Well that was a surprise and, fair to say, a rude awakening for both sides. Boris was even rumoured to have ‘admitted’ defeat on the tube on Thursday night. So what has happened to markets? Naturally there has been a tremendous spike in volatility, particularly as FX markets and equities rallied in to the close; I’m sure there are many fund managers with head in hands, sitting next to their ‘I told you so’ colleagues. Naturally there will be a pause in capital markets activity as it would be unwise to set sail on rocky seas.

As you will probably have seen, the BoE is doing everything it can to calm investor concerns with the introduction of a £250bn backstop to support the functioning of markets, providing much-needed reassurance for investors, companies and the public.

So where are investors going now? Well, as with any unexpected event on the market, they have taken refuge in gold and other precious metals, with the former reaching a two-year high. Sector-wise, it’s of note that the hardest-hit sectors have been the housebuilders, banks and leisure stocks, with the miners enjoying a healthy bounce fuelled by investors piling into precious metals.

An interesting development you may have missed on the large cap M&A front concerns the two most relevant exchanges in Europe: London Stock Exchange Group and Deutsche Boerse vowed on Friday to press ahead with a £22bn merger despite Britain’s vote to leave the European Union. The exchanges said the outcome of the referendum did not change the strategic rationale of the merger and they would continue to seek regulatory approval for it. Read into that what you will for the future of the UK capital markets…

On SyndicateRoom-specific activity, our ability to access retail in a revolutionary way is continually being recognised, most recently by This is Money.

And on that note, we’ve done it again! We’ve won yet another award, this time taking Alternative Finance Platform of the Year at the Growth Business Awards. Onwards!

Key market catalysts this week:

Tues 28th Jun – EU European Parliament Plenary Session in Brussels (10:00)

Tues 28th Jun – US Consumer Confidence (Jun)

Weds 29th Jun – German Consumer Price Index (YoY)

Thur 30th Jun – EUR Euro-Zone Consumer Price Index Estimate

Fri 1st Jul – UK PMI Manufacturing s.a. (Jun)