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Globally, the drop in fees has been driven by a fall in share sale activity, with income from equity capital markets deals tumbling 31percenttoto $9.6 billion so far this year, the slowest period since 2003.
A fall in share prices of 20-30% might be salutary.
Disney even blamed El Niño for a fall in share prices.
Of these, 17 resulted in a bear market, as defined by a fall in share prices of more than 20%.
Another fall in share prices would have a big impact; certainly, lousy corporate profits make shares look overvalued.
The 28% average fall in share prices since early 2000 has wiped $10 trillion off global wealth.
Similar(9)
A 3% rise or fall in shares is often heralded by increasing volatility, much as an earthquake is preceded by tremors.
During campaigning, the Bank of England had issued a warning that Brexit could spark recession and the International Monetary Fund predicted a sharp fall in shares and house prices.
Both Goldin companies said in separate stock exchange filings they were not aware of the reason for the sharp fall in shares.
In London, the FTSE 100 index closed down more than 150 at 5603, a fall of 2.6%, and there were big falls in share prices in Athens, New York, Paris and Frankfurt.
But notwithstanding the sharp falls in share prices after markets reopened on Sept. 17, Americans refused to panic.
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