The contagion is spreading. Board the ark. Save yourselves from an unseemly demise.
The carnage in the European banking sector is very reminiscent of the financial collapse of 2008, judging purely from price action. That sickness is spreading like wild fire, hitting US banking institutions with vigor.
Shares of LAZ are of particular interest to me, as well as EVR, BAC and C. These stocks are behaving like something terrible is on the horizon, or someone just got entangled in a horrible margin call.
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After all these years of being proper, the British are giving the whole world a right buggering.
awanka- that’s funny. Ah, those wacky Brits
One of the thoughts that crossed my mind regarding the shellacking of the British based banks (RBS, BCS, LYG), beyond the headline Brexit stuff, is that they’ve got credit instruments and products on their balance sheets that are being impacted in major way by the ForEx relationship to the Pound and the Euro. Maybe these agreements included currency swaps that have dislocated. Not sure, but with all the insane activity in the currency markets, something tells me this has got to play a major part in this.
They’ll keep the plates spinning in the air a while longer. BCS looks like a steal here.
It’s probably nothing. Pain trade is up.
TRIN index got to +2.30,could be an afternoon bounce
Interesting piece on Brexit by Glenn Greenwald, one of the 2 reporters who broke the story of Edward Snowden
Brexit Is Only the Latest Proof of the Insularity and Failure of Western Establishment Institutions
https://theintercept.com/2016/06/25/brexit-is-only-the-latest-proof-of-the-insularity-and-failure-of-western-establishment-institutions/
I note The Fly is posting price and market action, which can be distinguished from commentary the existence and agenda of the EU itself.
I think a road to freedom can be very painful, compared to accepting a slow loss of it.
Yes, there will be short term bumps in that road for Britain. In the long run they are better off not being in the EU as it unravels because the partners are incompatible with one another.
… commentary on the existence….