“Brexit” Causes Korean Stock Market To Fall
It is amazing how interconnect the world has become when Britain leaving the European Union is having financial ripple effects across the entire world to include in South Korea:
Korea’s stocks and currency plunged as investors panicked over the possible fallout of Britain’s surprise vote to exit from the EU, dealers said.
Analysts said growing uncertainties on global financial markets, triggered by the Brexit, will overshadow the sluggish Korean economy. They ruled out any immediate huge direct impact on the real economy, but said it will weaken overall investment and consumer sentiment.
The benchmark KOSPI closed down 3.09 percent at 1,925.24 points. The tech-loaded KOSDAQ market plunged 4.76 percent to 647.16.
The won tumbled, closing at 1,179.9 won against the dollar, losing 29.7 won from the previous day.
Analysts said the Seoul stock market will remain weak for the time being on growing uncertainties in global financial markets. [Korea Times]
You can read more at the link.
This frankly and explicitly illustrates why we need to avoid trusting politics, money, and all of the mess that goes along with it. OTOH, as the amateurs are rushing to sell while the price is down, the experts are making money big time.
This would be the place a real Christian would insert something about trusting only in Jesus.
What I find interesting about this is that Europe brought this on themselves. Europe pushed to have Qaddafi and Assad to be removed as heads of state. This directly led to the rise of ISIS and the refugee crisis. The refugee crisis and terrorism seems to be the major factor that finally caused the majority of Brits to say enough is enough. Now predictions are that other European countries will push to get out of the EU as well thus leading to its eventual demise. Who would have thought that was going to happen when people were first pushing to get rid of Qaddafi and Assad?
Here is something else I am finding interesting about the Brexit fallout. The mainstream media seems intent on creating the narrative that everyone who voted to leave the EU due to the refugee crisis is a racist:
https://www.washingtonpost.com/world/europe/racist-undercurrent-alleged-in-uk-vote-to-ditch-eu/2016/06/25/ced171d0-3ad2-11e6-af02-1df55f0c77ff_story.html
“The mainstream media seems intent on creating the narrative that everyone who voted to leave the EU due to the refugee crisis is a racist”
I liked it better when they called me a xenophobe.
That sounded so much cooler.
Xenophobe!
Yeah.
Before the Middle East and North African mass refugee swam, Brits have been building anti-immigrant sentiments due to the influx of Eastern Europeans moving there after they became part of the EU and the movement of people from some of the original EU countries seeking jobs after the 2008 recession.
Typo: “mass refugee swam” -> “mass refugee swarm”
I felt that correction was necessary in anticipation of the jokes about the drowned refugees who don’t swim too well. 😳
Q: Why don’t North Africa refugees take baths?
A: They just wash up on the shore.
@JoeC, this is one of the major lead up issues to the Brexit. Obviously the majority of the British had deep reservation about lower wage workers coming to the UK from other EU nations and displacing their jobs. The prospects of hundreds of thousands of more refugees on top of this from the Middle East I think is what finally caused people to say enough is enough.