The British are leaving! The British are leaving! – Maybe. Friday provided a profound shock for the financial markets as the UK voted to leave the EU in the Brexit referendum. Over the past week, following the assassination of Labour MP Jo Cox, polls had shifted from favoring Leave to favoring Stay – right up until the last polls before voting. Indeed, even UKIP party leader Nigel Farage was indicating Thursday that Stay would scrape out a victory. The unexpectedness of the outcome generated substantial volatility and market angst in part because over optimism had led some to exit protective positions and they were forced to run to cover. What we learn from this is that predicting the future is never easy. Now economists have both weather forecasters and pollsters to joke about.
GIC Chairman Michael Drury takes a look at the state of the global economic expansion.
Michael Drury, chief economist of McVean and GIC chairman, discusses the Asian Infrastructure Investment Bank in the context of global events.
GIC Chairman Michael Drury, chief economist of McVean Trading and Investment, explores recent data from China and its implications.
Cumberland Advisors Chief Global Economist Bill Witherell talks emerging markets in this blog post.
GIC Chairman Elect Michael Drury takes a look at last week's events in economies around the world.