Saker Nusseibeh, Chief Executive:
With the vote decided yesterday, we now have to move away from the rhetoric that typified this campaign. Prior to the referendum, we ran several scenarios on our strategies, and we are reasonably confident that they were well positioned for a Brexit vote in the short term.
However, we are watching market moves very carefully to assess the degree of contagion, if any, to global markets. Besides a sharp sell-off in risk and in sterling, as well as a recession in the UK (which is expected) our fear is that this may trigger political uncertainty within Europe which in turn may lead to a severe global market correction.
In any case, we know that we are now in an even more prolonged super low interest rate environment outside of the UK, with the US like