Following this, liberals are obviously going to want to do something about the electoral process. It CLEARLY doesn't work...
June 23, 2016
Global Markets Lurch as Early Results Favor Brexit; Havens Jump
Emma O'Brien
Lukanyo Mnyanda
Bloomberg.com
Sentiment in markets was whipsawed as results from Britain’s referendum showed stronger-than-anticipated support for Brexit across the country, pushing the pound lower with U.K. index futures, while Asian stocks fluctuated. The yen and gold surged.
Sterling erased an earlier climb of as much as 1 percent, sinking the most since 2009 as key voting districts came in stronger for the “Leave” campaign than expected in the northeast and parts of Scotland, while support for “Remain” trailed expectations. Futures on the FTSE 100 Index slid with those on the S&P 500, while Japanese and Australian stocks fluctuated, even as the yen rallied more than 1 percent. Gold jumped with government debt as crude oil tracked the losses in high-yielding currencies.
“After the early confidence, we could be getting a dose of realism that’s causing some reasonably skittish market movements,” said Jeremy Stretch, head of foreign-exchange strategy at Canadian Imperial Bank of Commerce in London. “It does look like the margin between the two sides is going to be relatively tight, and accordingly sterling volatility is going to remain elevated until we get a more definitive picture.”
The debate over Britain’s future has dominated trading in June, with anxiety over the economic impacts of a Brexit, and the boost it could give to anti-establishment sentiment globally, stoking market volatility around the world. Riskier assets from equities to industrial metals rallied this week amid speculation sentiment was shifting toward remaining. A YouGov poll after voting closed put “Remain” in front, only to be superceded by a separate survey put the result much closer. A bigger-than-expected swing to “Leave” in the key area of Sunderland sparked the pound’s selloff.
http://www.bloomberg.com/news/articles/2016-06-23/pound-surge-builds-as-polls-show-u-k-to-remain-in-eu-yen-slips
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