Loading…
European stocks closed sharply lower after the UK voted to leave the EU, with the STOXX 600 down about 7 percent and the French CAC and German DAX also falling steeply. Sterling fell to its lowest level against the dollar since 1985, and bank shares sold off heavily.
A sharp equity sell-off and a weaker euro and pound raise financing stress and currency uncertainty for European feed producers and importers. Weaker local currencies can increase the cost of dollar-priced feed ingredients.
cnbc.comArjun Kharpal, Katy BarnatoJun 24, 2016Not enough comparable past events yet for a historical read.
After 533 past bearish macro events, Euro (USD per EUR) moved a median -0.3% over 5 sessions (33% higher; middle half -1.2% to +0.2%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
The sharp sell-off in European equities and banks reflected the same shock and added to euro-negative risk-off and capital-outflow pressure.
