Asia Caught in Brexit Vacum

HSBC Hong Kong

HSBC Hong Kong

On a night when even the Zimbabwe Dollar was rumoured to be moving up against the British Pound Asian markets have also been fluctuating with the Japanese Yen up against every other currency in the world.  

With early votes from the U.K. swinging between a mandate to stay in or out of the European Union, Asian markets, although thousands of miles away from the action, have been in the front line as events unfold.  

HSBC Remains in London?

The Financial Times reported (paywall) that both HSBC and Standard Chartered who have Hong Kong listings had been hit as the leave vote gained traction. HSBC’s Hong Kong-listed shares fell more than 3 percent while Standard Chartered also saw more than  3 percent wiped off their value.

In February this year HSBC decided it would remain in London rejecting a move back to its former domicile of Hong Kong.

The bank like many others also said they would be watching the Brexit vote closely for its influence on London as a key global financial centre.

More to follow....



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