Brexit At Tiffany’s: EU Banks Fall Back To February Levels (Not End Of The World)

Jon Market Commentary, Politics

I made the mistake of reading the Washington Post this morning. To the WaPo, Brexit is like the film ‘Armageddon’ with Bruce Willis and Ben Affleck.
Now, it is only the Saturday (in the USA) after Brexit. The media focused on global doom and gloom in yesterday’s market. And global markets did fall.
But let’s look at European banks. Here is the price reaction of the Euro Stoxx bank price index after the Brexit vote was announced. Yes, the bank price index fell from 102.87 to 84.28 Euros. But it didn’t fell to zero as some would have you believe.

This post was published at Wall Street Examiner on June 25, 2016.