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Jun 25, 2016

DealBook P.M. Edition - June 24, 2016: Top Story: Turbulence and Uncertainty for the Market After "Brexit"

The New York Times 


Top Story
Traders from BGC, a global brokerage in London’s Canary Wharf financial center, during trading on Friday after Britain voted to leave the European Union.
Turbulence and Uncertainty for the Market After ‘Brexit’


 
 
 
By PETER S. GOODMAN
Britain’s vote to leave the Europe Union kicks off a fraught and unpredictable process likely to spook investors around the world.
 
The Latest
• Britain’s exit from the European Union shocked global markets and unleashed uncertainty.
• The pound plunged to its lowest level since 1985.
• Investors fled risky assets and turned to the dollar and the yen.
• The Bank of England earmarked £250 billion, about $344 billion, for potential stability measures.

DealBook Highlights
Britain Votes to Leave E.U.; Cameron Plans to Step Down
By STEVEN ERLANGER
The British pound and stock prices in Asia plummeted, there was immediate pressure for another referendum on Scottish independence, and David Cameron said he would resign by October.
Market Reaction
Postcards featuring a World War II slogan for sale in London.
How ‘Brexit’ Will Affect the Global Economy, Now and Later
By NEIL IRWIN
Stock market declines aren’t too worrying, but a recession is a major risk in Britain and something of a risk in the rest of Europe and the U.S.
Upshot
A monitor showing the stock index at the Euronext Stock Exchange in Amsterdam on Friday.
‘Brexit’ Hits U.S. Stock Market Harder Than an Election
By JUSTIN WOLFERS
The sharp fall as of Friday morning reflected both the surprise factor and the economic implications for the United States.
Breakingviews
The Psychological Impact of Britain’s Vote
By PETER THAL LARSEN
The repercussions of Britain’s decision will affect trade and capital flows as companies and investors rethink the country’s long-term stability.
Fair Game
Countrywide Mortgage Devastation Lingers as Ex-Chief Moves On
By GRETCHEN MORGENSON
The government has closed the books on its inquiry into Angelo Mozilo, the former leader of Countrywide, but the company’s deeds have had long-lasting impact.
 
Buzz Tracker
Inside Silicon Valley’s Robot Pizzeria
By BLOOMBERG
“We are going to be the Amazon of food,” said Zume’s co-founder and executive chairman, Alex Garden.
Inside the Hollywood Frenzy Around Jennifer Lawrence’s Theranos Movie
By VANITY FAIR
Legendary Pictures picked up the package, but only after outlasting plenty of other bidders—and ponying up a reported $3 million.