I just spent some time looking at stock market reactions around the world, over the past three trading days. I’m too lazy to compute all the exact numbers, but I’ll give you a rough sense of what I found:
1. The FTSE100 is down less than almost any other market, but I originally misinterpreted this fact. It’s dominated by large multinationals that benefit from the lower pound. Vaidas Urba suggested looking at the FTSE250, which focuses on domestic British companies. There we see a drop of around 10%. Think of that as one bomb going off—the “British economic chaos bomb”.