Smart Money Insights: Weekly Brief June 29

Brexit Fallout: Financial The financial market’s response to the Brexit decision was swift and dramatic—and the aftermath continues. In the first two days following the referendum, the Stoxx 600 index fell nearly -11% while the S&P 500 declined -5.3%. The pound sterling lost -11.1% against the U.S. dollar and -14.6% against the Japanese yen. Meanwhile, traditional haven assets such as gold and the 10Yr Treasury rallied 5.4% and 1.9% respectively. Two days following the referendum, Fitch and S&P cut the U.K.’s credit rating to AA while Moody’s lowered the U.K.’s credit rating outlook to negative. Bond investor Bill Gross anticipates …