What is the long-term impact of Brexit on global markets?

Edward Smith, asset allocation strategist at Rathbones, takes a closer look at the winners and losers from the UK's decision to leave the EU.

Before the EU referendum vote, global macro data suggested growth was set to end 2016 on a decent outturn. Brexit has now softened that outlook, but it is important to remember what the starting point was: June's consumer sentiment surveys were buoyant, as were harder measures of consumer confidence, such as car sales (see graph). Even the recovery in household consumption in Europe had gathered considerable momentumYes, a disappointing first estimate of US GDP growth in the first quarter unnerved markets, as did a terrible employment report at the start of June.  Subsequent revisions...