The UK narrowly voted on Thursday (52:48) to leave the European Union, an unprecedented move with an unclear outcome. What follows will undoubtedly be at least two years of uncertainty, but how will the offshore financial centres fare?
Last week Portfolio Adviser suggested that the bookmakers’ odds strongly favouring a British vote to stay in the EU were not as reliable as many fund managers thought. And right we were…
In a joint statement on Friday, the EU leadership urged the UK to start departure processes immediately as “any delay would unnecessarily prolong uncertainty”.
As banking stocks plummeted on Friday morning, Bank of England governor, Mark Carney sought to remind the market that they are in good health and reassure investors the BoE stands ready to do whatever is needed.
China’s yuan as well as regional currencies are likely to see selling pressure, according to analysts who opined on the outcome of today’s vote.
An “acrimonious” Brexit is likely to lead to Bank of England rate cuts, flailing FTSE indices and fall in consumer confidence, according to head of UK Investment Office at UBS Wealth Management, Bill O’Neill, and UK economist at UBS Investment Bank, David Tinsley.
The United Kingdom’s unemployment rate fell to an 11-year low of 5% in the three months to April, data released this morning showed.
For the third time since 2013, the US index provider rejected the inclusion of China A-shares in its flagship emerging market indices, highlighting key unresolved issues.
Some of Schroders best known fund managers have picked out what they see as the biggest concerns for investors in the near term.
A Federal Reserve interest rate rise this month is now widely considered off the table after the latest non-farm payroll number came in significantly below forecasts.
The FTSE 100 index could fall by as much as 10% and the FTSE 250 index and commercial real estate sector might be braced for an even bigger slump post-Brexit, said Caroline Simmons of UBS Wealth Management (UBSWM).
Around 24% of financial advisers in the UK will vote for Britain to leave the European Union, research from the Association of Professional Financial Advisers (Apfa) shows.
