Most Read on Bloomberg: U.K. Backs Brexit, Soros ‘Long’ PoundBy
The most-read Bloomberg News reports from the past week are listed below. The rankings are based on daily statistics through July 2.
See READSUMS for previous lists.
1. U.S. Stocks Fall With Global Shares, Pound on Brexit; Gold Gains
(Bloomberg) -- The aftershocks of the U.K.’s vote to leave the European Union reverberated across financial markets after a weekend of political turmoil, with the pound extending its record selloff and European equities dropping to levels last seen in February.
2. U.K. Backs Brexit as Cameron Resigns After Historic Rupture
(Bloomberg) -- The U.K. voted to quit the European Union after more than four decades in a stunning rejection of the continent’s postwar political and economic order, prompting Prime Minister David Cameron to resign and sending shock waves around global markets.
3. Cameron Rejects Repeat Brexit Vote as U.K. Bank Stocks Plummet
(Bloomberg) -- Prime Minister David Cameron rejected calls for a do-over vote on leaving the European Union and assigned a team of officials to prepare for withdrawal following the referendum last week that stunned the world and triggered financial-market turmoil.
4. Brexit Turmoil Spreading as Cameron Quits, Clash With EU Looms
(Bloomberg) -- Britain’s stunning vote to leave the European Union spread turmoil across the world’s financial markets and dismay through Europe’s capitals, where EU leaders gave an early warning that the looming divorce talks may prove bitter.
5. Merkel Tells Cameron Before EU Summit: Don’t Delude Yourself
(Bloomberg) -- German Chancellor Angela Merkel warned the U.K. to have no illusions about life outside the European Union, hardening her stance ahead of Prime Minister David Cameron’s first meeting with fellow EU leaders since triggering the political earthquake that’s shaken the bloc’s foundations.
6. Stocks, Pound Rally for First Time Since Brexit as Dollar Slips
(Bloomberg) -- Equities, the pound and commodity prices all climbed for the first time since Britain’s shock vote to leave the European Union amid speculation policy makers will take steps to limit any economic fallout.
7. Billionaire Soros Was ‘Long’ on Pound Before Vote on Brexit
(Bloomberg) -- George Soros, the billionaire whose 1992 wager against the pound made hedge fund history, didn’t repeat the bet ahead of sterling’s record tumble on Friday.
8. Merkel Says No Way Back From Brexit as Cameron Regrets Loss
(Bloomberg) -- European Union leaders said there could be no turning back for the U.K. after Prime Minister David Cameron used his last EU summit to express disappointment at his failure to win the referendum he called on Britain’s membership.
9. World Markets Roiled by Brexit as Stocks, Pound Drop; Gold Soars
(Bloomberg) -- Global markets buckled as Britain’s vote to leave the European Union drove the pound to the lowest in more than 30 years and wiped about $3 trillion from stock market values while sparking demand for haven assets from U.S. Treasuries to gold.
10. Soros Says Brexit Has ‘Unleashed’ a Financial-Markets Crisis
(Bloomberg) -- Britain’s decision to leave the European Union has “unleashed” a crisis in financial markets similar to the global financial crisis of 2007 and 2008, George Soros told the European Parliament in Brussels.
1. Imagining the U.K. and EU in Three Years: Mohamed A. El-Erian
(Bloomberg View) -- It’s the summer of 2019, three years after British voters stunned the world by voting to leave the European Union. The U.K. has regained its economic and financial footing, as well as its national confidence. A smaller and more unified European Union now functions in a more coherent fashion.
2. Markets Were Rational, But U.K. Voters Weren’t: Matthew Winkler
(Bloomberg View) -- It was 22 years ago this month when the U.S. was preparing for combat. North Korea’s expanding nuclear weapons program prompted President Bill Clinton to order reinforcements. The administration was lining up votes in the U.N. Security Council to impose economic penalties on the Pyongyang government, which repeatedly denounced sanctions as a "declaration of war." Any investors could see what was coming. Right?
3. Seven Lessons From the U.K.’s Departure: Mohamed A. El-Erian
(Bloomberg View) -- As global financial markets convulse in response to British citizens voting to leave the European Union, the stunning outcome of the U.K.’s referendum provides more questions than answers. As discussed on Monday, the heightened uncertainty, fueled by sudden institutional instability now compounding long-standing economic fragility and financial fluidity, is likely to cause an unprecedented mix of political turmoil, financial volatility and economic damage in the weeks ahead. It also leaves us with seven lessons whose implications extend well beyond Britain.
4. Eight Things to Know About U.K. Vote to Leave EU: Barry Ritholtz
(Bloomberg View) -- Well, the Brits have really done it now. All the experts told us people in the U.K. were smart enough to see that voting to leave the European Union was a mistake -- but not to worry because the referendum was going to lose. I once again must invoke the wisdom of screen writer William Goldman, who as regular readers will know summed up almost everything you need to know with the world’s three most important words (no, not those words -- see Item 7 below).
5. Will the U.K. Reverse Itself on Brexit?: Clive Crook
(Bloomberg View) -- The Financial Times’s Gideon Rachman says he thinks Brexit won’t happen. The referendum result doesn’t mean that much, he argues.
1. Cameron Speaks in Parliament Following Brexit Vote
(Bloomberg) -- U.K. Prime Minister David Cameron speaks to lawmakers in the House of Commons in London on Britain’s vote to leave the European Union.
2. Carney News Conference: BOE Policy, Economy After Brexit
(Bloomberg) -- Bank of England Governor Mark Carney speaks about the outlook for monetary policy, the economy and financial stability following the U.K.’s decision to leave the European Union. He speaks at a news conference in London.
3. Cameron Statement on EU Summit
(Bloomberg) -- U.K. Prime Minister David Cameron briefs lawmakers on the European Union leaders summit.
4. Draghi Speaks at ECB Forum in Portugal
(Bloomberg) -- European Central Bank President Mario Draghi called for greater alignment of policies globally to mitigate the spillover risks from ultra-loose monetary measures. He spoke Tuesday at the ECB Forum in Sintra, Portugal.
5. Boris Johnson Rules Out Run for U.K. Prime Minister
(Bloomberg) -- Former London Mayor Boris Johnson speaks in London about his decision not to run to be the next British prime minister. Justice Secretary Michael Gove will now compete for U.K. Conservative leadership post with Home Secretary Theresa May.