HALISTER1: U.K. M4 Falls as Brexit Risk-Off Trades Unwound, Scotiabank Says

U.K. M4 Falls as Brexit Risk-Off Trades Unwound, Scotiabank Says

(Bloomberg) -- U.K. August 3 month annualized M4 data at 10.9% nothing to get excited about, Scotiabank analyst Alan Clarke writes in emailed comments.
  • The data, which peaked at 14.7% in July, is really a reflection of risk-off trades as fund managers sold assets and parked it in cash around the time of the referendum on EU membership
  • That is now starting to unwind but will take 3 months at least to wash out completely
  • NOTE: M4 0.9% m/m, 5.4% y/y; M4 ex Intermediate OFCs 10.9% 3M annualized
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Source: BFW (Bloomberg First Word)

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