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Midday Market Update

Stocks Fall as Brexit Reverberates Again

U.S. Market    
Stocks were lower today as Brexit-related worries reverberated again through financial markets.

The pound fell to a fresh low against the dollar today as some U.K. property funds suspended trading and there was continued uncertainty on who would lead the U.K. through the exit negotiation process. Brexit and output worries also sent oil futures down over 4%

U.S. factory orders were down 1% in May, slightly more than the 0.8% drop expected by economists. 

At midday the DowS&P 500 and Nasdaq were down 0.7%, 0.8% and 1.1% respectively.

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

Foreign Markets
European markets were mostly lower today. The FTSE 100 was up 0.4% as the weak pound boosted the prospects of the export-heavy index. The Paris CAC was down 1.7% while Germany’s DAX was off 1.8%.

Asian shares were mixed. The Shanghai Composite rose 0.6% while the Nikkei 225 and
Hang Seng were off 0.7% and 1.5% respectively.