Brexit

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Meanwhile, it is evident from its behaviour so far that the government is all over the place. But one thing is crystal clear: by making immigration the priority over membership of the single market, Theresa May is almost guaranteeing that, in order to offer sops to the Cerberus of burgeoning racism in this country, the economy will suffer.

In the past 43 years of membership of the European Union for which successive prime ministers fought so hard, we have become an integral part of the European economy. In addition, until this summer, we enjoyed, in George Soros’s words, “the best of both worlds” – being beneficiaries of our trading relations with the rest of the EU, while outside the eurozone and the Schengen arrangement.

While I have always been strongly European, I agreed with the many economists who argued that the eurozone was badly constructed, placing noble political aims over economic reality. The American economist and Nobel laureate Joseph Stiglitz, who is by no means anti-European, has delivered a powerful critique of the way the eurozone has produced lower growth than potential, and unnecessary and potentially dangerous levels of unemployment in nations that, frankly, were not qualified to join a fixed exchange rate system in which the principal beneficiary was Germany.

Nevertheless, the decision not to sign up to the euro – a masterstroke on the part of Gordon Brown and Ed Balls – did not diminish the advantages of being in the single market. Big business, and many small businesses, operate at a European level, with supply chains all over the continent. They are accustomed to the existing laws and regulations. Moreover, our membership of the EU is the principal attraction for all that inward investment that governments of both major parties have successfully attracted over the decades. All this is being put at risk, as a result of craven acceptance of an “advisory” referendum whose result was almost certainly determined by the false prospectus offered by the Brexiters.

Brexit is truly daunting: this is the biggest crisis I have known | Business | The Guardian

The world’s largest pension fund has blamed a $52 billion quarterly investment loss on the UK’s surprise Brexit vote in June to leave the European Union. The massive paper losses suffered by Japan’s Government Pension Investment Fund (GPIF) in the April to June quarter of 2016 almost matched the $50 billion losses it recorded in the 2015-16 financial year — its worst year since the global financial crisis.

World’s biggest pension fund blames $52 billion quarterly loss on Brexit

UK cosmetics maker and retailer Lush is relocating European staff from Britain to Germany and has expanded production at its German factory in the wake of Britain's vote to leave the European Union, it said on Wednesday. Lush, which makes cosmetics by hand, said uncertainty caused by the June Brexit vote had led it to accelerate plans to increase production at its factory in Duesseldorf, western Germany, for the European market.

UK cosmetics group Lush relocates staff to Germany post-Brexit | Reuters

Germany's DAX shows two key charting features.The first is the long-term downtrend line. This starts with the peak near 12,390 in April 2015. The downtrend line is anchored with the highs in December 2015. The positioning of the line is confirmed with the peak and retreats in June 2016. It's a validly placed and effective trend line that defines the DAX downtrend. It was broken in July 2016 with a clear move and close above the value of the downtrend line. The rally from this point has continued over the past four weeks. That in itself is a buy signal and bullish opportunity. It is the second chart pattern that provides added interest and confirmation support for the breakout. This is the inverted head and shoulder pattern. The shoulders are shown as points A and C. The head is shown as point B. The neckline of the pattern is a segment of the downtrend line.

This is why Brexit could be good news for German stocks