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27.06.2016

t’s the British style exit from EU membership. Yes, UK voters astonished many of EU leaders and may be even some of market makers by voting result to leave the EU membership. Many leaders thinking how to prevent domino effect of the leaving EU between members like Nederland, France and others. It’s time to count economic and financial results for both UK and EU. Of course they will be in partnership but UK was the second largest economy in EU and without UK membership, EU is out of any political and economic rivalry with US now. Regarding to speech of Bank of England governor Mark Carney, UK financial system was ready to this kind of voting result. But Brexit hardly demolished global financial markets.

Nikkei has fallen down 7,92% (index 14,952,02), Nippon Sheet Glass is the top loser of the market as it’s lost 18,60% of it’s share value for a day. Non of Japanese stocks has gained value on Friday 24th of June 2016.

Russian RTSI followed Nikkei and fell 3,04% (index 912.49) top loser is MegaFon lost 5,25% in value.

Turkish BIST the next fell 3,36% (index 75,366) and top loser is Ford Otosan lost 7,64% in value.

German DAX fell 6,82% (index 9557.16) top loser Deutsche Bank AG lost 14,13% in value. French CAC 40 fell 8,04% (index 4106.73) top loser again a major banking institution lost 20,57% in value.

But FTSE fell just 3,15% (index 6138.69) top loser Taylor Wimpey lost 29,26% in share value.

S&P 500 fell in love with other stock exchanges and followed the global losers trend by 3,64% lost (index 2036.40) and top loser Invesco lost 13,74% in share value.

What should be expected in short term? Global financial markets should calculate value of Brexit and give it a real price. For Japanese stocks I am expecting correction soon. Many of industrial Japanese stocks are undervalued at this moment. Russian and Turkish stocks were not lost as much, because these markets are considering slightly effect of Brexit into their markets. Just a little bit higher than 3% lost for emergency markets like Russia and Turkey could be considered as usual volatility.

German and French stocks are highly depending on domino effect for other EU countries. Next week we will keep track on speeches of leaders of EU member countries. I am expecting to continue of falling DAX, CAC and FTSE indexes for the next week.

Most of US investors should welcome the opportunity to buy many undervalued stocks on next week. So, in my opinion we could get into a new rally for US stocks very soon.

So, don’t forget: every global financial crisis is a new opportunity to buy something undervalued.

Kafkas Baranseli


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