Brexit, the nasty surprise

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Please find enclosed an update of the Investment Framework : Brexit, a nasty surprise

 

  • Against our base case and the betting market odds, the British have voted to leave the European Union, ignoring Cameron’s appeals to stay in the EU by 52% to 48%.The negative initial response of currency and equity markets indicates that the UK vote is a clear surprise for many observers and participants and a global risk event with long-lasting political and economic consequences
  • The near-term market direction will be dominated by policymakers response to the UK vote and by  macro considerations.
  • Asset prices adjustments nay have further to go.

Global Investment framework – Brexit update

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NOVACAP Asset Management

NOVACAP Asset Management

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