Morning Agenda: Markets Shaky As Political Chaos Continues in the Wake of ‘Brexit’
ByMARKETS SHAKY AS POLITICAL CHAOS CONTINUES IN THE WAKE OF ‘BREXIT’ | The turmoil that roiled markets on Friday gave way to weak sentiment on Monday morning, as uncertainty created by Britain’s vote to leave the European Union weighed on Asian stocks, Reuters reports. The pound tumbled further, sliding 2 percent in Asia on Monday, but the extreme volatility of last week receded a little. The euro also remained under pressure, while European stocks started the week with a slump and continued to slide later in the day. As with last week, banking stocks were battered. Shares in Barclays and RBS fell so much that they were suspended from trading.
At the same time, the political chaos in Britain continued into Monday. The opposition Labour Party split into warring camps, while the governing Conservatives were drawing their battle lines, Steven Erlanger reports in The New York Times.
Speaking before the European market open, Chancellor of the Exchequer George Osborne said he expected more volatility, but noted that the British economy was “about as strong as it could be”and in a position to weather the effects of leaving the European Union,Jonathan Soble and Prashant S. Rao report in The New York Times. The pound pared some of its losses after his speech…
Morning Agenda: Markets Shaky As Political Chaos Continues in the Wake of ‘Brexit’
