Menu

Newsletter

Gene Todd, Executive Vice President/Managing Director of First Bank's Wealth Management Group

From monthly archives: June 2016

We are pleased to present below all posts archived in 'June 2016'. If you still can't find what you are looking for, try using the search box.

Brexit Background & Implications

The European Union - often known as the EU - is an economic and political partnership involving 28 European countries. It began after World War II to foster economic cooperation, with the idea that countries which trade together are more likely to avoid going to war with each other. It has since grown to become a "single market" allowing goods and people to move around, basically as if the member states were one country. It has its own currency, the euro, which is used by 19 of the member countries, its own parliament and it now sets rules in a wide range of areas - including on the environment, transport, consumer rights and even things such as mobile phone charges. We give this brief background on the EU to provide some context as the United Kingdom (UK) shocked the world late last week by voting narrowly but decisively to leave the European Union. The UK has been a member of the EU since 1973 and is a leading trading power and financial center. The EU is the UK’s largest trading partner, ...

A Special Brexit Update

Earlier today, British voters elected to leave the European Union (EU) by a margin of 52% to 48%. The results were a shock to the global markets as polls and betting markets expected Great Britain to remain. Global stock markets had moved up this week in anticipation of a "remain" vote. After the voting results, the Prime Minister of Great Britain announced his resignation and the country will begin the process to activate Article 50 of the Treaty on European Union to notify the EU of its withdrawal and start negotiating an agreement to leave, which will be a long and drawn out process. Since this event was not expected by the markets, there has been increased volatility as investors digest this news. The initial market reactions have been: • The British pound has fallen sharply and is at its lowest level in 30 years. • Global stock indexes are down with the U.S. Market down 3-4%, essentially giving up its gains from earlier in the week, plus a little more. • European and A ...

Archive

 

Disclosure

All First Bank blog information and content is strictly informational. It is not intended to be specific investment, tax, or legal advice. If you need detailed financial, investment, or tax advice, please contact a First Bank qualified professional. Please note, First Bank occasionally shares third-party content we find to be relevant and helpful to our audiences.