Global shares were mixed on Monday when U.S. markets were closed due to the 4th of July holiday.
Asian shares moved higher on Monday but European shares dropped after they recovered solidly last week from losses tied to the U.K.’s June 23rd referendum vote.
Last week U.S. stock markets also rebounded with the S&P 500 advancing 3.5 percent and U.S. Treasury prices rallying with yields plunging, fueled by expectations of monetary easing by central bankers in England, China, Japan, the EU, and the United States to help combat weaker growth.
On Friday the yield on the U.S. 10 yr. Treasury dipped to 1.3784 at one point in trading, reaching a record low before settling higher.
Today Right wing populist leader Nigel Farage, leader of the U.K. Independence Party, and former stock broker, announced that he is resigning and fulfilled his political ambitions after providing a boisterous voice for the “Leave EU” side during Britain’s June 23rd referendum vote to leave the EU.
During a press conference on Monday, Farage explained that he has never been or wanted to be a career politician and his aim in being politics was to get Britain out of the European Union.
“That is what we voted for in that referendum two weeks ago, and that is why I now feel that I have done my bit, that couldn’t possibly achieve more than we managed to get in that referendum, and so I feel that it is right that I should now stand aside as leader of UKIP” Farage said.
Farage indicated that he will continue to support the party and the new leader while remaining in the European parliament until the U.K. leaves the EU during the next 2 years of negotiations.
Farage noted that he will “watch the renegotiation process in Brussels like a hawk and perhaps comment in the European Parliament from time to time.”
Farage expressed interest in wanting to help independent movements that are “springing up in other parts of the European Union” and said “you haven’t seen the last country that wants to leave the EU.”
Written By: Johnathan Schweitzer