from London. “We’re going to see outflows from basically any kind of cyclical asset. A lot of people were caught out, and many investors will lose a lot of money.”
As the win for the Leave campaign in the EU referendum became clear, global equities plunged with the FTSE 100 falling as low as 8%, led by sharp losses in financials with UK banks (Barclays, Lloyds, RBS) lower by around 30% which has seen the iTraxx senior financials 5yr index (CDS on banks) soar to its highest level since February. As such, the fear of contagion from this outcome has seen European bourses heavily in the red (DAX -10%, Euro Stoxx -9%), while the E-mini S&P 500 saw a 5% fall to hit limit down.
However, in recent trade, equities have pulled off worst levels as markets find relative calm amid the BoE Governor stating that the central bank is willing to provide liquidity in the form of GBP 250b1n, while David Cameron announced that he will remain as PM till October in order to combat any immediate instability.
Elsewhere, Gilt yields have seen its largest drop since 2009 to yet again print fresh record lows as investors flock to safe haven assets, while Bunds staggeringly opened slightly below 169.00 before paring somewhat, back to around 166.00. Of note, in the wake of the Brexit outcome, S&P have warned that the UK could lose its AAA sovereign rating, while the likes of Goldman Sachs, JP Morgan and ING have all forecast an upcoming BoE rate cut........MORE