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Has the UK Really Collapsed?

Daily Recap

Today was the 3rd consecutive day of rebound from the Brexit mess, and has taken markets to the point where now people are questioning just how bad the UK's exit will be after all.  

Asian stocks had a lackluster day, but prices for European shares rallied substantially. London's FTSE was the leader, up 2.27%. US stocks were big winners, with the Dow once again up over 200 points. A big part of today's optimism was the indication that central banks are planning to further loosen monetary policy. The Fed's "sure bet" rate hike later this year is starting to look like more of a long-shot.  

Crude oil prices fell 3% today, the dollar rose slightly, and fixed income yields fell several basis points.  Interestingly, our recommended oil shares (CVX and XLE) were higher today as well, despite lower crude oil prices. Precious metals had another nice day. Gold rose $5, but the show ... Log in or subscribe to continue reading.


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