Financial crises: how CFM navigates the markets
Were you nervous on June 24th? A huge number of investors around the world certainly were. When the chairwoman of the United Kingdom Electoral Commission took to the stage and officially declared that the UK had voted to leave the European Union it sent shockwaves throughout global markets.
Over the next two days equity markets had more than $3tn wiped off their value while equity funds suffered outflows of more than $20bn in the week that followed 1. Coming so soon after unprecedented events like the Chinese stock market crash, the Greek government debt crisis and the global financial crisis it was yet more proof that we live in exceptional times.
At least that’s what we’re told. That’s what we’re conditioned to believe.