Overview
So what happened during the second quarter 2016? Well, the elephant in the room was the United Kingdom’s (UK) referendum to leave the European Union (EU), also known as the Brexit. The referendum was set by British Prime Minister David Cameron to appease a national populist movement concerned by fears that the UK was losing its national sovereignty to the European Union.
Global equity markets declined sharply on the news. Media experts opined that the vote would spark a chain reaction of adverse events that would lead to the eventual breakup of the European Union. However, two days after the vote, cooler heads prevailed and equity markets started to recover from their initial reaction. How the vote will ultimately affect European, British, and Global markets remains to be seen, as events are very much in a state of flux and new nuances of the Brexit seem to appear daily. Read more.
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