The United Kingdom voted to leave the European Union after the referendum ended 52% in favour of “leave” and 48% “remain”. $3.6 trillion was the number erased from global equity markets after Friday and Monday’s selloffs. Credit ratings for the U.K. were revised downward by Moodies (AA+ to AA) and S&P (AAA to AA), respectively. The U.K. net lending to individuals figure up (MoM) to £4.3 billion (May) from £1.6 billion (April). Consumer confidence has risen in the US, but has dropped in Italy. The South African rand has shown some strength over the last few volatile days, pulling back to R14.77 from R15.70 on Friday last week. Foreigners are net buyers of South African equities, now totalling R17.687 billion year to date.
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The Wealth Inequality Problem | Cannon Asset Managers research