12  Table 1 Effects of the Brexit referendum on the finanical markets (changes between 23 June 2016 and 12 April 2017) Market Share prices  Index  Change  S&P 500 (USA)  11%  Eurostoxx 600 (Europe)  10%  DAX (Germany)  19%  FTSE MIB (Italy)  11%  FTSE 100 (UK)  16%  Nikkei (Japan)  14%  Hang Seng (Hong Kong)  17%  S&P 500 Banks (USA)  31%  Eurostoxx 600 Banks (Euro area)  15%  GERMANY DS – Banks (Germany)  11%  FTSE All-Share Italy Banks (Italy)  0%  FTSE 350 Banks (UK)  22%  EUR USD  -6%  GBP EUR  -10%  GBP USD  -16%  Germany  10 bp  Italy  90 bp.
UK  -32 bp  USA  49 bp  Sovereign spreads  SPREAD ITA GER 10Y  80 bp.