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Brexit, Europe, technical analysis

How financial markets reacted to MP J. Cox assassination

Stefano F. Fugazzi and Elio Riba report

Words seem inadequate to express the sadness we feel about the assassination of Labour MP Jo Cox, a pro-immigration and anti-Brexit campaigner, who was brutally killed in the early afternoon of 16 June 2016 in Birstall, West Yorkshire (England).

Cox, 41, the MP for Batley and Spen, had suffered serious injuries and was pronounced dead at 13:48 BST on Thursday by a doctor with paramedics at the scene.

How did the financial markets react to the news of the assassination?

Elio Riba (an independent trader) and Stefano Fugazzi (founder of ABC Economics) noted that the stocks turned around as soon as the news broke cover.

The FTSE100 recovered from an intraday low point of 5901.05 (at 15:05 BST) to close at 5950.48.

FTSE100 COX

The S&P500 followed a similar trajectory, recovering from the low 2050s (at 10:39 EDT, 14:39 BST).

SP500

On the foreign exchange markets, the GBP/EUR recovered from a low point of 1.2589 at 14:36 BST. It is currently trading at 1.2651 (21:15 BST).

GBP EUR

 

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