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Immediate financial market movements post-Referendum
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This is a preview from the National Institute Economic Review, August 2016, no 237
Ahead of the forthcoming issue of the National Institute Economic Review (NIER no. 237) that will be published on Wednesday 3rd August, we release a series of boxes, each of them looking at specific aspects of the economic implications of the EU Referendum outcome.
This box, prepared by Jessica Baker, analyses the immediate financial market movements post-EU Referendum.
Jessica Baker, Database Manager in Modelling and Forecasting, said that "although financial market prices displayed considerable volatility after the referendum result, the following overall pattern of responses seems clear: the value of sterling has fallen markedly and bank equity prices have suffered, with a rise in the probabilities of bank default; money market rates and government bond yields have also fallen. This would seem to imply that while sterling-denominated assets seem riskier overall, there is still a strong appetite to hold fixed income."
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