What you need to know on Wall Street right now
The Hangover
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Welcome to the 'Brangover.'
Markets are still digesting the news out late last week that the UK voted to leave the European Union. As was the case on Friday, stocks are sliding, the British pound is tumbling, and gold is rallying.
It seems clear that the decision will change global finance in a fundamental way.
The decision will have an outsized impact on investment bank earnings, and it spells bad news for dealmakers. As a case in point, Britain's government has scrapped plans to sell stakes in RBS and Lloyds Banking Group this year.
World leaders and economic experts have said Brexit is 'as significant as post-9/11.' In the UK, analysts are throwing around words like "recession," "contagion," and "stagflation." S&P has cut the UK's credit rating.
Of course, Britain is getting exactly what it voted for.
It's not all bad for Wall Street. A select group of hedge funds made some serious money on Brexit.
Legendary investor George Soros was one of them, though he didn't bet against sterling this time around.
Here's the best of the rest in Wall Street headlines today:
We're all in a Brexit market now - Cross-asset correlations have skyrocketed.
China's reaction to Brexit has already put the entire world at risk - The entire world is hysterical about Brexit, the UK's decision to leave the European Union last week.
A former Fed president says Brexit proves the Fed should cut rates - Narayana Kocherlakota thinks the Fed is going the wrong way and Brexit proves it.
Don't panic - the Brexit shock is not as bad as it looks - John Stoltzfus at Oppenheimer has pointed out, however, that the wild response on Wall Street wasn't exactly monumental when taken in context.
Here's how to trade a geopolitical shock - Geopolitical events tend to make traders and investors nervous, which then sometimes leads to volatility in financial markets.
A Brexit is terrible news for airlines - Airlines serving the United Kingdom will not come out on top.
Hillary Clinton is campaigning with Elizabeth Warren for the first time - Democratic presidential candidate Hillary Clinton will campaign for the first time with populist US Senator Elizabeth Warren in Ohio on Monday in an early move to neutralize Republican Donald Trump's appeal in the bellwether state.
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- Foreign tourist arrivals in India will cross pre-pandemic level in 2024
- Upcoming smartphones launching in India in May 2024
- Markets rebound in early trade amid global rally, buying in ICICI Bank and Reliance
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- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
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- Most generous retirement plans
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- Cibil Score vs Cibil Report
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- Nestle Sept 2023 report
- India Equity Market