Friday, June 24, 2016

Currencies: Yes to Proposed referendum on United Kingdom membership of the European Union gives investors worldwide a Black Friday – THE WORLD

The surprising Yes the British to an exit from the EU has brought investors a Black Friday world. Stock markets fell from Asia to Europe often in the double digits; Trillion were destroyed within hours. The British pound fell to its lowest level since 1985. The Bank of England made a multibillion dollar financial injection in prospect. Other central banks were preparing also to intervene.

The outcome of the referendum met the financial markets hard. They had until recently been set out that the British vote majority for remaining in the EU. When the Yes loomed for retirement, crashed the courses in Asia and the British pound. The Nikkei in Tokyo closed 7.92 percent in negative territory, the Hang Seng in Hong Kong 2.9 percent in the red.

The pound slipped to just $ 1.33 from reaching its lowest level since 1985. Within one day lost, the British currency, more than ten percent in value. While the price of oil gave way, gold was more expensive than last more than two years ago.

In the morning, officially announced that 51.9 percent of referendum participants who voted for the Proposed referendum on United Kingdom membership of the European Union. The market launch in Europe was colored according to deep red. The German stock index (DAX) lost in the meantime more than ten percent, the London Stock Exchange started with a decrease of 7.5 percent. In Paris the courses slid by more than ten percent, iIn the European crisis countries, the losses were even greater.

Particularly strong were affected securities of banks. The Deutsche Bank and Commerzbank shares plummeted in Frankfurt by just under 17 per cent, in London lost important banking stocks nearly a quarter of its value.

British Prime Minister David Cameron announced his resignation, which made the stock market in London to rise back slightly. In the morning they just lay around five percent in the red.

The head of the British central bank, Mark Carney, said in a televised speech, the Bank could “more than 250 billion pounds of” providing (326 billion euros). In addition, the central bank is also “able to provide significant liquidity in foreign currency, if it is necessary.” The European Central Bank (ECB) agreed to provide additional financial injections. The banking sector is well equipped, the ECB added.

crisis currencies like the yen and the Swiss franc, a refuge for investors in times of uncertainty, showed strong to. The Bank of Japan said it would monitor the situation closely. The Swiss National Bank announced that it had already intervened in the currency market to stabilize the franc.

called The German Industry and Commerce the Proposed referendum on United Kingdom membership of the European Union for the German economy “a bombshell”. German companies would now have at one of their main trading partners “adjust to significant changes”.

The Federation of German Industries (BDI) expects a significant decline in business with the British. CEO Markus Kerber called for a “maximum damage limitation” for German companies and their employees at the exit negotiations. The EU must lead “firm negotiations” with Britain, for example in matters of market access to regulatory standards or the mobility of employees.

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