Overnight

A picture as we all know is worth, well, a picture. And the picture in Asia overnight was a relief to many as fear of Brexit subsided at least for now. Among those apparently relieved were people fearing another market freeze up as occurred when Lehman blew up in what seems an eon ago. Still many remain cautious trying not to forget those famous words of stock market guru, the late Yogi Berra: "It ain't over until it's over."



The above numbers speak for themselves following last Friday's selloff. As pundits of all sorts ponder the full impact the the UK vote to leave the EU, many investors expect volatility to remain a front and center market issue to which one can only say that only time will tell.

Meanwhile, the major rating agencies jumped into the fray, as is there wont, better late that never to downgrade UK debt to AA from AAA.Two terms, lesser predictability and efficiency in policy setting were tossed around by some to explain the reasoning behind the downgrade. The WSJ reported: Gold prices rose 0.4% to $1,323 a troy ounce and the Japanese yen strengthened 0.2% to 102.46 yen to one U.S. dollar, both early in Asian trading Wednesday.

Yields on Japanese government bonds stayed low and Reuters noted, "Returns on the Japanese 20-year bond reached a fresh all time-low of 0.039%. The yen took a break as the " dollar firmed to 102.63 yen, moving further away from its 2-1/2-year low of 99.00 touched on Friday after the outcome of the UK referendum," according to Reuters. Japanese PM Shinzo Abe pulled a page from Mario Draghi by advising his finance minister and central bank head to take any "necessary measures" to support the economy and financial markets.


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