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Markets Move Toward Stability After ‘Brexit’ Turbulence Markets Move Toward Stability After ‘Brexit’ Turbulence
(about 3 hours later)
Financial markets regained some of their equilibrium on Tuesday after days of turbulence following Britain’s vote to leave the European Union. Financial markets regained some equilibrium on Tuesday after days of turbulence following Britain’s vote to leave the European Union.
The pound, whose precipitous slide since the so-called Brexit decision took it to a three-decade low on Monday, clawed back some of its losses, while London’s main stock index and European shares rose as well. Earlier in the day, Japan’s main stock average made gains during trading in Tokyo but finished flat. The pound, whose precipitous slide since the so-called Brexit decision took it to a three-decade low on Monday, clawed back some of its losses, while London’s main stock index and Continental European shares rose, as well. Earlier in the day, Japan’s main stock average made gains during trading in Tokyo but finished flat.
Fallout from the British vote on Thursday has shaken markets worldwide, as investors have grappled with a long list of uncertainties. Britain and the European Union must find a way to navigate the complex separation process, and it was unclear whether either entity could survive without disintegrating further. Fallout from the British vote on Thursday has shaken markets worldwide, as investors have grappled with a long list of uncertainties. Britain and the European Union must find a way to navigate the complex separation process, and it was unclear whether either entity could survive without further upheaval.
Senior officials in Europe, the United States and Asia have all made assurances that they stood ready to stabilize markets. But stocks fell sharply in the days after the British vote, and prices for bonds rose as investors looked to havens. Senior officials in Europe, the United States and Asia have all made assurances that they stood ready to stabilize markets. Stocks fell sharply in the days after the British vote, and prices for bonds rose as investors sought havens.
The British exit from the European Union has raised fears of a prolonged period of uncertainty in one of the world’s biggest economies as it seeks to leave the 28-nation bloc. David Cameron, Britain’s prime minister, has said he plans to resign, but a replacement is not expected in place for months. The country has not yet invoked the legal clause that starts negotiations for its withdrawal. The British vote to exit the European Union has raised fears of a prolonged period of uncertainty in one of the world’s biggest economies as it seeks to leave the 28-nation bloc. David Cameron, Britain’s prime minister, has said he plans to resign, but a replacement is not expected for months. The country has not yet invoked the legal clause that starts negotiations for its withdrawal.
And the country was dealt a further blow late on Monday as the ratings agency Standard & Poor’s announced that it was stripping Britain of its AAA credit rating, making it the last of the three major ratings agencies to do so. The country was dealt a further blow late on Monday as the ratings agency Standard & Poor’s announced that it was stripping Britain of its AAA credit rating, making it the last of the three major ratings agencies to do so.
In Asia, Japanese officials sought once again on Tuesday to prevent the strengthening of the yen, an asset that many currency traders see as a haven from troubles in Europe.In Asia, Japanese officials sought once again on Tuesday to prevent the strengthening of the yen, an asset that many currency traders see as a haven from troubles in Europe.
A stronger yen is widely seen in Japan as bad for corporate profits and deflation, and Finance Minister Taro Aso said that the authorities were ready to respond if necessary. A stronger yen is widely seen in Japan as bad for corporate profits and a source of deflation, and Finance Minister Taro Aso said that the authorities were ready to respond if necessary.
“Financial market stability is extremely important,” he told reporters after a regular cabinet meeting, though he added that markets were “somewhat calmer this week.”“Financial market stability is extremely important,” he told reporters after a regular cabinet meeting, though he added that markets were “somewhat calmer this week.”
The yen was little changed on Tuesday, while the Nikkei, Japan’s main stock index, which has fluctuated wildly since the vote, stayed basically flat, rising less than 0.1 percent.The yen was little changed on Tuesday, while the Nikkei, Japan’s main stock index, which has fluctuated wildly since the vote, stayed basically flat, rising less than 0.1 percent.