Keep calm, it's Brexit: reactions to Britain's exit from the EU

Risk asset markets were already staring at darkened skies in early June, as a result of higher prices amidst deteriorating economic and earnings fundamentals. The United Kingdom’s decision to leave the European Union (EU) will turn this into a perfect storm… ‘Brexit’ will add a new – and very threatening – dimension. The UK faces a decline in economic activity as a result of its loss of previous trading privileges within the EU. The EU faces the threat of contagion and further stresses on the unity of the Union. And an aggravated ‘risk-off’ will threaten the value of bank assets, potentially putting at risk bank capital.

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