Europe

"We recovered the country, this is a victory of the real people, the ordinary people, the dignified people." So Nigel Farage, leader of UKIP Independence Party Face and favorable exit of Britain from Europe, commented on the victory in the referendum on Brexit. And anticipating the next move, when reporters asked if the prime minister David Cameron should resign, he replied: "Immediately."

Nigel Farage said that the referendum on Brexit there was "the victory of the common people against the big banks, big business and big politicians."

Credit Suisse expects to Britain a period of recession in the second half of 2016, significant interventions by the Bank of England and a generalized economic slowdown eurozone.

The bank expects this scenario as a result of the success of Brexit in the referendum, calling it in a statement "is the most significant withdrawal from the need for integration since the Second World War. While the current output path is not yet clear, however, there are profound implications for Britain. we expect a recession in the second half of the year and monetary interventions by the Bank of England ".

We were cautious in our diversified portfolios with a reduced exposure to equities and high yield bonds. We held significant amounts of cash (over 10% on average) to stay flexible and be able to act quickly. We sold our UK exposure and hedged the GBP currency in order to preserve investors’ capital. We also hedged part of our peripheral exposure by selling futures contracts on Italian debt.

The markets had been anticipating a “remain” victory and the surprise effect should even amplify the impact on financial markets. The immediate effect should be extreme volatility with market dislocations due to margin call, panic selling and the search for safe haven.
The UK are to enter into a two year procedure with the EU, to negotiate the exit terms. The EU will probably not make it easy in order to discourage other leavers, which promise to keep uncertainty and volatility fairly elevated at least for the next months.

It was a constant head to head, with constant reversals in the face at the end won the Leave (51.9) on the Remain (48.1) and Britain is outside the EU. High voter turnout, recording 72.2%. The vote, as well as to plunge the United Kingdom in uncertainty, is the most decisive defeat for the supporters of greater European integration after the Second World War and is likely to trigger a domino effect in other countries.

The initial rejoicing in the field of pro-EU has gradually given way to the joy of those who want Britain out of the EU. "Now we sing our anthem without Brussels telling us that it is wrong," said UKIP leader Nigel Farage commenting on the progress of the examination. It is "a victory for
real people, a victory for ordinary people, a victory of the people for good. We fought against the multinationals, the big banks, the lies, the big parties, corruption and deception, "said Farage, who defined June 23 as Independence Day in Britain.

The Swiss National Bank (SNB) intervened in the foreign exchange market after the "yes" of Britons to Brexit, the exit of Britain from the EU. This was confirmed by the SNB in a statement today. The National Bank has announced that continues to remain active on the market.

The result of the referendum in the UK has resulted in growing pressure on the franc, the SNB noted. The euro rose to start the day below the threshold of 1.07 francs to 1.0624 francs, its lowest level since August 2015. The Swiss currency is seen as a traditional value of refuge in case of major political crisis.

Conflicting signs manufacturing PMI index in France and Germany. In the first case, in fact, manufacturing activity for the month of June, recorded a drop in share 47.9 points from 48.4 the previous month and against the expected 48.8 and, with regard to Germany, index chalked up a rise to 54.4 points from 52.1 the previous month and against the 52 points expected by analysts.

Again in terms of macro data, but relatively to the services sector, the PMI in France dropped to 49.9 points from 51.6 the previous month and against a consensus set at 51 points while the index in Germany was 53.2 points from 55.2 the previous month and against the expected 55 points.

Switzerland, among the 34 members of the Organization for Economic Cooperation and Development (OECD), is the country that subsidizes most agriculture. The Helvetic country ousted from the throne of Norway, according to the ‘latest edition of the OECD report which takes into account all aid from export support to direct payments for ecological services.