Blog post

Initial market reactions to Brexit

Initial market reactions to Brexit

Publishing date
24 June 2016
Authors
Maria Demertzis

Markets have reacted strongly to this morning's news. Stock prices have fallen throughout the world, the yields on government bonds of EU periphery countries have increased, and the pound has experienced its largest fall in years.

Table 1: Stock markets

Country Stock market index 23 June – closing 24 June – opening lowest value 24 June - latest to 4pm
Index % change from 23 June Index % change from 23 June
UK FTSE 100 6,316 5,805 -8.09 6,182 -2.12
Germany DAX 10,226 9,318 -8.88 9,618 -5.95
France CAC 4,465 4,038 -9.56 4,152 -7.01
Spain IBEX 8,873 7,795 -12.15 7,892 -11.06
Italy FTSE MIB 17,945 15,856 -11.64 16,109 -10.23
Greece ASE 928.85 785.38 -15.45 800.64 -14
Portugal PSI 20 4,689 4,346 -7.31 4,368 -6.85
Japan NIKKEI 225 16,238 15,871 -2.26 14,652 -9.77

Table 2: 10 Year Government Bond Yields

23/06/2016 18:00 24/06/2016 12:00 24/06/2016 16:00
UK 1.38 1.09 1.09
DE 0.09 -0.08 -0.06
IT 1.32 1.41 1.46
ES 1.47 1.56 1.60
FR 0.46 0.33 0.37
PT 3.10 3.26 3.35
US 1.73 1.51 1.57

About the authors

  • Maria Demertzis

    Maria Demertzis is a Senior fellow at Bruegel and part-time Professor of Economic Policy at the Florence School of Transnational Governance at the European University Institute. She was Bruegel’s Deputy Director until December 2022. She has previously worked at the European Commission and the research department of the Dutch Central Bank. She has also held academic positions at the Harvard Kennedy School of Government in the USA and the University of Strathclyde in the UK, from where she holds a PhD in economics. She has published extensively in international academic journals and contributed regular policy inputs to both the European Commission's and the Dutch Central Bank's policy outlets. She contributes regularly to national and international press and has regular column that appears twice a month in various EU newspapers and on Bruegel’s opinion page.

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