Welcome to the Week in Business, a look at some of the biggest stories in business and economics.
How the British withdrawal from the European Union will actually unfold in the coming years is unclear. But financial markets rendered a quick verdict Thursday night and on into FridayBrexit will be terrible for the U.K. economy, and bad for the global economy in general and corporate profits specifically. The U.S. and British stock markets fell more than three per cent, European markets were down more than six per cent, and the Nikkei was off more than eight per cent. Trillions of dollars of value, in other words, have been erased since yesterday afternoon.
This isnt exactly shocking: financial markets, like the betting markets, were c…
Read the full article at: http://www.newyorker.com/business/currency/did-the-markets-overreact-to-brexit