Wild Market Swings as Brexit Forecast in Newcastle Totally Unexpected

It’s certainly amusing watching the amazing swings in US treasuries, equities, and the British Pound in the wake of counted voted in Newcastle.

Pollsters predicted 66.8% for Remain. Instead, voters delivered 50.7% for Remain.

In the time it took to walk my dog and discuss a few bridge hands with friends, futures swung wildly.

Newcastle Shock

Courtesy of The Telegraph Live Blog, here is the report on Newcastle.

The Newcastle result is a shock

This counting area – one of the referendum’s biggest – was expected to come out much more in favour of Remain. JP Morgan, one of the biggest investment banks, expected 66.8pc of the vote for Remain. The actual margin of victory was much smaller, with only 51pc voting to stay in.

S&P 500 Futures

British Pound

Mat Singh Tweet

This is all ridiculous. Uncertainty will not be resolved no matter which way this goes.

Mike “Mish” Shedlock