April 23, 2024
Hate crimes against minorities grow after 'Brexit'; Stock market beating eases to -262
Threats of migrant abuse and hate crimes surfaced in the United Kingdom on Monday, just days after voters angry about a growing immigrant population approved a referendum for leaving the European Union.

London Mayor Sadiq Khan asked police Monday to be on heightened alert to deal with hate crimes directed against minorities or immigrants. The mayor vowed there would be "zero tolerance" for such acts.

"I'm calling on all Londoners to pull together and rally behind this great city. While I'm Mayor, addressing hate crimes will be a priority for the Met," Khan said in a statement.

The mayor also said it was important not to demonize the "1.5 million Londoners who voted for 'Brexit.'"

"While I and millions of others disagreed with their decision, they took it for a variety of reasons and this shouldn't be used to accuse them of being xenophobic or racist. We must respect their decision and work together now to get the best deal for London," Khan said.

The Polish Embassy in London also issued a statement Monday expressing shock and concern about reported incidents of "xenophobic abuse."

A Polish community center in west London was defiled with racist graffiti and there were reports of Polish nationals receiving racist notes telling them to leave the country, according to the Evening Standard.

Adam Andrzejko, a reporter at the Polish Nasze Strony, which covered the story in Huntington, said that it was a "very sad example" of the response to the Brexit result.

The Muslim Council of Britain, an organization that represents 500 mosques, schools and religious associations across the U.K., said it had compiled over 100 hate incidents since the Brexit vote Thursday.

Among those cases was a racist demonstration outside a mosque in Birmingham, and Muslims and others being taunted with slogans such as "go back home!"

The group has collected screenshots of reports of hate crimes and negative comments on social media to display on its website.

Prime Minister David Cameron condemned recent racist attacks, saying he would "not tolerate intolerance."

"Let's remember these people have come here and made a wonderful contribution to our country," Cameron said in a statement, according to the Scotland Herald. "We will not stand for hate crime or these kinds of attacks, they must be stamped out."

A discussion over hostility and reports of abuse have also taken to social media with people complaining about minorities being verbally abused or threatened.

Former conservative parliamentary candidate Shazia Awan told BBC she received a response Friday on Twitter telling her to pack her bags and "go home."

Dow slammed again on 'Brexit Blues,' drops 260 points

Wall Street is suffering from a serious case of the "Brexit Blues."

The hangover from the United Kingdom's decision to exit the European Union continued to weigh on risk assets around the world Monday, with U.S. and European stocks falling sharply for a second day.

With uncertainty at very high levels and investors still unsure how the shock of Friday's "Brexit" vote will play out in the global economy and markets, the so-called "risk off" trade remained in force for a second straight trading session since the Britain "Leave" vote caught investors by surprise.

The Dow Jones industrial average, which was off as much as 335 points earlier in the session, closed down 260.51 points, or 1.5%, to 17,140. On Friday, the Dow tumbled 610 points, its eighth-worst one-day point loss in its history. The blue-chip index has racked up a 2-day loss of 871 points, the worst 2-day drop since late August.

The Standard & Poor's 500 stock index was 1.8% lower to 2001 and the Nasdaq dropped 2.4% to 4594.

The path forward for stocks and other risk assets will continue to be rocky and could drag on as the political uncertainty in the U.K. and EU drags on.

U.S. markets got hurt by another sharp drop in banking stocks. Bank of America is down more than 6% and Citigroup dropped more than 4%.

The yen briefly dropped below 100 during trading Friday for the first time since November 2013, before closing at about 102.2.

Brexit isn't just a European problem after all. The United Kingdom's decision to quit the European Union is costing U.S. investors a pretty penny.

U.S.-based companies in the broad Russell 3000, including online advertising company Alphabet (GOOGL), software maker Microsoft (MSFT) and global bank JPMorgan Chase (JPM), have suffered a collective loss of $1.3 trillion since Friday's shocker from the United Kingdom, according to a USA TODAY analysis of data from S&P Global Market Intelligence. Nearly $300 billion in market value has been erased just from the 30 most-valuable stocks in the Standard & Poor's 500, the stocks most commonly found in U.S. investors' portfolios.

These losses highlight the trouble for U.S. investors is that actions by a nation across the Atlantic can set off global asset repricing that costs U.S. investors serious money and reduces the value of U.S. companies. Microsoft has been the hardest hit of any stock since the Brexit shock, with the technology giant dropping $27.4 billion in market value. That's a blow that has erased 6.7% of the company's market value in two trading days sending shares to $48.43 a share.

Banks are a point of pain, too. While some other banks endured larger percentage drops in stock prices, the 10.1% drop of JPMorgan's stock the past two trading days resulted in the biggest market value hit suffered by any financial company, $23.5 billion. The bank got 15% of its revenue from Europe, the Middle East and Africa over the past 12 months. (Source: USA Today)
Story Date: June 28, 2016
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