Thoughts – Insights

* BlackRock Chief Macro Strategist, Rupert Harrison, on Brexit worse-case scenario: “We couldn’t rule out a situation where sterling falls and doesn’t have a floor” * Draghi reiterates in letter to German MP: “there are no limits to how far we are willing to deploy our instruments within our mandate to achieve our objective” *…

* Woes continue for pharma company Valeant, now it reveals it’s under investigation by the SEC * Japan PM Abe to form panel to debate extra stimulus budget * Now the Japan Times carries Abe adviser Hamada’s op-ed that “sporadic interventions [in the yen] may be needed” * ex-BOE Governor

* Fed Bullard: unwise to hike with inflation expectations falling, ECB waited too long to react to this. Current market expectations of US inflation are so

* “GBP/USD falls below 1.4000 for first time since 2009” * Two-thirds of Brits are Eurosceptic but two-thirds also want to Remain in the EU, according to British Social Attitudes survey, taken over 4 months * BOE

* ECB Liikanen: ‘There is more uncertainty in the world, there are things we need to take into account, and if necessary, we are ready to do more’ * Earnings season continues: bad news from BHP Billiton,