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Shares fall as 'Dr Doom' warns of Brexit risks - business live

Discussion in 'Market News' started by Lily, Jun 21, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    Nouriel Roubini predicts Brexit could cause a recession, as financial investors brace for fresh turmoil from Britain’s EU referendum vote

    8.22am BST

    Sterling has touched a new seven-week high this morning, extending yesterday’s recovery.

    The pound hit $1.4740 against the US dollar, it’s best level since the start of May. Yesterday it surged by around three cents, in its strongest rally in almost eight years.

    8.20am BST

    London’s stock market is falling in early trading, as traders get another dose of Brexit jitters.

    The FTSE 100 index had shed 40 points in the first few minutes, a drop of 0.6%, to 6165 points.

    8.09am BST

    Nouriel Roubini, one of the world’s most famously pessimistic economists, has urged the UK not to quit the EU.

    Roubini won the nickname “Dr Doom” for his dark predictions in the run-up to the financial crisis, and was proved right when the 2007 credit crunch struck, leading to the collapse of Lehman Brothers in 2008.

    Brexit would cause significant damage to the UK economy & to the employment & well being of Britons. The UK is much better off inside the EU

    Brexit could stall the UK economy and tip it into a recession as the shock to business and consumer confidence could be severe

    The UK - having large twin current account & fiscal deficits - may risk a sharp currency fall & a sudden stop of capital following Brexit

    Roubini's view -significant as it explodes "economists are all EU-funded and uselessly failed to predict crash" meme https://t.co/QznOxAeiKn

    They love my beautiful mind.”

    “I am ugly, but they’re attracted to the brains. I’m a rock star among geeks, wonks and nerds.”

    Vote for a united country that reaches out to the world.
    Vote Remain
    Tomorrow's Guardian pic.twitter.com/LD32hU9ukq

    7.36am BST

    Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

    With two days to go, Britain is still locked in its referendum bubble. And investors around the globe are pressing their noses against the glass, wondering whether the UK will take the historic step to leave the European Union.

    Related: Pound posts biggest rise in eight years as FTSE jumps 3%

    Financial markets appear to be taking the view that the race may well already be run, which given the twists and turns seen already in this campaign may well be extremely far sighted, or dangerously premature.

    With more polls due out later today we can expect to see further volatility unfold in the event of a move either way.

    UK FTSE futures show bit of money off table again today after #Brexit polls mixed & yesterday's stellar rally

    Continue reading...

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