Market Commentary June 30, 2016
Quarterly Review
The surprise decision from a referendum in the U.K. to exit the European Union, or “Brexit” triggered a global selloff among risk assets during the quarter while safe haven assets benefited from renewed uncertainty surrounding the global economy and the risk of recession in the U.K. Indeed, the initial market reaction sent global equity markets sharply lower however investors changed course during the final days of the quarter as questions surfaced about the impact “Brexit” would have on the Eurozone and the global economy. In addition, expectations for more stimulus from Central Banks in Europe and a likely pause from future Federal Reserve interest rate hikes quelled investor fears.
