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Midday Market Update

Stocks Lower as Oil Falls, Brexit Fears Rise

U.S. Market    
Stocks were lower this morning as oil prices fell and Brexit fears rose.

Crude oil prices fell below the $50 mark this morning, but are still on track for a weekly gain.

Consumer sentiment was off slightly in early June according to the University of Michigan survey. The reading of 94.3 was below the 94.7 seen at the end of the May but ahead of expectations.

At midday the DowS&P 500 and Nasdaq were down 0.5%, 0.7% and 1.0% respectively.

Stocks on the Move
There was limited corporate news this morning.

Foreign Markets
European markets were off sharply today. The FTSE 100 dropped 1.9%, the Paris CAC was off 2.2% while Germany’s DAX fell 2.5%.

Asian shares were also down. The Shanghai Composite, Nikkei 225 and
Hang Seng were off 0.2%, 0.4% and 1.2% respectively.