Brexiters hailed their victory with muted enthusiasm and undisguised concern. Prominent ‘leave’ campaigners called for restraint and patience, highlighting the need to assess strategy carefully before moving for a pull-out. They adamantly rejected triggering the process before informal talks with European partners could pave the way for a balanced outcome.
“The EU has to make itself attractive” in the wake of Brexit. Brussels is trying to force London to accelerate its departure process “as soon as possible, despite how painful that may be,” according to European Commission President Jean Claude Junker. During the European Summit on Tuesday, the the scenario for the new EU with 27 Member States will be presented.
The management of the UK’s NO to Europe is not simple. In the first place, because the interests of the Brexit camp are contradictory and they have told too many lies which the British people are not going to forget.
The UK turned its back on the European Union’s project. Experts in the UK, Germany, Spain and the US analyse this event that took financial markets by surprise.
Shaun Riordan | The British have voted decisively to leave the EU. The demographics of the referendum suggest that ordinary voters wanted to give the metropolitan elite kicking. For the British, this was their Trump moment. But now begin the months and years of uncertainty. This is not a single event which markets can price in, but rather a process which will continue to drive volatility in currency and equity markets for the foreseeable future.
Natixis AM Global | Everyone seems to agree that a Brexit either will create market volatility or already is creating volatility, or both. That’s hardly the news. I think it’s perhaps more interesting to consider the type of volatility created; that is, one with a very uncertain path of interconnected events.
Just as the British Isles can hardly drift away from the continent we call Europe, the UK won’t quit the EU so easily, even if Brexit supporters are victorious in Thursday’s referendum. Agreeing to the terms of a switch-off process would prove agonisingly slow and tricky, taking no less than five years to complete the disentanglement from common discipline.
With one day to go to the referendum, the Brexit flame looks like its going out: the polls have completely turned around since the murder of MP Jo Cox. In the two previous weeks, it looked as if the rise in the polls in favour of the Brexit camp was going to be unstoppable and the markets did not stop showing their concern.
AXA IM | No changes to our asset allocation: Given the prevailing uncertainty we confirm our prudent strategy with an underweight in equities but reiterate our positive view on credit. We also repeat our recommendation to hedge the risk of a possible Brexit
James Alexander via Historinhas | It is reported that 90% of UK economists are in favour of the UK remaining in the EU. They have carefully considered the costs and benefits of the UK leaving and mostly decided the economic loss is great, up to 8% of RGDP by 2030 – or around 0.5% per year for the next 14 years.