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Mixed signals from financial markets

It was undoubtedly a surprise when 52% of the British electorate voted to leave the European Union. The immediate reaction of international investors was flight into safe haven assets – US and German government bonds – and a sell-off in equities and property. Investor reaction reflected a view that the British electorate favoured a path of change and this change is associated with uncertainty, which will undoubtedly drive volatile market behavior.

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Investor oil fears weaken rand

The rand weakened against the dollar early on Wednesday according to Reuters. This as a result of the falling global oil prices, that again dropped 10% in this week so far, and concerns over the prospect of global growth which tainted confidence in emerging market assets.

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