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The Power Brief

A taxi driver holds a Union flag, as he celebrates following the result of the EU referendum, in central London, Britain June 24, 2016.
Toby Melville | Reuters

A daily morning look at the financial stories you need to know to start the day


-Stock futures are down around 500 points as the markets are generally unprepared for this Brexit vote outcome. Global markets all tumbled overnight and Europe is sharply lower. "Leave" won with 52% of the vote, despite what all the experts, political elites, and bookies told and admonished us to believe.

-Gold is soaring to a two-year high, up $60/ounce, on this new global uncertainty.

-Bond yields are tumbling. The 10-year yield is all the way down to 1.48%.

-The Brexit victory means there's almost no chance for a Fed rate hike anytime soon.

-British PM David Cameron will now resign. He bet it all on leading the pro- "Remain" camp. He wants to stay on until October, but that may be a stretch.


-Because of Brexit: crude prices are down well over 4%, down to the $47/barrel level.

-Gasoline prices are holding at $2.31/gallon, national average.


-Donald Trump is applauding the Brexit results. Some experts have been saying the "Leave" movement's fortunes would mirror his own.

-No statement yet from Hillary Clinton or the White House. Pres. Obama sternly warned the British people to vote "Stay" earlier this year. Some say his words had the opposite effect.

-The State Dept. says Hillary Clinton failed to turn over a key work-related email. This casts the most severe doubt ever over her claim that she turned over and did not delete any work-related emails as required by law.


-Former Clinton administration diplomatic official Thomas Pickering was paid handsomely by Boeing while he pushed for the Iran nuclear deal. That's the same deal that's made Boeing's massive 80-100 jet sale to Iran possible.

-US-backed anti-Assad forces entered the Syrian city of Manbij for the first time yesterday. It's a sign of significant gains for the rebels.