Today’s picture is not pretty — and not likely to get much prettier. But, rest assured, it could be uglier.
Brexit stunned the world, and is in the process of stunning the financial markets in a rout that is decidedly lopsided with a lot of the pull skewed downward across the continent. The old order is crumbling, at least the old order that has been in place for three decades, and as stocks (and any asset class) hates uncertainty … welcome to bedlam.