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Brexit Note

Market:
US market is relatively stable compared with Europe and Asia.

  • Low interest rate
  • Low umemployment rate
  • Stable GDP growth
  • currency value appreciation

Sector:
European banking and financials: hit hard and high level of uncertainty, however the

US banking: Wells Fargo with main business in US should be a good choice

Defensive Sector rise: Duke Energy (NYSE:DUK) and Consolidated Edison

Airline: hit hard. AAL US was down more than 10%, DAL down 8%. But the stronger dollar could lead to more traffic volumn of tourists into Europe.

Currency:
GBP down
JPY up
USD up
Inflation will be driven higher.

Populism is trending now. Consecus of elites are losing the appeal.