Brexit Fallout Worst in Continental Europe

27.06.2016 • Politics and War

From The Fleet Street Letter (Great Britain)-

I wanted to give you a brief update following the Brexit vote. I’m pleased to report that The Fleet Street Letter portfolio have performed well in the face of market volatility. Soda, in particular, has leapt ahead and is up by 5.6%. Whisky is down by 0.7%.

The pound has taken a hi, but I expect the pain to be short lived. The Bank of England’s statement was well received. The FTSE 100 index is down by 1.7% for the year in contrast to the Euro Stoxx 50 index, down 5.2%. That reflects the sharp falls in Spanish and Italians equities on Friday – especially the banks.

When I wrote about the banks in May, I stated that the US banks were fixed some time ago. In Britain, the healing process was largely complete. And in Europe, the banks remained much more highly geared. While Lloyds has taken some pain, European banks have fared worse as they are not yet fixed…

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