US markets are trading in positive territory, but remain flat (SPY +0.01) and could drop further if any new news of an unfavorable Brexit comes to bear. Crude prices have fallen below $50 and appear to seek even lower levels as this session progresses.
Here is the current market situation from CNN Money
North and South American markets are mixed today. The S&P 500 is up 0.12% while the IPC gains 0.05%. The Bovespa is off 1.13%.
WASHINGTON (Reuters) - A vote by Britons to leave the European Union on Thursday may not drag the United States into recession, but its effects on U.S. monetary policy, trade and corporate profits are causing concern in Washington D.C. and boardrooms alike.
WASHINGTON (Reuters) - Federal Reserve Chair Janet Yellen said she has not scheduled special meetings for Friday or Saturday in order to respond to the "Brexit" vote in Britain over its membership in the European Union.
WASHINGTON (Reuters) - The International Monetary Fund said on Wednesday the U.S. economy was "overall in good shape", with growth set to accelerate from recent setbacks despite an overvalued dollar, but the Fund warned that too many Americans were living in poverty.
NEW YORK (Reuters) - The death of Sanjay Valvani, a hedge fund manager at Visium Asset Management LP who had been charged last week in a major insider trading case, has been declared a suicide, the New York City medical examiner's office said on Wednesday.
(Reuters) - Tesla Motors Inc Chief Executive Officer Elon Musk said on Wednesday that the proposed acquisition of SolarCity Corp could eventually push the electric car maker's valuation to $1 trillion, but investors were skeptical.
HANOVER, Germany (Reuters) - Volkswagen's top shareholders closed ranks behind management on Wednesday, defying a torrent of criticism from smaller investors about the German carmaker's emissions test cheating and its response to the scandal.
Earlier today, we pointed out that "Something Strange Emerges When Looking Behind The "Brexit" Bookie Odds" when we quoted Matthew Shaddick, head of political betting at Ladbrokes who said "Although Ladbrokes has received a higher volume of bets to leave the EU, those making a punt on remain were placing higher financially larger. Shaddick revealed the average stake on a bet to remain was £450, compared to £75 on a bet to leave." As we explained "a few large bettors are skewing the bookie odds dramatically in the favor of Remain, even as the mass of bettors is betting on Leave, albeit with smaller cash amounts. Another way of putting it: a substantially outsized influence by a wealthy minority over the poor majority, just like in every other aspect of life."
Just a few hours later, Shaddick himself validating our observations when in an Op-Ed in the Telegraph he said that "one interesting pattern in the betting for this vote has been that whilst 75 per cent of the money staked has been for Remain, the majority of actual bets have been for Leave. That's because the average bet stake for Remain is around £450, for Leave it's just £70" and concluded that "If I were having a bet today, I think I'd back Leave at 3/1. I still think Remain are the more likely winners, but there's enough uncertainty in this vote to make me think the outsiders have a better chance than the odds imply."
Here is the full Op-Ed by Matthew Shaddick Head of Political Betting at Ladbrokes, originally posted in the Telegraph:
"The UK referendum is neck and neck. Commentators think it so close that the deciding factor could be whether it rains on Thursday - with rain seen reducing the Remain vote. How mad is that?"
And one look at the chart of GBPUSD shows he is correct...
As at 1016ET, The BBC reported "YELLOW WARNING OF RAIN ACROSS PARTS OF SOUTH-EAST ENGLAND"
Issued at 1016 on Wed 22 Jun 2016
Valid from 1800 on Wed 22 Jun to 0600 on Fri 24 Jun.
Although some areas will miss them, potentially intense thundery downpours seem likely to affect parts of the warning area from Wednesday late afternoon or early evening onwards into the early hours of Thursday or Thursday morning. Further scattered thunderstorms are then likely to break out from Thursday afternoon onwards into Thursday night.
The headlines for existing home sales say "the increase in sales is more homeowners realizing the equity they've accumulated in recent years and finally deciding to trade-up or downsize". Our analysis of the unadjusted data shows that home sales improved relative to last month, but the rolling averages were unchanged. Sales price rate of growth slowed.
Econintersect wants your comments,
data and opinion on the articles posted. As the internet is a
"war zone" of trolls, hackers and spammers - Econintersect must balance its
defences against ease of commenting. We have joined with Livefyre
to manage our comment streams.
To comment, using Livefyre just click the "Sign In" button at the top-left corner of
the comment box below. You can create a commenting account using your
favorite social network such as Twitter, Facebook, Google+, LinkedIn or
Open ID - or open a Livefyre account using your email address.
You can also comment using Facebook directly using he comment block below.
Econintersect Live Market
Print this page or create a PDF file of this page
The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.
Take a look at what is going on inside of Econintersect.com