EFTA01437985Set 10
54p11,254w
retrenching
energy industry, a Federal Reserve
interest rate hike, and the United Kingdom's "Brexit" vote to leave the
European Union. U.S. commercial real
estate has not been immune ... financial conditions improved markedly in the second quarter 2016,
interrupted only briefly by the Brexit
vote. While capital markets remain fluid, the outlook has tentatively
improved since our Strategic Outlook ... financial stress
that gripped markets earlier this year resurfaced briefly after the UK's
Brexit vote, but has since receded. And
interest rates have dropped to historic lows around
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01437985.pdf
EFTA00665021Set 9
2017-09-1911p2,641w
based on 2011-13 trade.
Both FTSE 100 & Sterling fell following the UK's 'Brexit' vote (+ve FTSE 100-Sterling correl). However, this
paints an inaccurate picture as the FTSE ... spikes. For instance, while FTSE 1M realised vol was <30%
following the Brexit vote, we estimate that without the FX-impact it would have been >40%.
The dampening effect
https://www.justice.gov/epstein/files/DataSet%209/EFTA00665021.pdf