As Britain leaves the European Union, fear became the dominant sentiment that badly affected the global stock market. Apart from Europe, the markets in America and Asia also experienced a slump particularly as predictions of a U.K. recession circulated. Global stocks were said to be in their worst monthly performance since January.
In Europe, shares of U.K. and European banks are now underperforming. They have been and are still the worst performing sectors. The Deutsche Bank, for its part, has recorded another record low after failing in a U.S. stress test.
In the U.S., Wall Street recorded its biggest fall in 10 months while Moody’s put the U.K. on negative outlook owing to the economic problems caused by Brexit. The downgrading by Moody’s from a stable rating to negative covers the U.K. banks and insurers.
In Asia, Japan’s Nikkei index has been experiencing its major fall since the 2011 disaster in Fukushima. Also, the Japanese 10-year government debt yields as well as that of Germany have been slipping to historic lows below zero over the past week.
As for oil, it has successfully recovered from the shock brought about by Brexit. Brent crude, for instance, has increased 26 percent amid a positive outlook that the drop in production in some countries would help ease a global crisis.
Meanwhile, the latest news noted that with most dramatic and scary trading sessions taking place, the move by Britain to exist EU has wiped out more than two trillion dollars of value. On the contrary, gold remains at its best condition achieving a two-year high on its price after the referendum result was released. Gold is considered a safe asset particularly during uncertain times.
Along with gold, government bonds are also safe investments. Demand for these financial products continue to be on the upswing which means their prices are also increasing. As a result, this leads to a drop in their yields.
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