U.K., European Banks Bear the Brunt of Brexit Pain

The video discusses the impact of Brexit on UK banks and financial markets, highlighting the uncertainty and risk premium demanded by markets. It explores the reasons for the focus on British banks, including the need to reassess growth and financial arrangements. The S&P 500's performance is analyzed, noting its trading range and the need for higher earnings or valuation boosts to break out. The potential effects of deglobalization on market valuation and the possibility of stagflation are also discussed.

In what ways might the global financial system be affected by the current situation?

What does the term 'stagflation' mean in the context of the current economic environment?