Could this be the start of another Black Tuesday do we think?
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My thinking is that Northern Hemisphere will take a hit tonight, causing more fallout to ASX & NZX Monday, so time to go bargain hunting Tuesday/Wednesday
Though do pity all the financial journalists, who will have to spend weekend rewriting their storys
golds looking nice:)
OK - lets call it less relevant. But than look at it this way: Britain is (as you correctly stated) currently the nation with the 5th largest GDP (something like US$ 2800 billion p.a.). Take off only 10% for the dive of their pound vs the US$ (and this is me assuming we have already the worst behind us, which is unlikely - at current it looks worse), take off another 10% if they loose Scotland (US$245b pa) - and assume that the services industry in England will loose only 10% of their business by some banking and insurances moving to Europe (they contribute currently 75% to the total British GDP and might lose much more to Europe). Add all this together and Britain (or whats left of it) would loose 27.5% of its GDP. Could be more. This would move them down on the list to something like US$ 2000 billion p.a. - putting them between India (US$2090b) and Italy (US$1815b). Ouch.
PS: All data 2015 with the exception of the Scottish GDP (which is 2013);
Interestingly One news just said the NZ market was spared and was only down 1% at close today :) phew :)
Thread title is 'Black Monday' perhaps we should see what happens on Monday morning.