“Brexit” Is Here. What’s Next for Markets?

The unexpected has come to pass with Britain voting to leave the European Union (EU). Investors, most of which were positioned for the alternate outcome, are now wondering what could happen next. Here are the four main consequences they can expect.

First, we expect markets to be hit with an immediate volatility shock. Markets have never dealt with an event like this before, so analysts have no framework to evaluate it. Moreover, most investors were positioned for the opposite outcome: that the “remain” camp would win. So the shock will be global, similar to the way the localized Chinese equity crash last year quickly spread around the world.

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