“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.

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setnaffa
setnaffa
8 years ago

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.

ChickenHead
ChickenHead
8 years ago

“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.

JoeC
JoeC
8 years ago

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.

Between 2004 and 2014, when immigration to the UK really took off, the percentage of migrants entering the UK from Europe spiked. It went from a little over 25 percent to a little under 50 percent, which means that Europe has driven a lot of the recent rise in the UK’s immigrant population.

There are basically two reasons for this. First, the EU starting expanding in 2004 to include mostly post-communist countries in central and Eastern Europe. These countries are poorer, which means that when they acceded to the EU, their citizens were more likely to move out of them to find work in richer countries such as the UK. Indeed, Poland is now the second-largest source of immigrants to the UK, just behind India.

Second, the 2008 financial collapse and subsequent eurozone crisis impoverished some historically wealthier countries such as Spain, Italy, and Portugal. As unemployment rose in those countries, their citizens started to look to other EU nations for employment opportunities. The British labor market was relatively easy to break into, and lots of people across Europe speak English, so it was a natural target for these southern Europeans.

JoeC
JoeC
Reply to  JoeC
8 years ago

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. 😳

ChickenHead
ChickenHead
8 years ago

Q: Why don’t North Africa refugees take baths?

A: They just wash up on the shore.

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