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Economy

U.K. Markets Rally From Bottom After Brexit Drop

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By Douglas A. McIntyre Updated Published
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U.K. Markets Rally From Bottom After Brexit Drop

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The only markets which have recovered from bottoms made by sell-offs in Asia and Europe are those in the U.K. The FTSE 100, which was off over 8% has come back to a drop of 4.2% at 6,067. Traders in Britain don’t appear to think the news is so bad after all.

Oddly, the German and French markets are down much more. The DAX is down 6% to 9,641. The CAC 40 is down 7.9% to 4,118

Clearly traders believe that the EU will get the worst of the bargain. Perhaps investors think that global trade with the U.K. will not weaken, even with its former EU partners. Too much is a stake to have a vote destroy entirely, an financial relationship which is decades old.

And, perhaps worries that other nations will leave the EU have weighed much more on it than on the U.K.  After all, the U.K. has already left.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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