Ad hoc on Brexit vote
Today we give you an update on current market developments and our Brexit investment blog (http://www.innovatis-suisse.ch/investmentblog-on-upcoming-brexit-vote/)
British voters surprise global financial markets by a 52% majority voting for Brexit (UK leaving EU) vs. 48% for Bremain (UK staying in EU). While recent polls expected a very close finish financial markets increasingly had been expecting a Bremain vote in recent days. Thus we see sharp corrections today after US markets ended still very positive yesterday. This morning Japanese and European stocks lose 8-12% and the British Pound 6% vs. the Euro and 9% vs. US Dollar.
This vote is actually just a poll and the current British government promise to act accordingly. Now we are facing a quite lot of possible changes. On the short run UK government and EU authorities will start negotiation terms of exit and future cooperation. This will take at least 2 years. Until then formally nothing has changed yet. The UK will get a new government or even breakt apart if e.g. Scotland or Northern Ireland want to stay in EU. The EU will reorganize itself. Further exits might follow. A stronger and closer community could develop.
Currently uncertainty dominates markets. Erwin Lasshofer and his INNOVATIS will take advantage of the current opportunities from increased volatility to create attractive products at excellent prices. Check with us for a Managed Account for full investment service while keeping control of your account.
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