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Worst FTSE falls in history.

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  • just wait til one of the major banks leave and then northern ireland and scotland vote to leave the uk.. Pandora's box this referendum.

    The Republic of Ireland is waiting to welcome any companies who decide to quit London.

    Several already have their European shared services administrations located in Dublin.



  • Will soon sort itself out. Already less than a 5% drop and back above 6000 pts.........higher than it was 2 weeks ago.

    a lot of fuss about nothing.

    This, its only 7 hours since the official result was given.
  • I would have thought Black Monday in 1987 saw bigger falls.
  • I must say you all seem very calm considering a financial earthquake has just happened in your country which will soon (or is already) affect the global market.... I work in the international business department of a bank here in China and thank goodness we don't have corporate customers who do import/export business in pounds... Currency fluctuations are never good for a country's economy and I reckon there will be a lot of British companies facing financial losses now that the pound is in free fall.

    Phew, that's a relief thought you were going to say British companies facing financial ruin.
  • msomerton said:

    I would have thought Black Monday in 1987 saw bigger falls.

    It certainly did in % figures - around 15 - 20% fall

    Also, the FTSE 100 still finished 1987 higher than it started the year, even with the falls seen that week
  • Sterling falling is fantastic for our exporting manufacturers.
  • MrOneLung said:

    Sterling falling is fantastic for our exporting manufacturers.

    Shame leaving the EU does the complete opposite. So making the fall of the Pound worthless.
  • On the bright side we could have a great two years of exports with the pound weak and yet still part of the single market. Every cloud.
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  • I must say you all seem very calm considering a financial earthquake has just happened in your country which will soon (or is already) affect the global market.... I work in the international business department of a bank here in China and thank goodness we don't have corporate customers who do import/export business in pounds... Currency fluctuations are never good for a country's economy and I reckon there will be a lot of British companies facing financial losses now that the pound is in free fall.

    Most of us have been there, done that. It's the little kids with no real experience of what to do that will be running around, panicking, chasing markets up and down. the reality is nothing has actually changed and nothing will change, in or out. The UK Will carry on trading, we will keep on crossing borders, as will the EU and the rest of the world. The Pound crashing hurts the rest of the world just as much as it does the UK. If we can't afford to buy goods because they are too expensive then it's somebody else's problem that they need to solve psq especially if our goods become a lot cheaper and undercut theirs. The Pound will be back where it started pretty soon, as will the stock markets. A lot of traders will have their fingers burnt in the meantime and a few lucky ones will make a huge profit and try and delutionally claim it was all down to their skills, whereas the reality will be they were lucky. In the meantime what really matters is who is going to be charlton's next signing and will England beat Iceland
    That is such a macro view. Things will happen to real people, like job losses, not just on paper markets.
    The only job losses that will happen because of this are Cameron's resignation and those traders that got fcked by last nights market swings
    All that rebalancing you dismiss with a couple of sentences, what happens to people working for companies involved in this? Some companies are going to go bust, people are going to lose jobs over this.

    It's not just about some headline figure, there are real social costs and consequences.
  • Relax. Anyone who invests in the stock market will presumably have heard of Neil Woodford and he's not having kittens like many on here.

    https://woodfordfunds.com/blog/brexit-initial-thoughts/

    I see Jim Mellon was in favour of Brexit too

  • MrOneLung said:

    Sterling falling is fantastic for our exporting manufacturers.

    Maybe, but as the UK imports far more than it exports it's not as good for the economy as some seem to believe and as a result increased inflation is a distinct possibility.
  • Chunes said:

    Didn't realise we had so many accurate stock market predictors on here. You must all surely be millionaires!

    and i suppose you are??

    What a strange comment
    There are people on this thread talking about how the market's going to bounce back like they know it for a fact. I'm assuming they must make a lot of money with this mystic meg knowledge
  • I must say you all seem very calm considering a financial earthquake has just happened in your country which will soon (or is already) affect the global market.... I work in the international business department of a bank here in China and thank goodness we don't have corporate customers who do import/export business in pounds... Currency fluctuations are never good for a country's economy and I reckon there will be a lot of British companies facing financial losses now that the pound is in free fall.

    Most of us have been there, done that. It's the little kids with no real experience of what to do that will be running around, panicking, chasing markets up and down. the reality is nothing has actually changed and nothing will change, in or out. The UK Will carry on trading, we will keep on crossing borders, as will the EU and the rest of the world. The Pound crashing hurts the rest of the world just as much as it does the UK. If we can't afford to buy goods because they are too expensive then it's somebody else's problem that they need to solve psq especially if our goods become a lot cheaper and undercut theirs. The Pound will be back where it started pretty soon, as will the stock markets. A lot of traders will have their fingers burnt in the meantime and a few lucky ones will make a huge profit and try and delutionally claim it was all down to their skills, whereas the reality will be they were lucky. In the meantime what really matters is who is going to be charlton's next signing and will England beat Iceland
    That is such a macro view. Things will happen to real people, like job losses, not just on paper markets.
    The only job losses that will happen because of this are Cameron's resignation and those traders that got fcked by last nights market swings
    All that rebalancing you dismiss with a couple of sentences, what happens to people working for companies involved in this? Some companies are going to go bust, people are going to lose jobs over this.

    It's not just about some headline figure, there are real social costs and consequences.
    Terrible for those affected of course, but it happens! What about all the people at BHS and Woolworths etc. that have lost jobs and the industries up in the midland and Ooop north!

    A job loss is a job loss - these will not be any more terrible than those that have gone before.
  • Everyone should be aware that markets don't like uncertainty and always fall in the short term.

    This is always the time to buy and I've been trading since 9am.
  • I must say you all seem very calm considering a financial earthquake has just happened in your country which will soon (or is already) affect the global market.... I work in the international business department of a bank here in China and thank goodness we don't have corporate customers who do import/export business in pounds... Currency fluctuations are never good for a country's economy and I reckon there will be a lot of British companies facing financial losses now that the pound is in free fall.

    Most sensible corporates cover exchange rates by doing forward deals, so no real effect for probably 6-12 months by which time it will have all settled down.
  • edited June 2016
    Chunes said:

    Chunes said:

    Didn't realise we had so many accurate stock market predictors on here. You must all surely be millionaires!

    and i suppose you are??

    What a strange comment
    There are people on this thread talking about how the market's going to bounce back like they know it for a fact. I'm assuming they must make a lot of money with this mystic meg knowledge
    I agree, everyone on the internet is an expert. But your point also works against those who are saying we're financially doomed. Basically no one knows and we won't know for several years.
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  • I must say you all seem very calm considering a financial earthquake has just happened in your country which will soon (or is already) affect the global market.... I work in the international business department of a bank here in China and thank goodness we don't have corporate customers who do import/export business in pounds... Currency fluctuations are never good for a country's economy and I reckon there will be a lot of British companies facing financial losses now that the pound is in free fall.

    Most of us have been there, done that. It's the little kids with no real experience of what to do that will be running around, panicking, chasing markets up and down. the reality is nothing has actually changed and nothing will change, in or out. The UK Will carry on trading, we will keep on crossing borders, as will the EU and the rest of the world. The Pound crashing hurts the rest of the world just as much as it does the UK. If we can't afford to buy goods because they are too expensive then it's somebody else's problem that they need to solve psq especially if our goods become a lot cheaper and undercut theirs. The Pound will be back where it started pretty soon, as will the stock markets. A lot of traders will have their fingers burnt in the meantime and a few lucky ones will make a huge profit and try and delutionally claim it was all down to their skills, whereas the reality will be they were lucky. In the meantime what really matters is who is going to be charlton's next signing and will England beat Iceland
    That is such a macro view. Things will happen to real people, like job losses, not just on paper markets.
    The only job losses that will happen because of this are Cameron's resignation and those traders that got fcked by last nights market swings
    All that rebalancing you dismiss with a couple of sentences, what happens to people working for companies involved in this? Some companies are going to go bust, people are going to lose jobs over this.

    It's not just about some headline figure, there are real social costs and consequences.
    Terrible for those affected of course, but it happens! What about all the people at BHS and Woolworths etc. that have lost jobs and the industries up in the midland and Ooop north!

    A job loss is a job loss - these will not be any more terrible than those that have gone before.
    What about them? They were badly run companies, nothing to do with our membership to the EU. I was disagreeing with the previous poster for his too general view.

    A job loss is not always the same, to lose your job in a time of recession is not the same as in a boom. There needs to be other jobs to go for and a fairly run support system in place when there are not, both of which are going to be questionable. There is not a single commentator that thinks this will lead to an economic gain in the short term.
  • An email I've just received from Hargreaves Lansdown, entitled "UK votes for Brexit":
    The people of the UK have voted to leave the European Union. The result of the referendum was announced this morning with 52% voting to leave against 48% voting to remain.

    The UK stock market and the pound had both rallied strongly over the past week in anticipation of a Remain vote. As such the market reaction was severe this morning, with the FTSE 100 opening sharply lower and sterling weakening significantly against the US dollar.

    However, since then both have regained some of the lost ground. As at 11am the FTSE 100 stood above 6,000 again - broadly the same level we saw a week ago.

    Financials (especially banks) and housebuilders were among the worst-affected stocks, as investors fear Brexit will have a negative impact on both sectors. Conversely, defensive stocks generating large overseas revenues have fared much better - companies in sectors such as consumer goods, pharmaceuticals and tobacco have in some cases only seen minimal share price movements.

    What next?

    We have always promoted a level-headed, long-term approach to investing, and I would urge investors not to act in haste. Where we go from here is uncertain - the market is likely to be volatile over the coming days and further falls are possible.

    However, markets also have a tendency to overcorrect - wherever the bottom may be we are likely to see a swift bounce from that level. While moving to cash will shelter you from further falls, it also means you may miss any subsequent rises - getting your timing right in these situations is difficult and mistakes can be costly.

    I expect the dust to settle fairly quickly, with a dawning realisation that everything has changed and nothing has changed. For the vast majority of UK companies it will be a case of business as usual on Monday. Many have been through more severe tests in the past and passed with flying colours.

    It will take a minimum of two years to organise our exit from the EU, though I can see it taking far longer. In the meantime trade will continue - German car manufacturers will still want to sell cars here, and UK businesses will still export to Europe. It is in nobody's interest not to negotiate good trade agreements. In the meantime monetary policy is likely to remain supportive, with a rise in interest rates seemingly off the table for the foreseeable future and the potential for more quantitative easing.

    At some stage over the next few days I expect there will be a buying opportunity for the adventurous, though exactly when that is will only become clear with the benefit of hindsight. History has shown that investments made at times of pessimism have the greatest chance of success. Market falls like this always feel uncomfortable. I remember clearly the mood of despondency in 1987, yet if you look at a long-term chart, the crash of 1987 seems like a blip.
    Yes, they're in the business of getting people to part with their money via investments, but it's an interesting take none-the-less.
  • edited June 2016
    Similarly, an email from LendInvest - who provide investment opportunities via crowdsourcing mortgages - on the way that Brexit effects them and the housing market in the UK:
    As you probably know by now, the UK has voted to leave the European Union. As the UK moves into this transition, LendInvest does so as a company that is very well-capitalised, profitable and with one of the most diverse funding bases of any UK mortgage or marketplace lender.

    It is this sort of major market-moving event that we have built our business to be able to withstand.

    Right now, our priority is ensuring that LendInvest remains a great place for very talented people to come to work, regardless of their country of origin. We have a great - and growing - team in place and it’s business as usual for all of us today.

    Longer-term, we do not anticipate a wide-scale crisis of 2008 proportions impacting UK property. In fact, we believe that talk of a property crash may be exaggerated. Overnight the fundamentals of the property market have not changed - demand still strongly outweighs supply, the country remains in the grip of a huge housing deficit providing the foundation for the market, and property will always be an attractive asset class.

    It is possible that we will see some downward movement in house prices around the country, particularly in London and the Southeast, as the market adapts to the new status quo. It is our firm belief, however, that the UK property market remains fundamentally resilient.

    Where there are shocks, there are opportunities too. Brexit may provide an opening for the UK housing market to cool and reset in areas where rising houses prices are stifling first time buyers and others that want to buy property. Added to this, the possibility of some interest rate fluctuation and the falling value of the pound against other currencies should go a long way to offsetting selling pressure.

    At the end of the day, people still need houses to live in, and the fact that we are leaving Europe doesn’t change that.
    Once again, it's anecdotal and taken from somewhere which has a vested interest in getting more peoples money - however the observations regarding what this may mean for the UK property market are quite interesting.
  • Isn't Hargreaves a major funder of UKIP?
  • Chunes said:

    Chunes said:

    Didn't realise we had so many accurate stock market predictors on here. You must all surely be millionaires!

    and i suppose you are??

    What a strange comment
    There are people on this thread talking about how the market's going to bounce back like they know it for a fact. I'm assuming they must make a lot of money with this mystic meg knowledge
    Markets bounce back, it's what they do. Some of the most profitable times are to be had immediately after an event like this, that's not mystic meg chat at all, just market pattern knowledge.

  • edited June 2016
    IA said:

    Isn't Hargreaves a major funder of UKIP?

    Peter Hargreaves was a major funder of the Brexit campaign, however he is no longer an employee or director of Hargreaves Lansdown. Presumably he would still have financial interests in it though.

    However, Hargreaves Lansdowne as a company actively distanced itself from his Brexit support.
  • LuckyReds said:

    IA said:

    Isn't Hargreaves a major funder of UKIP?

    Peter Hargreaves was a major funder of the Brexit campaign, however he is no longer an employee or director of Hargreaves Lansdown. Presumably he would still have financial interests in it though.

    However, Hargreaves Lansdowne as a company actively distanced itself from his Brexit support.
    Lansdown also owns Bristol City FC and Bristol RUFC
  • LuckyReds said:

    IA said:

    Isn't Hargreaves a major funder of UKIP?

    Peter Hargreaves was a major funder of the Brexit campaign, however he is no longer an employee or director of Hargreaves Lansdown. Presumably he would still have financial interests in it though.

    However, Hargreaves Lansdowne as a company actively distanced itself from his Brexit support.
    Yes but he is still a major shareholder. As of this tax year, he'll be getting just a little less by way of dividend because my money will be going to another firm.
  • Everything's going to be fine. England is too big to fail.
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