Ft Forex In The Rampelyset

Lukket Brexit live: David Cameron trekker seg som britisk stemmer stemmer Storbritannia har stemt for å forlate EU etter en bitter og splittende kampanje. Statsminister David Cameron har sagt at han vil trekke seg av ved konservative partskonferanse i oktober. Boris Johnson har sagt at det britiske folket 8220 har talt for demokrati8221. EU var 8220a edel idé for sin tid, 8221 sa han. 8220Det er ikke lenger riktig for dette landet.8221. Finansmarkedene over hele verden er nede kraftig. Sterling har gått ned og bankenes aksjer tar en sterk bank i tidlig handel. Bank of England govenor Mark Carney har sagt at de ikke vil nøle med å treffe ytterligere tiltak8221 for å sikre monetær og finansiell stabilitet. Skottlands første minister, Nicola Sturgeon, har hun begynt å forberede lovgivningen om ny stemme om skotsk uavhengighet. Det er en forlatt seier 8211 se vår interaktive resultatside. De fleste land har vendt mot EU med kun London, Skottland og Nord-Irland som leverer store gevinster for Remain. Turnout var 72. med 16.141.241 kastet til fordel for Remain og 17.410.742 til fordel for forsamlingsminister David Cameron har sagt at han vil trekke seg ut og at den nye PM skal være den som bestemmer når man skal utløse artikkel 50. De finansielle markedene er i uro , sterling har falt dramatisk og volatilitet treffer andre store valutaer. Euroen lider den verste dagen noensinne mot dollaren. Bankbestandene er spesielt hardt rammet. Bank of England har sagt at det vil ta alle nødvendige skritt for å møte sitt ansvar for monetær og finansiell stabilitet.8221 Både BoE og ECB har sagt at den er klar til å gi ytterligere likviditet om nødvendig. Forlat kampanjene Boris Johnson og Michael Gove har sagt uformelle Forhandlinger vil nå starte ved utgangen. Nicola Sturgeon bekrefter forberedelser til en ny skotsk uavhengighets folkeavstemning Velkommen tilbake, for de som savnet all vår dekning tidligere i dag her8217s en lenke til den tidligere bloggen. Bare en påminnelse om at det ikke er noen avgangstollinger i kveld. FT8217s Kiran Stacey, en tidligere politisk korrespondent som nå dekker energi, er tilbake måneskinnende i kveld, og har dette bare sendt oss denne forklaringen om den ene undersøkelsen som kommer ut like etter avstemningene lukker klokken 22:00. avstemning av kampanjen. Dette er ikke en avstemningsundersøkelse, som kontakter et stort antall mennesker ettersom de forlater stemmeseddelen, og har i valget vanligvis vist seg mer nøyaktige enn noen annen slags undersøkelse. I stedet har YouGov kontaktet rundt 4.000 mennesker som det tidligere snakket om for en Sunday Times-undersøkelse. I 2014 ved den skotske folkeavstemningen viste YouGov8217s undersøkelse på dagen at det var svært vellykket å komme inn i en prosentvis avstemning av sluttresultatet. Men i fjorårets generalforsamling forutspådde selskapets 8217s undersøkelse en hengende parlament, med partene knyttet til 34 prosent hver 8211 svært forskjellig fra det konservative flertallet vi endte med å se. Og hvis det ikke er nok for deg, her er en lenke til Prof John Curtice, en av country8217s topp psephologists (hvis du Google vilkårene Prof Curtice8217s navn dukker opp sekund i foreslåtte søk 8211 i hvert fall på nettleseren min), forklarer til BBC . FT8217s råvarekorrespondent, Henry Sanderson. rapporterer at gullmarkedet er ærlig rolig som handelsmenn venter på resultatet av folkeavstemningen. Gull holder bare under 1.260 en troy ounce, da handelsfolk forbereder en prisvekst hvis Storbritannia bestemmer seg for å forlate, eller en mulig nedgang som stillinger blir viklet i tilfelle av en stemme å forbli. Gull blir ofte sett på som et tilfluktssted i tider med økonomisk uro. David Govett, leder av edle metaller i Londons megler Marex Spectron, sier han planlegger å være på kontoret hele natten etter hvert som resultatene kommer inn. Traders i Kina, verdens største gullforbruker, har også vært stille med natthandelsøkten i på Shanghai Futures Exchange, som slutter klokken 19:30 UK, knapt flytte prisen. En avstemning om å forlate kan medføre en rekke gunstige faktorer for gull, inkludert en sterkere dollar (metallet er priset i dollar), en lavere sjanse for at Fed vil øke prisene (som er dårlig for gull, da det gir ingen interesse) som politisk usikkerhet over EUs skjebne. 8220A flertall stemme for å gå ut av EU vil trolig skape år med usikkerhet over vilkårene i den kommende skilsmisse avtalen og usikkerhet av denne typen er alltid bra for gull, 8221 sa Jeff Nichols, administrerende direktør for American Precious Metals Advisors. Noen analytikere sier at en stemme å forbli har allerede blitt priset til gullmarkedet, noe som betyr at prisen på metallet ikke sannsynligvis vil falle for presis. Det ene spørsmålet du sikkert vil svare på, er når det endelige resultatet kommer. Alas, vi don8217t vet nettopp på dette punktet. Men: det vi har er en nyttig guide til de stedene som bør peke på bredere suksess med In og Ut. Dette er ikke en idiotsikker øvelse, da den er basert på avstemningsdata fra en tid siden, men vær nøye med følgende 10 steder. Mole Valley. High Peak. North Hertfordshire. Knowsley. Anglesey (bildet). Slough. Sør-Oxfordshire. Worcester. Rhondda. Portsmouth. Her er en bredere forklarer fra valgguru John Curtice. Her er de siste betting oddsene fra Ladbrokes: Leie nå har tilsynelatende bare 14 prosent sjanse for seier. Husk at det var på tvelden til i fjor8217s generalvalg så oddsene til en flertallsregering likte tynn. Over på FastFT rapporterer vi at SampP 500 hoppet mer enn 1 prosent på torsdag i det brede markedets barometer beste dag i en måned, da investorer cheered avstemninger som hintet på en seier for fortsatt i dagens EU-folkeavstemning. Dagens gevinster, som førte SampP 500 innen mindre enn 1 prosent av sin all-time-lukkehøyhet i mai i fjor, ble ledet av økonomisk følsomme sektorer. Økonomi utførte seg best, etterfulgt av materialer, energi og teknologi. I mellomtiden er defensiver som er favoriserte for sine utbytte og har en tendens til å fungere godt i tider med usikkerhet, farst verste, med verktøy og forbrukerstifter som ligger bak. Henry Mance, FT8217s politiske korrespondent er på Leave. EU-partiet på London8217s Millbank Tower. Leave. EU er kampanjegruppen støttet av Ukip-lederen Nigel Farage. Dette er hans første rapport: 8220Win eller taper EU vil aldri bli den samme igjen, sa 8221 invitasjonen. Leave. EU måtte avbryte en Brexit popkonsert under kampanjen noen av de (ikke veldig berømte) handlingene skyldes å utføre i kveld. Den musserende vinen flyter allerede Mr Farage skyldes å dukke opp klokka 11.00. Her er noen innsikter fra John Authers, senior investeringskommentator: Alle store markeder er nå stengt rundt om i verden, for et kort vindu før avstemningene i nærheten av Storbritannia. Hva er priset på Sannsynligvis er det rettferdig å si, et sted oppover av en 90 prosent sjanse som Remain vinner. Sterling, de mest åpenbart berørte eiendelene, har bare lagt seg litt tilbake fra det høye fra dagen, hvor det hadde gått 6,67 prosent mot dollaren i bare en uke 8211 et bemerkelsesverdig rally. På godt under 1,50 er det svært nær estimater til kjøpekraftsparitet (så nært valutamarkedet får en 8220fair verdi8221). Ettersom det er et populært anrop blant FX-analytikere at en permisjon vil bringe sterling ned minst så langt som 1,20 i kort rekkefølge (som ville være en 31-årig lav), oppdager dette intenst tillit til en gjenværende seier. Når det gjelder aksjer, lukkede FTSE-Eurofirst 300-indeksen dagen med sitt høyeste priceearnings-forhold siden krisen, på omtrent 28. Dette skyldes blant annet at de siste inntjeningsdataene var spesielt dårlige, men fortsatt ville en slik verdsettelse ikke være mulig dersom handelsmenn ville å pris i en betydelig risiko for en forestående britisk utreise fra EU. Når det gjelder USA, hvor folkeavstemningen også er dominerende samtale, hadde SampP 500 en sterk dag for å lukke å måtte rally bare med en annen 0,8 prosent til toppen av den høyeste tiden den satte i mai i fjor. Graden av tillit til markeder kan overvurderes. Bankaksjer, som er mest påvirket av folkeavstemningsresultatet, forblir deprimerte, selv om euroområdets bankandeler har økt 17 prosent i forrige uke. Og obligasjonsutbyttene forblir historisk lave, selv om den kraftige økningen i utbyttet i løpet av den siste uken viser tilbake tillit. Tyske 10-årige bunds gir nå 0,093 prosent, som er oppsiktsvekkende lavt, men viser fortsatt en kraftig tilbakegang i ettertid etter forrige uke8217s historiske negative utbytter. Markedsposisjoneringen er tydelig, og på dette tidspunktet kan en avstemningsavtale utløse en bemerkelsesverdig handelsdag på fredag. Hvis det skulle skje, ville forlegenhet for bookies (å sette oddsen på en Remain på 81 på) og prediksjonsmarkedet nærme seg ydmykelsen som ble lidd av forvaltere i fjor8217s britiske generalvalg. Here8217 er en god måte å tilbringe to minutter hvis du venter på 22:00 og resultatet av YouGov8217s endelige meningsmåling. Den FT8217s potted historie av EU: Here8217s den siste fra Roger Blitz. våre valuta korrespondent: Dominic Bunning, ved HSBC, sa sterling bør forbli støttet på rundt 1,50 hvis de siste meningsmålingene ble styrket opp som natten gikk på. Men Adam Cole på RBC Capital Markets, behandler market8217s tillit med forsiktighet. 8220Det ser ut til at markedet er nær 90 prosent priset for en Remain-stemme, med den siste lurchen oppe på YouGov-meningen da avstemningene stengte, 8221 er han trist. 8220 Jeg ville ikke legge så mye vekt på denne undersøkelsen, prøven er bare 5.000 og marginen på 4 prosentpoeng er ikke stor nok til å ha tillit. Jeg tror at vi fortsatt må vente på et meningsfylt antall erklæringer, og ting kan fortsatt være veldig volatile når de begynner å komme inn. 8222 Daniel har vært i ANZ sa fredag8217s asiatiske økt hadde hittil sett likviditetsforhold 8220brutt som forventet8221 og hjulpet av meningsmålingene peker å gjenstå 8211 8220a posisjon at markedet allerede hadde vært gravitating til i løpet av de siste trading sesjoner8221. Likviditet, sa han 8220 er i orden i lommer, men totalt sett er det tynnere enn i går, og markedene er fortsatt svært sårbare overfor noen overraskelser8221. Nigel Farage har snakket på Leave. EU-partiet. 8220It8217 har vært en lang kampanje. I mitt tilfelle 25 år, 8221 vitser han, rapporterer Henry Mance og Kiran Stacey. Han innrømmer ikke folkeavstemningen 8211, men sier at 48-timers forlengelse i valgregistreringen kan ha tippet balansen. Han legger imidlertid til at selv om Remain har vunnet dette slaget, er Leavers å vinne krigen. 8220En eurosceptiske geni er ute av flasken, og den vil ikke bli satt tilbake. 8221 Mer fra Farage: 8220Whva som skjer i kveld, hvem som vinner dette slaget, er det en ting jeg er helt sikker på om vi vinner krigen. 8220I kveld, kanskje litt under halvparten, kanskje litt over halvparten av landet skal stemme for oss for å forlate EU. 8220 Den eurosceptiske genien er ute av flasken, og den vil ikke bli satt tilbake. Jeg håper og ber at min følelse av dette i kveld er feil. Min følelse av dette 8211 og dette er ikke en konsesjon 8211 er at regjeringen8217s registreringsordning8230. kanskje har tippet balansen. Jeg håper I8217m er galt, jeg håper I8217m gjorde en tull av. 8220 Landskapet i britisk politikk i løpet av de siste ukene har endret seg, og det har forandret seg for alltid. 8220 Vi kommer tilbake til landet, vi vil få vår uavhengighet tilbake og vi kommer tilbake til våre grenser.8221 Her8217s videoen: En undersøkelse fra forskningsfirmaet Opinium har Forsiden siden med ett prosentpoeng, med ni prosent av befolkningen ennå ikke besluttet. Det er litt forvirring når undersøkelsen ble gjennomført. OPPDATERING: Opinium har fortalt FT at meningsmålingen ble gjennomført mellom 20. og 22. juni. Newcastle resultat kommer inn igjen 8211 65 504 Leave 8211 63 598 We8217re bare sjekker matte på 8220expected8221 resultater som spådd av noen meningsmåler, men det var ment å være høyere for Remain Den potensielle relevansen av Newcastle upon Tyne er at vi hadde forventet en anstendig fører 8211 kanskje 12 poeng 8211 for In-leiren. I stedet var det svært nært 49,3 prosent til 50,7 prosent. Det ville være en feil å lese for mye til et enkelt resultat, men det vil bli jitter på Remain-siden akkurat nå. Våre kolleger på fastFT oppmerksom på at sterling har gitt opp de fleste av sine tidligere gevinster mot dollaren etter at rapporter om at Newcastle upon Tyne-resultatet ville være nært. Fra FT8217s Charlie Bibby. et bilde av Nigel Farage som snakkes litt tidligere: Fra vår kollega Chris Tighe i Sunderland, hvis pro-leave-resultat bare har sjokkert valutamarkeder: I Sunderland har 61,3 prosent av velgerne stemt om å forlate EU til tross for byens store avhengighet av innover investorer, spesielt bilprodusent Nissan, for sysselsetting. I en oppslutning på 64,9 prosent stemte 82 394 personer for å forlate EU og 51 930 for å forbli. Sunderland har gjenoppbygd sin produksjonsbase siden 1970-tallet, hovedsakelig på intern investering, Nissan-fabrikken er Storbritannias største bilprodusent. Nissan eksporterer 55 prosent av sin Sunderlands produksjon til EU-land rundt 250 000 Sunderland-produserte biler i 2015. Byen er hjemsted for mer enn 80 utenlandske eide selskaper med 25 600 ansatte. Ved å stemme for å forlate med en slik rungende margin, har Sunderlands velgere avvist advarsler av politikere og bedriftsledere om at en Brexit kunne sette jobber i fare. Nissan selv uttalt en preferanse for Storbritannia å bli i Europa. Det gir mest mening for jobber, handel og kostnader, Nissan-leder og konsernsjef Carlos Ghosn sa tidligere i år. Årsakene til Sunderlands Leave-stemme inkluderer protester mot stramninger og kutt, og en mistanke om at en politisk og forretningselitt har vært skremt og ubehagelig på hvordan Storbritannia endrer seg. The Leave momentum handler ikke bare om eldre mennesker. Katy Brook, en 20 år gammel Sunderland universitetsstudent, som er fra byen, sa at hun og familien hennes hadde stemt Leave. Europa trenger oss mer enn vi trenger dem, sa hun. Og dette er diagrammet for Sunderland-resultatet: Mer fra vår kollega Chris Tighe i Sunderland, hvis pro-leave-resultat bare har sjokkert valutamarkeder: I Sunderland har 61,3 prosent av velgerne stemt om å forlate EU til tross for byens store avhengighet av innadvendte investorer, spesielt bilprodusent Nissan, for sysselsetting. I en oppslutning på 64,9 prosent stemte 82 394 personer for å forlate EU og 51 930 for å forbli. Sunderland har gjenoppbygd sin produksjonsbase siden 1970-tallet, hovedsakelig på intern investering. Nissan-fabrikken er Storbritannias største bilprodusent, med sysselsetting på 6.700 personer. Nissan eksporterer 55 prosent av sin Sunderlands produksjon til EU-land rundt 250 000 Sunderland-produserte biler i 2015. Byen er hjemsted for mer enn 80 utenlandske eide selskaper med 25 600 ansatte. Ved å stemme for å forlate med en slik rungende margin, avviste Sunderlands velgere advarsler av politikere og bedriftsledere at en Brexit kunne sette jobber i fare. Nissan selv uttalt en preferanse for Storbritannia å bli i Europa. Årsakene til Sunderlands Leave-stemme inkluderer protester mot stramninger og kutt og en mistanke om at en politisk og forretningselitt har blitt skremt, samt ubehag på hvordan Storbritannia endrer seg, inkludert innvandring. The Leave momentum handler ikke bare om eldre mennesker. Katy Brook, en 20 år gammel Sunderland universitetsstudent, som er fra byen, sa at hun og familien hennes hadde stemt Leave. Europa trenger oss mer enn vi trenger dem, sa hun. En arbeidskilde sier at de tror at med høydeoppgang er differansen mellom Leave and Remain-områder høyere enn forventet, rapporterer Kiran Stacey. De som forventes å gå, har gjort det i større antall, men det samme gjelder også for spådde gjenværende områder, sier personen. Resultatene hittil har vært overraskende sterke for Leave, men det er verdt å vente på å se resultatet fra noen av de mest marginale stedene. Som Kiran sa tidligere, er ryktet at både inn - og utområder har polarisert i større grad enn forventet. Nøkkel 8220marginals8221 vil sannsynligvis inkludere8230 North Hertfordshire klokken 1.30am High Peak kl. 30.30 Portsmouth kl. 30.30 Mole Valley klokken 4.00 Sør Oxfordshire kl. 4,30. En leser, Friendly Yank, spør: Er posten i stemmene talt med today8217s velgere eller separat tabulert Our reporter Kiran Stacey sier: Poststemmer er inkludert i de endelige teltene som blir annonsert. Stemmeavhengige tilhengere i London feirer Sunderland-resultatet, fra Charlie Bibby: Her er et kart over stillingen nasjonalt slik det står etter bare 5 av 382 resultat hittil: Uansett hvilket resultat dette føles som det definerende øyeblikket i en stor kulturell splittelse i Storbritannia. Det ser ut til at stemme i London kan være sterkere for In enn tidligere forventet. Lisa Nandy, Arbeiderparti for Wigan East og en gjenværende, sier at hun ikke kan forutsi resultatet, rapporterer FT8217s Andrew Bounds: Ved den nasjonale telleren i Manchester advarer hun om at landet har vært dypt oppdelt. Familier og naboer har blitt delt av denne debatten. Uansett hvilket resultat det er en stor jobb å gjøre for å helbrede riftet. Hun sa at mange tradisjonelle arbeidstakervalgte følte seg igjen av globaliseringen, som hadde ødelagt deres levestandard. De hadde også hatt austerity, og mange hadde ignorert Arbeidsanbefalinger for å stemme forblir. Hvis David Cameron vinner denne folkeavstemningen, vil det være fordi folk som det har kommet ut og stemt for å forbli. Han skylder det til dem for å hjelpe dem, for å stoppe kuttene. Her er Jeremy Corbyn8217s bror som sier at han håper at Arbeiderleder vil lede etterforhandlinger etter Brexit. FTs Tokyo korrespondent, Leo Lewis. var på telefonen til lederen til en av Tokyos største FX-handelskort når Sunderland-resultatet kom inn. Det har skjedd noe veldig dårlig, sa han, før han umiddelbart henger opp. Mer fra vårt asiatiske team: Ordet fra Tokyo-handelsgulvene på den enorme spissen mot dollaren, euro og sterling som alle foregikk i løpet av noen få sekunder 8211 er at 8220a følelsen av chill har nettopp erstattet en følelse av selvtillit at vi hadde 30 minutter siden8221. Selv om det ikke foreligger rapporter om likviditetsproblemer, ser handelsvolumet ut til å være veldig lett. 8211 bevegelsene er ganske klart drevet i Tokyo av småskala FX-spekulanter (8220Mrs Watanabe og hennes dagshandel son8221, sa en Tokyo-handelsmann). Desks sier at de forventer mye volatilitet fra de investorene likevel, men ingenting som dette. Yen på det punktet økte nesten Y3, presset dollaren tilbake til Y103.61 fra Y105.98 8211 en nesten ukjent flytning på så kort tid. Fra min kollega Nicole Bullock i New York: 8220Det ser ut som middag her, 8221 sa en person på FX trading gulvet på en stor New York-basert high frequency trader rundt 7:30 PM ET, i forhold til antall handelsmenn på gulv og humør. Spillmarkedet har vært over alt de siste par timene, med svingninger som er like i størrelse som de som er sett i sterling. Odds på leave-win via Betfair har steget kraftig til 35, etter å ha vært så lave som under 10 år da meningsmålinger ble avsluttet. Du kan få de siste oddsene her. Tilsynelatende komfort for Remain-leiren fra Isles of Scilly: men tallene er for små til å gjøre stor forskjell: 803 til 621. Swindon erklærer og resultatet er i favør av Forlat som forventet: Forlengelse: 61.745 Forblant: 51.220 velkomst er 75.8 Min kollega Jim Pickard har nettopp sjekket regnearket sitt og vi hadde forventet en 15 poeng ledelse for Leave, og i virkeligheten er det en 10 poengledelse. Broxbourne i Hertfordshire har stemt 66 til fordel for OUT, som er høyere enn forventet for Leave-kampanjen Andrew Bounds. FT8217s Nord-England korrespondent, har dette fra Andy Burnham, Arbeiderpartiet og skygge hjemme sekretær: Andy Burnham, skygge hjem sekretær, sa han forventet lignende stemmer til Sunderland over nord. Jeg vil si til de Arbeids-supporterne som stemte for å forlate at jeg forstår hva de sier og hva de er bekymret for. Politiklassen har ikke lyttet til sine bekymringer om innvandring. Det må være en gjennomgang av hvordan fri bevegelighet fungerer. Det kan ha kommet for sent til sitt parti. Han sa også at Labour hadde kjørt en særskilt kampanje, men ble druknet ut av den konservative innsatsen. Fra vår markedsredaktør, Michael Mackenzie: It8217 er ikke bare en stor natt for sterling. Japan8217s yen, et barometer av risikoaversjon setter også et brått tempo, opp 3,2 prosent mot sterling som handelsmenn8217 tidlig optimisme av et gjenværende utfall har blitt rystet. Yen8217s gevinsten på 1,1 prosent mot dollaren til Y104.96 vil også tiltrekke oppmerksomheten til tjenestemenn 8211 de vil ikke se en fastere yen, og utsikten over valutaintervensjon er i Tokyo-morgenluften. John Curtice, en av country8217s øverste psephologists, har nettopp fortalt BBC at utveksten i London er lavere enn forventet, noe som ville være et slag for Remain-leiren, som forventer at kapitalen sterkt kommer tilbake i EU. Det kan være at det dårlige været8230 har banket 2 eller 3 poeng av turneringen der. Været forårsaket ødeleggelse over London, med oversvømmelser som forårsaket utbredt forstyrrelse av offentlig transport. Å bra. Fra FT8217s Nicole Bullock i New York: 8220Dette er bare en forrett, 8221 sa Giovanni Pillitteri, global leder for valutahandel på GTS, en elektronisk markedsfører. 8220 Hvis avstemningen forblir så splittet, vil pundet bli enda mer flyktig.8221 Jeg skal påpeke at vi ikke skal rapportere hver eneste deklarasjon, men som det står har vi hatt 11 resultater hittil, med permisjon som holder en smal ledelse på 321 339 til 314 521 for Remain. Bagdad-byråets leder for Washington Post bare Tweeted: FT8217s Leo Lewis rapporterer at hedgefondene har gjort deres tilstedeværelse kjent i valutamarkeder, ifølge en senior Nomura-strateg: Nesten en time etter det store flytte i sterling og yen8217s øker til en toårig høy i løpet av noen få sekunder, har FX-kryssene avgjort ganske litt 8211 lenge nok for Nomura8217s leder av FX-strategien, Yunosuke Ikeda, for å fortelle oss at hedgefondene definitivt har gjort sitt preg på handel i morges. Japansk detaljhandel er absolutt der inne for å gi markedsretningen, men hedgefondspekulatorene 8211, hovedsakelig basert i London 8211, forårsaker disse store svingninger da markedet tar inn effekten av 8220leave8221-leiren som gjør det bedre enn forventet på disse tidlige resultatene, sa hr Ikeda . Markedsvolatiliteten er ikke bare begrenset til sterling og valutamarkedet, rapporterer Michael Mackenzie. FTSE 100 futures er ned 1,9 prosent i tidlig handel som resultater fra Sunderland og Swindon har utløst merkbar risikoaversjon. SampP 500 futures er på 0,5 prosent. Marcus Roberts, direktør for internasjonale prosjekter på YouGov, har nettopp falt av våre kontorer i Southwark. Han tar på seg at urbane middelklassen var for treg for å se signaler om misfornøyelser om EU i regionene. 8220Det var Ukip-stigningen, de lokale og europeiske valgresultatene, dette var en etterlengtet våkneoppringning, 8221 sier han. 8220Gapet mellom storbyområdets, kosmopolitiske, middelklass-velgere og arbeidsklassens sosiale konservative har nå blitt så stor at det enkelt ikke kan ignoreres.8221 Etter 12 resultater hittil er dette ledelsen for Leave, men som resultatene kommer raskt inn Dette endrer seg raskt, og våre tall er forskjellige fra kringkastingstjenestene, da vi bruker PA-feedet Here8217s, og jen hopper rundt: Roger Blitz. FT8217s valuta korrespondent, rapporterer: En smal Leave-seier kan vise seg 8220a record-breaker8221 for sterling, sa Simon Derrick, FX-strateg ved BNY Mellon, da sterling8217s dramatiske fall i kølvandet på Sunderland-resultatet viste seg. 8220Beyond GBP, vi må begynne å tenke på hvordan nasjoner som Sveits og Japan vil reagere, bør redde havstrømmer begynner å lede seg, 8221 sa han. Mr Derrick foreslo at markedet ikke hadde gransket spillmarkedet i folkeavstemningen. 8220Noen kan nå også være tilbakekalt kommentaren fra William Hill at 82% av det totale pengespillet på William Hill hadde gått på Remain, i forhold til det faktiske antall spill gjorde det8217s omvendt: 75 av spill på Leave og 25 på Remain, 82178221 sa han. Japanske aksjer ble høyere på fredag ​​morgen, rapporterer Leo Lewis: Japanske aksjer har så langt valgt å ignorere de spektakulære bevegelsene som i yenen som gikk foran åpningsbellen og har forlatt handelsgulvene langt mer nervøse over folkeavstemningen enn de ventet å være sist natt. Referanseindeksen Topix, som har tendens til å bevege seg i takt med dollar-yen-valutakursen, steg 0,62 prosent i de første 15 minuttene av handelen. Vår viktigste investeringskommentator, John Authers. på villmarkene svinger i valutamarkeder: Etterforskningen har allerede startet på hvordan valutamarkedet klarte å gjøre en så overbevisende innsats på en gjenværende stemme. Uansett utfallet, som allerede ser ut til å ha vært dårlig uberettiget. En teknisk forklaring er at makro sikringsfondsledere har hatt et dårlig år så langt, og det kan ha vært desperat å hoppe på pistolen, i stedet for å la noen andre høste fortjenesten når en gjenværende seier ble annonsert. Hvis permisjoner virkelig fortjener det, innebærer det en forhøyet risiko for en økonomisk ulykke i dagene som kommer som folk prøver å slappe av stillinger. En annen måte å se på dette er når det gjelder 8220narrative fallacy8221. Flere forskjellige faktorer kohererte sist torsdag. Betting markeder, observert stadig tettere og med mye penger bak dem, nådde en topp av tro på permisjon i etterlatte (selv om de aldri gir sjansen til å forlate over 50 prosent, til tross for en ledelse for permisjon i mange meningsmålinger). På dette tidspunktet var de klare til å snu. Samtidig nådde valutamarkedet en psykologisk eller teknisk barriere 8211 1,40 til pundet. Disse nivåene har bare blitt brutt en håndfull ganger, og bare ganske kort, siden Plaza Accord i 1985. Traders måtte spørre seg selv om de var forberedt på å ta sterling lavere. Til slutt var det den forferdelige tragiske nyheten om mordet på Jo Cox. Dette så på tiden som et vendepunkt. Traders kan ha vært for opptatt av å behandle det som sådan, og så rushet var på å sette penger på en ultimate Remain-stemme. Det passer en praktisk fortelling som mange kunne tro. Og så var innsatsen på. Som det står, ser denne folkeavstemningen ut som om en tilbakevending av den siste nasjonale britiske avstemningen, selv om Remain blir triumferende. Deretter var det forlegenhet for meningsmålinger, og relativ suksess for bookies og prediksjonsmarkeder. Denne gangen har meningsmålingene, som fortsatte å vise et veldig stramt løp, ser mye smartere enn spill - og valutamarkedene, noe som tillot seg å overskride. Fullstendig opplysning 8211 det er en avvik mellom totalene våre på den interaktive resultatsiden og de av kringkastere 8211 BBC og Sky. Våre dataviruer har dobbelt og tredoblet-kontrollert tallene våre og tror at den eneste forklaringen er måten vi tar med resultatene, går inn i våre modeller. For eksempel har det vært enkelte individuelle resultater fra Nord-Irland, men da det bare er en av de 382 rapporterende myndighetene, vil modellen vår ikke inkludere disse tallene før den fullstendige erklæringen er gjort, som forventes rundt klokken 4. Vi håper dette ikke fører til forvirring. Ingen stor overraskelse i det første London-resultatet, med City of London stemmefor omfattende for Remain, 75 til 25. Men IN-leiren vunnet, blir veldig spent da det bare legger til 3 312 stemmer til deres totale (vs 1,087 for permisjon). Som det står, rapporterer BBC at Leave har en ledelse på 53 prosent etter 30 resultater, og har nettopp toppet en million stemmer (1.038.777 for å være eksakt). Shetland og de vestlige øyene har støttet Remain, 41 år etter at de var de eneste to valgdistrikter i Storbritannia for å stemme imot medlemskap i det da europeiske økonomiske fellesskapet, rapporterer Mure Dickie. Shetland stemte for å bli i EU med 57 prosent til 43 og de vestlige øyene med 55 prosent til 45. Resultatene i Scotlands nordligste og vestlige øygrupper markerte skiftende holdninger til Europa blant skottvalgere siden folkeavstemningen i 1975. Siden da har Skottland gått fra relativt eurosceptisk sammenlignet med England til mer entusiastisk om EU-medlemskap. Ledere av alle partiene i det skotske parlamentet mot Brexit og det skotske nasjonale partiet, som motsatte seg europeisk medlemskap i 1975, er blitt en entusiastisk mester for å bo i. Shetlandsresultatet overrasket ros på Twitter fra amerikansk skuespillerinne og sanger Lindsay Lohan. Forutsigelse av valg er en tøff forretning for meningsmålinger, som må holde nakken ut på kvelden før en stemme. Her er Peter Kellner, tidligere av YouGov, tilpasset sine forventninger: Chris Hanretty, en politisk forsker ved University of East Anglia, har sannsynligheten for at Storbritannia forblir i EU på om lag en tredjedel gitt resultatene deklarert så langt. Spillmarkeder har byttet dramatisk i de siste minuttene 8211 nå favoriserer et resultat på etterspørselen. Siste odds fra Betfair her. Sir Vince Cable, tidligere forretningssekretær, sier: 8220Det ser mer og mer ut som om Leave er foran, og vi bør kanskje begynne å tenke på de politiske og økonomiske konsekvensene av det.8221 Han setter den tilsynelatende Leave swing ned til 8220 personer i svært fratatt områder av nordøst uttrykker sin frustrasjon8221. David Cameron måtte gå straks hvis det er en permisjon fordi hans 8220authority er helt borte8221, hevder Cable. Sterling blir clobbered over hele FX-butikken, rapporterer Roger Blitz. Hong Kong8217s åpning har drevet pundet 7,7 prosent lavere mot yenen, og mer enn 3 prosent ned på euro. Mot dollaren slo pundet 1.4040. Det er gyrating på en stor måte. På kort tid har det tatt opp til 1,42. Som våre kolleger over på FastFT setter det: Oof. Vår Asia redaktør, Jamil Anderlini. rapporter fra Hong Kong: 8220For å markere den øyeblikkelige avstemningen fredag ​​morgen, var Foreign Correspondents8217 Club of Hong Kong, en storinstitusjon som var innstillingen for John le Carre8217s 8220The Honorable Schoolboy8221, tilbys en full engelsk frokost for medlemmene å nyte mens de så på resultatene bor på BBC. Fra de sjokkerte ansikter rundt baren i de tidlige resultatene, da Leave syntes å være godt i forveien, viste det seg at de fleste britiske statsborgere basert i den tidligere kronekolonien var Remain-støttespillere. Flere fremtredende reportere og gammeldags kunne sees å holde deres nerver stive med en stiv blodig Mary eller tre i den fineste tradisjonen til FCC-baren. Frokosten var planlagt til slutt klokken 10.30 8211 3.30 am britisk tid 8211, men da platene ble ryddet bort og morgenmagasinerne begynte å glide seg til jobb, ble resultatet delt nøyaktig 50-50 med knapt en tredjedel av alle stemmer talt.8221 From Leo Lewis in Tokyo: Nearly two hours into the Tokyo morning session, the Topix is down a fairly narrow 0.4 per cent but the swings that have brought it here have been breathtaking. 8220This is the algos algorithms and the arbs arbitrageurs doing this,8221 said one broker after the Topix staged a 3.3 per cent per cent collapse and a 3 per cent rally within the space of one hour. 8220Who else is going to trade into this level of volatility and uncertainty We don8217t know what the world is going to look like in three hours8217 time.8221 After a cautiously positive start for Tokyo stocks, those huge swings in the yen 8211 now very much back in the role of global safe haven currency as the referendum results come in 8211 have made their mark. Although the yen has moved most spectacularly against the pound, markets appear to be more driven by the dollar-yen rate, which has seen the yen renew its highs of around Y103 8211 a level that has previously ignited speculation that the Japanese authorities might intervene. The political scientist Chris Hanretty is now saying that according to his model the referendum is over with no chance that Britain remains in the EU. Of course his model could be wrong. The mood is as intense on Australian dealing floors as those elsewhere, reports Jamie Smyth from Sydney. Daniel Been, a currency strategist at ANZ Bank in Sydney, who has been manning his desk since 5.30am, said he was swamped. Liquidity was as expected, he said, but any further signs of a close count will mean that there are fewer offers for US dollars and as such any disappointments are being amplified in the market moves. Local media report the Reserve Bank of Australia has warned the government an exit could unleash market swings in Europe with the risk of contagion spreading to other markets, including in Australia. Exporters were watching the vote particularly closely, dealers said. There has been a pick-up in hedging in recent days against the risk, however low it looked at the time, of an Out vote. In April the pound hit a 15-month high against the weak Aussie dollar at A0.54, but dropped to A0.49 last month as Brexit expectations rose. It was being see-sawed around on Friday, but stood at A0.526 as Sydney dealers ate lunch at their desks. John Curtice, the electoral guru, has told the BBC that the winning post is 16.8 million votes. As it stands Leave leads by just under 200,000 with 5,752,238 votes after 153 results. The inquest has already begun among Labour figures about what went wrong. John Mills, a Labour donor 8211 who helped fund the Out camp 8211 has said that Labour made a mistake by campaigning so 8220strongly8221 for In. 82208221The mistake they made was campaigning so strongly in favour of staying in, rather than having a supportive but critical stance,8221 he said. 8220Once they started saying that the EU had everything going for it and nothing wrong, it was not a credible position for people in the North of England.8221 Sheffield has narrowly voted for OUT by just under 6,000 votes, the city was meant to be a narrow win for Remain. Leave 8211 136,018 Remain 8211 130,735 Turnout was 67.3 Markets are clearly worried, with the Brexit plane parked on the runway with the engine running, reports Michael Mackenzie . Here are the key levels to watch 8211 a decisive break of 1.40 for the pound as we go below 1.399. Gold breaking above 1,300 as it spikes to 1,284. The 10-year Treasury yield below 1.50 per cent as it trades at 1.58 per cent. The Sheffield result has given betting markets a real kick. Betfair odds for Remain now down to 30. Miles Johnson . our global investment editor, passes along the comments of one hedge fund trader: I haven8217t seen price moves like this in sterling my entire career. I have never seen moves of 2 per cent up or down within an hour Even with the result not yet certain, punditry has begun to shift from 8220Who will win8221 to 8220Why does Remain look to have lost8221 Emily Thornberry, the Labour MP, is blaming lack of access to services and housing. Jonathan Reynolds, her colleague, tweets: Edinburgh, Scotland8217s second biggest city, has declared strongly in favour of IN: Remain 187,796 Leave 64,498 Turnout was 72.9 From Jennifer Hughes in Hong Kong: The focus is on trading London-related names. HSBC and Standard Chartered are taking a hammering, down 3.5 per cent and 4.9 per cent respectively. This after finishing up 2.4 per cent and 2 per cent in London on Thursday. Hong Kongs Financial Secretary, John Tsang, has also assured investors there territory has enough liquidity to cope with different scenarios. We have been prepared in different aspects. We have also reserved enough liquidity. So we should be able to handle different situations,8221 he said. But a lot of investors are staying on the sidelines as the count continues. Sometimes it really is better to sit on your hands and do nothing, said one hedge funder. Sure you could buy sterling at 1.40 and sell at 1.45 so long as you dont think its going to 1.25, which it might. Remember by the way that the SNP said they would push for a second independence referendum if Scotland voted In and the rest of the UK voted Out. It is in the UK prime minister8217s gift to grant this, but the question may soon be whether that person (whoever it is) can resist demands for yet another referendum from north of the border. Hilary Benn, shadow foreign secretary, has predicted that David Cameron will have to resign if 8211 as looks increasingly likely 8211 there is a Leave vote. If you are the PM, you have called this referendum, you have laid your reputation on the line and your arguments, I think its going to be very hard. Then again, Cameron may not need to be pushed. The prime minister must know that he staked his political reputation on convincing the British public to stay in the EU. Over on our results page you can see clearly where the most Eurosceptic and most Europhile parts of the UK are: Gibraltar is a bit of an outlier, literally. In the UK, the most Europhile reporting area so far is the London borough of Lambeth. Nigel Farage is giving a victory speech. The Ukip leader, who stood seven times for Parliament and was never elected, is now responsible for changing the course of British history. He was shoved aside by the official Tory-dominated Vote Leave camp but is still enjoying his moment in the limelight. 8220Honest, decency and belief in nation is, now, going to win,8221 he says, labelling today as 8216Independence Day8217. 8220Let8217s get rid of the flag, the anthem of Brussels and all that has gone wrong.8221 This the take on currency markets from FastFT8217s Katie Martin : Markets are hitting the ejector button. Sterling has of course been having a rough run all night, experiencing a record-breaking drop. But this is now morphing into something much broader and deeper. The yen, a classic retreat in times of stress, has just blasted higher, with the dollar sinking briefly under Y100. This puts the Japanese currency squarely in the territory where the central bank, acting on the ministry of finance8217s behalf, might be minded to intervene to weaken it. Sterling is now at. at around 1.35, a 30 year low having broken through 2009 crisis levels. It was over 1.50 when polls closed at 10pm last night. That8217s a drop of 8.8 per cent on the day so far. It8217s really very very messy. Here are some more quotes from Nigel Farage8217s celebratory remarks just now: Dawn is breaking on an independent United Kingdom. This will be a victory for real people, a victory for ordinary people, a victory for decent people. Today, honesty, decency and belief in the nation I think now is going to win. We have done it without a bullet being fired8230 We have done it with damned hard work on the ground. Let June 23rd go down in our history as our independence day. West Oxfordshire, which includes David Cameron8217s constituency, has just backed Remain. It will do little to cheer the prime minister, however, as it delivers only 35,236 votes against 30,435 for Leave. The OUT camp has a lead of more than 600,000 votes with 265 of 382 authorities reporting. There are still some areas with large populations to vote, however. John Curtice 8211 referred to jokingly on the BBC as St John Curtice because of the regard in which he is held in the polling world 8211 now says: If things carry on as they have been for much longer then it is difficult to escape the conclusion that Leave has won. Investors are rushing for havens as the chance of Brexit rises, says Elaine Moore . capital markets correspondent. Demand for US government bonds has pushed the yield on benchmark 10-year Treasurys 8211 the bedrock of the global financial system 8211 down 23 basis points to 1.54 per cent. If you need any further reminder of how far the shockwaves of the voting is spreading around the world, the Japanese finance minister, Taro Aso, has announced he will be giving a press conference in just under an hour, after the Yen strengthened against the US dollar as it passed below 100. Here are the previous levels for Japan8217s central bank to intervene, courtesy of Nomura via our colleagues on FastFT Birmingham, the UK8217s second biggest city, has voted in favour of Leave A little bit more on what is going on in Japan from the FT8217s Robin Harding in Tokyo: Japanese finance minister Taro Aso will hold a press conference at 1.15pm local time (5.15am in London), said the ministry of finance, after the yen briefly burst through Y100 to the dollar at one point. It fell back to trade at Y101.5. Officials at the Bank of Japan said they were 8220too busy to talk8221 or did not answer the phone. The pound8217s dramatic fall sets up the world8217s central banks for a revival of currency wars, reports the FT8217s Roger Blitz . A press conference has been called by Japan8217s finance minister Taro Aso, after results from the EU referendum piled risk aversion into the FX market, notably the yen. The yen climbed to below Y100 to the dollar, a rise of more than 4 per cent and hitting a psychologically significant level that was last reached in November 2013. Japan has refrained from intervening to weaken the yen, under pressure from the US government which has argued all the year that the yen8217s appreciation has been 8220orderly8221. But market analysts predict the turmoil caused by Brexit will give Tokyo reason to argue that the yen8217s appreciation to below Y100 is now a 8220disorderly8221 market event, giving the government reason to intervene. Other governments may also feel compelled to act. The Swiss franc is up 1.8 per cent against the euro to levels that will sit uncomfortably with the Swiss National Bank. Southampton has just declared for Leave, which now holds a lead of more than 730,000 votes, giving it a total of more than 12,400,000 votes. The winning side needs to go past 16.8 million votes Nicole Bullock reports from New York: The market for sterling is completely dislocated at this stage,8221 said Giovanni Pillitteri, global head of foreign exchange trading at GTS, an electronic market maker. 8220We are going to see a long period of volatility in the financial markets. This is going to have repercussions in all asset classes. We will see a flight to safety. We are making history tonight. We have comment in from Mohamed El-Erian, chief economic adviser to Allianz. With markets having wrongly bet on a Remain win in the last few days, and with patchy liquidity sure to amplify price movements, there will be severe pain for levered long investors and, potentially, opportunities for cash rich ones. Artificially-elevated financial markets were at the risk of either a policy disruption or a market accident. Brexit could well turn these two risks into reality. This is the latest state of play from the FT8217s results page My colleague Simon Mundy in Mumbai brings a grave warning from Tata Steel. The referendum result could damage the chances of Tata Steel maintaining its operations in the UK, the countrys biggest steel producer, according to a person close to the company. Its shares fell by 7.1 per cent on Friday morning in Mumbai, a drop beaten only by the 11.6 per cent decline for sister company Tata Motors, which also has a major UK subsidiary in the form of Jaguar Land Rover. Tata will soon announce a final shortlist of two, from the seven bidders who expressed interest in buying its UK steel operations, but it has also been in talks with the government about support measures that could enable it to stay. There will now be recalibration following the news that the UK will leave the EU, a major market for Tata Steel UK, the person said. This could change everything. The Bombay Stock Exchanges benchmark Sensex fell 3.4 per cent on Friday morning. As well as the Tata companies, banks were also hit hard, with ICICI Bank down 6.9 per cent, and Axis Bank falling 5 per cent. From the FT8217s Lombard writer, Jonathan Guthrie : It would have been better for pro-Remain business leaders to make free trade and tolerance of foreigners the positive central strands of its message. But this would have been too nakedly ideological for many of them. As it was, plenty of companies, such as J Sainsbury and Legal amp General sat on the fence. They said national self-determination was for the people, not the plutocrats, to decide. That was a respectable position, however much it irritated David Cameron. The referendum verdict has proved them right. The FT8217s Sarah Gordon wrote at the end of May of 51 chairman and chief executives of Europes leading multinational companies warning of the negative consequences of a British exit from the EU, for the rest of Europe as well as the UK. Read it here Gisela Stuart, the chair of Vote Leave, has attempted to strike a more conciliatory tone than that of Nigel Farage earlier. She even spoke for a time in her native German in an apparent attempt to quell fears about the result on the continent. Here is the meat of what she said: This is democracy at work and it is our opportunity to take back control over a whole area of democratic decisions. All of the political leaders will have to reflect on whether they have accurately gauged the people8217s attitudes and the people8217s desire of how to govern themselves. This has been a cross-party campaign and what happens now also has to be a cross-party effort. We have a responsibility to act in the best long-term interests of the country. Britain is an open society, it is a welcoming society. We will have to continue to be cooperating with European countries on an international level. This is an important decision about our future. It is about the people who have taken that decision, it is not about the politicians. This referendum has been fought against the backdrop of all the might of institutions and of money. It is now incumbent on all of us to be very calm, remember our responsibilities to the future of the United Kingdom and work together to start a process 8211 because this is simply the beginning of the process. In the long-run I think we will find both Europe and the United Kingdom will emerge stronger as a result of this. Grim projections for the auto industry, via the FT8217s Peter Campbell : Demand for new cars in the UK may fall by a fifth if the country enters a recession, a City analyst has warned in the first reaction from the automotive industry to a likely Brexit vote. Appetite for new cars falls by 20 per cent in a typical downturn, Stuart Pearson, an analyst at Exane BNP Paribas, wrote in an early morning note to clients. Shares in Japanese car makers with major manufacturing centres in Britain have fallen by around 7 per cent since the markets opened. Nissan, Toyota and Honda between them make 800,000 cars a year at their plants in Sunderland, Deeside and Swindon. Mr Pearson said that he projected significant sector underperformance among automakers, with Peugeot Citroen, BMW and Fiat Chrysler are among the companies most likely to be affected by the decision. The FT8217s head of data visualisation, Alan Smith, has this on how the vote divided the nation. Citi has downgraded two of the UK8217s biggest banks and warned clients of a sharp sell-off in UK and European banks after the dramatic outcome of the UK8217s referendum on EU membership, the FT8217s investment banking correspondent Laura Noonan reports . Citi downgraded both Barclays and Lloyds to 8220Sell8221, saying UK banks were 8220highly exposed8221 to Brexit and would suffer from the loss of the EU common market, slower loan demand from UK customers, higher funding costs, lower loan defaults and longer-term risks like Scotland exiting the UK. We also foresee c10-20 downside for European banks. Banks which are most exposed to Brexit include the investment banks, with primary (and secondary) volumes likely to be subdued for some time on heightened uncertainty. EU banks with UK operations 8211 such as Santander, Bank of Ireland, and Sabadell will also get hit directly on FX (foreign exchange) translation as the sterling weakens versus the euro. Team Brexit, aka Vote Leave, is currently making its way back to London after Gisela Stuart accepted victory in Manchester. The FT8217s Sebastian Payne understands that a fuller valedictory speech will be given from their campaign headquarters in Westminster later this morning. It will most likely be delivered by Boris Johnson, the former mayor London and will be 8220diametrically opposed to what Nigel Farage said at Arron Banks8217 party8221, according to a senior Vote Leave source. French president Francois Hollande is to speak to German chancellor Angela Merkel in about 10 minutes following the Brexit vote, says the FT8217s Anne-Sylvaine Chassany . The French leader will make a statement later in the morning. 8220No panic,8221 a French diplomat sought to reassure Friday morning. Meanwhile the National Front cheered. Marine Le Pen, the leader of anti-Euro, anti-immigration party posted the Union Jack on her Twitter account, saying: 8220Victory of freedom As I have asked for years, we need now the same referendum in France and in the EU country.8221 8220The European Union is collapsing and it8217s a very good thing8221 Florian Philippot, FN vice president, said on the radio. 8220We need now a referendum in France.8221 Germany now has a special duty to keep the EU united, a senior member of Angela Merkel8217s CDU party said this morning, as he decried Brexit as the 8220biggest catastrophe in the history of European integration8221. The FT8217s Berlin correspondent Stefan Wagstyl reports that Norbert Rttgen, chairman of the Bundestag foreign affairs committee, said: The overarching aim must now be secure unity and coherence in Europe. Germany can contribute to this like no other country. Rttgen also called for unity between eastern and western Europe to show the new member states that they not only had equal rights but were also as important as the original EU members. German industry leaders were also quick to comment, with the chief economist of Deka, which manages the assets of the country8217s savings bank, describing the result as a 8220political earthquake on a similar scale to the collapse of the Berlin Wall8221. 8220We expect a recession in the UK, and a hit to eurozone growth,8221 said Ulrich Kater, adding that it would take 8220two or three months8221 before the full impact was clear. 8220Inside the EU, the UK had a strong voice, even if it was unable to get all its wishes implemented,8221 Kater added. 8220Outside the EU, the UK is a small country with a lop-sided economy and a huge trade deficit.8221 Meanwhile, the head of Germany8217s banking association described the result as a 8220black day for the UK and Europe8221. Sterling has taken the brunt of the market reaction, and Dan McCrum reports the markets are braced for a rough ride ahead. 8220The moves we8217ve seen already are going to continue8221, said Vincent Chaigneau, head of rates amp FX strategy for Socit Gnrale. The bank had predicted a rate for the pound as low as 1.25 in the event of Brexit, and sterling looks to be heading toward that way already. In terms of European markets dramatic fallout is possible this morning, with the German and Italian bond markets key indicators of the level of stress. The German 10-year Bund only recently dipped below zero for the first time, but Soc Gen sees it moving 25 basis points below zero, or even as much as 40 basis points below. 8220I8217m not saying its going to be there today, but it could, maybe8221, said Mr Chaigneau. He also said the spread on Italian government debt is something to watch closely today, with 160 basis points over Bunds a key level. 8220If we break that we could go to 200 basis points, which would be the dividing line between contagion and crisis8221. The last time Italian bond spreads were above 200 basis points was February 2014. Claire Jones in Frankfurt reports that German markets are also being hit. The DAX futures index, representing options on Germany8217s leading companies, fell almost 11 per cent soon after opening to 9,164. The Frankfurt stock exchange will open in under thirty minutes. America reacts8230 Here8217s how the US media is reporting the referendum result, via the FT8217s Andrew Edgecliffe-Johnson . European newspapers are digesting the news. Ireland has the greatest immediate interest, and both Irish Times and Irish Independent have links to discussions about how Ireland will be hit by the economic backwash. Here8217s the Independent: and here is the Irish Times Italy8217s Correiere Della Sera has a headline that translates, roughly, as 8220Historic Vote, Britain leaves Europe, Farage exults, Cameron hangs on for now, Markets Panicking. Germany8217s Bild . which urged Britain to stay in, has pictures of gutted-looking Remainers and subtitles including 8220Europe8217s Black Day8221 Of the French newspapers, Le Figaro has the more dramatic approach, predicting 8220This is the beginning of a real cataclysm8221 Reaction from world leaders continues to pour in this morning. The FT8217s South Asia bureau chief Amy Kazmin reports that Arun Jaitley, the Indian finance minister, has said the country is 8220braced8221 for more volatility. Indian stocks are down 3.6 per cent this morning. We respect the referendums verdict. At the same time, we are also aware of its significance in the days ahead and also for the medium term. In this globalized world, volatility and uncertainty are the new norms. This verdict will, obviously, further contribute to such volatility not least because its full implications for the UK, Europe and the rest of the world are still uncertain. All countries around the world will have to brace themselves for a period of possible turbulence while being watchful about, and alert to, the referendums medium term impacts. The Indian government had previously made clear that it would prefer it if the UK remained part of the EU, with Sushma Swaraj, the foreign minister, last week describing the UK as Indias gateway to Europe. It is not just Sterling that is falling. The Euro is suffering its worst ever day against the dollar, reports FastFT Jeremy Corbyn, the Labour leader, has said David Cameron should invoke Article 50 immediately and start negotiations with the EU to maintain UK trade and jobs. I want them to decide now quickly what theyre going to do to stabilise the value of the pound. The important thing is to protect jobs, those jobs are partly dependent on the value of the currency and the export markets that are available, he told the BBC. He declined to say whether he thought the PM and his chancellor should resign. The relationship with the EU after exit is absolutely crucial to the economic future of this country and I hope the PM will be focused on that.8221 What he does in the longer term is up to him and his party, he added. He also said the UK would have to come up with a new immigration policy while recognising the enormous contribution migrants bring to the country. He deflected questions over whether his campaigning for the EU had been half-hearted. Donald Tusk, president of the European Council has warned EU leaders are determined to keep our unity as a 27 after the UKs exit. He said there would be no legal vacuum until the UK formally applies to leave the EU by triggering Article 50 and all EU law would continue to apply to the UK. Mr Tusk said: there is no hiding the fact we wanted a different outcome. 8220I am fully aware of how dramatic this even is. There is no way of predicting the political consequences of this event. This is a historic moment but not a moment for hysterical reactions8221 We are beginning to see commentary from major international banks (whose shares are widely expected to suffer badly today). Here is Morgan Stanley : The UKs vote to leave the European Union is a very significant decision which will have a considerable impact, the extent of which will not be known for some time. There will be at least a period of two years before an actual exit takes place, so there will be time to implement any changes required to adjust our business to the new environment. Morgan Stanley will continue to monitor developments very closely and will adapt accordingly while prioritising the interests of our clients, our shareholders and our employees. and here big rival Goldman Sachs from its boss, Lloyd Blankfein: We respect the decision of the British electorate and have been focused on planning for either referendum outcome for many months. Goldman Sachs has a long history of adapting to change, and we will work with relevant authorities as the terms of the exit become clear. Our primary focus, as always, remains serving our clients needs. John Cryan of Deutsche Bank is less phlegmatic, and includes a personal note: 8220At this stage, we cannot fully foresee the consequences, but theres no doubt that they will be negative on all sides. As a bank headquartered in Germany and with a strong presence in the UK, we are well prepared. However, theres no doubt that the uncertainty created by the referendums results will be a challenge,8221 he said. 8220Let me add a personal note: I am a strong supporter of the European project, which has brought peace and prosperity for more than 50 years. As a Briton and a European, it especially saddens me that Europe has obviously lost its attractiveness for many of my fellow countrymen. Its a clear signal to the EU to get closer to its people and to strengthen democracy. HSBC 8216s Douglas Flint is trying to sound reassuring: 8220We are today entering a new era for Britain and British business. The work to establish fresh terms of trade with our European and global partners will be complex and time consuming. We will be working tirelessly in the coming weeks and months to help our customers adjust to and prepare for the new environment. As one of the largest, most stable, liquid and prudent financial institutions in the world, HSBC is well placed to support our customers and the markets as they deal with the challenges that will arise. Our commitment to British businesses, customers and staff in the UK remains undiminished.8221 Thoughts in the city are also looking at which companies might be winners out of the vote, Jonathan Eley reports. This is the assessment from Deepa Venkateswaran, utilities analyst at Bernstein: Utilities less affected by UK leaving the EU as their business is largely domestic and defensive. National Grid and United Utilities would benefit if inflation rose (due to weaker pound) as their regulatory asset value and allowed revenues are linked to inflation. Centrica gets around a fifth of its operating profit from the US. However, Drax would be impacted by currency moves as its biomass feedstock is imported from the US 8211 and the prospect of another Scottish referendum would create uncertainty for SSE, which has a substantial asset base north of the border. Meanwhile, in Europe, the FT8217s Duncan Robinson reports from Brussels that Belgian prime minister Charles Michel said: 8220I call for a conclave to reaffirm our commitment in July. We have to define our priorities and set out a new future for Europe.8221 Michel was deeply critical of Mr Cameron8217s renegotiation efforts with the EU. In Dublin, the FT8217s Vincent Boland reports that Irish government ministers are meeting later this morning to discuss how the referendum will affect Ireland. Ireland is the only EU country that shares a land border with the UK. The government in Dublin also believes an exit will undermine the Good Friday Agreement, which secured a peace settlement in Northern Ireland in 1998. The hard-left nationalist Sinn Fein party called for a referendum on Irish reunification this morning, with the party8217s national chairman Declain Kearney saying: English votes have overturned the democratic will of Northern Ireland. This was a cross community vote in favour of remaining in the EU. English voters are dragging Northern Ireland out of the EU. This British government has forfeited any mandate to represent the economic or political interests of people in Northern Ireland. In a night of surprises, these are the areas where the results diverged most from the forecasts from academic Chris Hanretty. Bolsover in Derbyshire was the biggest surprise of all. (I went to Bolsover recently to report on its labour market: it has some of the lowest wages in the country and has never recovered from the closure of the coal mines). There is some reaction coming in from China, via the FT8217s Lucy Hornby . Those with interests in the UK will be interesting to watch George Osborne put great store by attracting Chinese investment. Huawei . a Chinese telecoms equipment manufacturer with RampD center in Bristol, says: 8220We respect the decision of the UK people. Huawei remains committed to providing value to our customers in the UK and Europe.8221 The biggest potential investment was to be in the Hinkley Point nuclear reactor, alongside EDF, the French utility. A senior executive at China National Nuclear Corp . a potential partner with China General Nuclear in Hinkley Point, says: At the moment we are more focused on the British market itself and what the changes might be there rather than the UK8217s EU membership. We don8217t know if after the UK leaves whether it will change its foreign investment policies whether it would still be open or adopt a more closed attitude. As a market, what will be the impact I don8217t see any immediate effect but in the long term it could mean a drop in projected electricity demand.8221 Gilt yields have set new records as the UKs decision to leave the EU fuels a rush for safety in financial markets, reports Elaine Moore Yields on benchmark 10-year UK government bonds dropped 31 basis points to a record low of 1.07 per cent, in line with dramatic falls in US and German rates, as investors express their concerns about the long-term ramifications of Brexit on the global economy. Major global bonds are benefitting from widespread risk aversion in markets, pushing the yield on US 10-year Treasurys to a near four-year low of 1.49 per cent while 10-year German Bund rates hit a record low of minus 0.17 per cent and Japans benchmark dip to a fresh low of minus 0.185 per cent. Investors in the UK say they are now focused on whether the Bank of England will step in to support the economy by cutting interest rates or reigniting a programme of quantitative easing. The BoE said on Friday that it was monitoring developments closely. Stocks are also falling. The FTSE 100 has slumped 7.4 per cent this morning in the wake of the UKs vote to leave the EU. Taylor Wimpey was the biggest faller, sliding 42 per cent, while RBS skidded 34 per cent and IAG slid 33.7 per cent. Lloyds Bank is one of the shares hit hardest in early trading, down some 30 per cent in the first few minutes after the open. We have reaction to the vote from a spokesman. They are hoping to emphasise continuity: We remain committed to our purpose of helping Britain prosper through our focus on UK retail and commercial banking, funding business investment, and serving the financial needs of our customers to support them throughout this period and beyond. There are no changes in the products or services offered to customers, either in the UK or overseas. Customers can continue to use our banking and insurance services as they did before. Customer deposits in the UK continue to be protected by the Financial Services Compensation Scheme and the Prudential Regulation Authority and Financial Conduct Authority remain our primary regulators. With the expected timescales for the negotiations, the Group will have time to consider any future changes that may be required in the new environment. What does the vote mean for house prices The FT8217s property correspondent Judith Evans has been talking to people in the property market this morning and this dispatch: The UKs house price boom is set to come to an abrupt end after the vote to leave the EU, estate agents and analysts said, predicting an immediate slowdown in transactions and a halt to the steep price rises of recent years. Richard Donnell, insight director at Hometrack, said that the immediate impact is likely to be a fall in housing turnover and a rapid deceleration in house price growth as buyers wait and see how the economy is affected. Price growth is set to go into reverse, meaning that prices will be flat over 2016, said Adam Challis, head of residential research at the property advisers JLL. He said the company expects price falls of 3 to 5 per cent in each of 2017 and 2018 but that is based on the best case scenario of a relatively orderly adjustment to our new political realities. Henry Pryor, a London buying agent, predicted a more drastic fall. The average home in the UK will probably end the year worth 20,000 less than it was worth in January, he said. The FT8217s Emma Dunkley has reaction from Nationwide . the country8217s largest building society (and thereby spared the trauma of a stock market reaction): Nationwide believes this was very much a decision for the British people and acknowledges the outcome of the vote accordingly. As the leading UK building society, and as one of safest and strongest financial services organisations in the country, the direct impact of the vote to leave the EU on Nationwide will be limited, and in the immediate and short-term nothing will change. Our priority, is to make sure that Nationwide continues to provide stability and security for members money for generations to come. Your money is as safe with Nationwide as it always has been. What won8217t change for Nationwide is that people will continue to need a home to live in and want to save and plan for the future. Helping people to achieve these aims will be our number one priority as it has been for over a hundred years. One of the biggest deals seen likely to be affected by a Brexit vote was the proposed merger between Deutsche Brse and the London Stock Exchange . They said that they remained 8220fully committed8221 to the 8220agreed and binding merger terms8221 and that it was continuing to seek regulatory approvals for the deal, despite the UK8217s vote to leave the EU. Here are parts of a statement: 8220The boards believe that the outcome of the referendum does not impact the compelling strategic rationale of the merger. The boards further believe that the combined group8217s capabilities, including global reach, distribution network across Europe, Asia and America, brand strength, financial resources and deep customer relationships, remain well positioned to serve global customers irrespective of the result of the referendum. The two exchanges added that they were in 8220ongoing and constructive dialogue with the appropriate UK and German governments and lead regulators, including the Bank of England, FCA, BaFin and the government of Hesse, to discuss the merger, including the referendum outcome, as well as all other relevant governments, regulators and authorities in France, Italy and other countries in which we operate.8221 David Cameron has said he will step down as prime minister after a 8220period of stability8221. He said on the steps of Downing Street there did not need to be a fixed timetable for this, but the new PM should be in place by the time of the Tory party conference in October. He also said the new PM should be the one to decide when to trigger Article 50, which suggests that won8217t happen for a few months at least. The British people have made a very clear decision to take a different path and I think the country requires fresh leadership to take in this direction. I do not think it would be right for me to try to be the captain that steers the country to its next destination.8221 First sign of currency wars The FT8217s Roger Blitz reports that the Swiss national Bank says it is intervening in the FX market as a result of the impact of Brexit, which has driven the Swiss franc higher by more than 1 per cent against the euro. It8217s not just German politicians and industry leaders speaking out this morning. The FT8217s Claire Jones and Stefan Wagstyl report the German media were 8220distraught8221 by the news that the UK had voted to leave the EU. Handelsblatt, a business daily, said the European version of doomsday was reality. Britain has a majority that has decided to harm themselves, handelsblatt said. The lead article on the website of the conservative broadsheet the Frankfurter Allgemeine Zeitung described the vote in favour of leaving the EU as a sad day for Europe and Great Britain. Spiegel magazine also warned that right wing populists in the whole of Europe were delighted and are now also demanding referendums over the EU. The Big Bang Spiegel said in a headline above an instant online commentary. 8220The incomprehensible has happened. The British want to leave the EU. The result of the referendum is close, but the result is unambiguous. The Sddeutsche Zeitungs website did not mince its words, saying the British had made a decision full of fear. Bild, the top-selling daily, stuck to the facts. Its online splash said simply: The EU opponents have won, above a picture of young Bremain supporters looking shocked at a post-poll party. The caption read: Incomprehension among the Brexit opponents in London as they grasped what is now official: the British are getting out. Roger Blitz . our currency correspondent, reports that the Swiss National Bank says it is intervening in the market. The Swiss franc has risen over 1 per cent against the Euro: a day ago it stood at 1.0880, and it is now at 1.0780. However, it is still the yen that has seen the greater changes. At JPY 102.7 to the dollar, it stands around 3 per cent higher than it was a few hours ago 8211 but it also dipped below 100 to the dollar when the result came through. Another important point from David Cameron8217s speech: he assured EU nationals living in Britain, and British nationals living in the EU, that there would be 8220no immediate changes in your circumstances.8221 Here are the thoughts of Julia Onslow-Cole, head of global immigration at PwC Legal, on what Brexit means for immigration: This vote could have significant impact on businesses ability to recruit both highly and low skilled individuals. However, the full extent of this impact won8217t be known until the trading negotiation position is decided and whether or not this includes a requirement to implement Freedom of Movement. Although it is widely expected that grandfathering will occur, whereby existing EU migrants would be able to continue to live and work in the UK, it is still unknown what transitional arrangements, if any, will be made. Businesses also face potentially increased immigration regulation both in the short and long term and should start to plan accordingly. EasyJet is seeking to reassure investors this morning, after the referendum result sent shares down nearly 15 per cent in the first hour of trading. The company said in a statement that it was 8220confident8221 the result 8220will not have a material impact on its strategy or its ability to deliver long term sustainable earnings growth and returns to shareholders8221. The company added: easyJet has been preparing for this eventuality in the lead up to the referendum vote and has been working on a number of options that will allow it to continue flying in all of its markets. easyJets initial focus will be to accelerate discussions with UK and EU governments and regulators to ensure that the UK remains part of the single EU aviation market. This would enable EU airlines to fly freely within the UK and between the UK and EU, allow UK airlines to fly freely across Europe and would ensure that consumers continue to benefit from low fares and would mean easyJet and other airlines can continue to operate as they do now. easyJet will also continue to develop its alternative options that will fully maintain its existing network and operations. easyJet is confident that its unique network, digital leadership, cost advantage and financial strength will enable it to continue to execute on its strategy and to deliver long term sustainable earnings growth and returns to shareholders. EasyJet chief executive Carolyn McCall, a member of UK Prime Minister David Cameron8217s business advisory group, had campaigned for the UK to remain in the EU. Earlier this year, she warned that the cost of flights would go up if the UK left the EU. Dan McCrum has been talking to investors, as markets are being hit across the board. 8220Credit markets have moved across the board8221, according to Jim Leaviss of MampG Investments. Trading in individual corporate bonds, the so called cash market, is yet to get going this morning but there have been some sizeable moves in the indices where fast buying and selling tends to be concentrated. The euro crossover index spread, which tracks the market for debt judged sub-investment grade, had moved 81 basis points wider just before 8am this morning, although it had been as wide as 120 basis points earlier in the day. The move is equivalent to a drop in the value of the market of about 4.5 per cent. Bank bonds have been worse hit, with some of the more lowly rated banks based in the peripheral countries of Europe experiencing big moved in their bond prices, of as much as 10 percentage points. Like many investors Mr Leaviss was contemplating when the Bank of England will take action, with an immediate rate cut today or at the weekend a possibility. The Bank has held base rates at half a per cent since the crisis, at the time indicating it would not cut below that level due to the possible impact on building societies, who would see their profits squeezed. However 8220at a time when everyone in the world, excluding the Federal Reserve, is at zero, 50 looks high8221, said Mr Leaviss. Bank of America Merrill Lynch has this morning said a July rate cut is likely, potentially with fresh quantitative easing coming the following month. Trevor Greetham, of Royal London Asset Management described a flurry of emails this morning. 8220There8217s quite a lot of shock and consternation8221, he said. Mr Greetham, who invests across asset classes, was yet to put in buy orders on Friday but said that his instinct was to buy UK equities, which in US dollar terms were facing a decline of 15 to 20 per cent, given the nature of markets is to overreact in the short term. Political pundits are beginning to react to Cameron8217s resignation. Here is Steve Hawkes of the Sun: George Eaton, political editor of the New Statesman, thinks Britain may need to prepare for an election: The Spectator8217s Fraser Nelson thinks this an unfair disaster: and blames certain Europeans: The Remainers had warned about serious security implications if Britain voted to leave. The Secretary General of NATO, Jens Stoltenberg has put out what you might call a calm-down statement: As it defines the next chapter in its relationship with the EU, I know that the United Kingdom8217s position in NATO will remain unchanged. The UK will remain a strong and committed NATO Ally, and will continue to play its leading role in our Alliance. Today, as we face more instability and uncertainty, NATO is more important than ever as a platform for cooperation among European Allies, and between Europe and North America. A strong, united and determined NATO remains an essential pillar of stability in a turbulent world, and a key contributor to international peace and security. The Alliance remains committed to closer cooperation with the European Union. At the Warsaw Summit in July, we will step up our cooperation, because together we are more effective in upholding our common values and keeping our nations safe. The FT8217s science editor Clive Cookson says the pharmaceutical and biotechnology sectors are 8220shocked by the impending loss of the EU regulatory umbrella, market access and funding8221 and 8220will be calling on the government for new incentives to stem what they fear will be an outflow of companies and scientists to continental Europe and beyond8221. Cookson spoke to Mike Thompson, chief executive of the Association of the British Pharmaceutical Industry, who said: 8220Inward investment stopped about three months ago because of uncertainty about the referendum.8221 8220We have to be realistic now and accept that people will not invest here until we do something different,8221 Thompson added. In a statement AstraZeneca said: We believe that the UK remaining in the EU would be in the best interests of patients, our industry and our company, but naturally we respect the democratic decision reached in this referendum. 8220Clearly, there will now be a protracted period of transition and we will engage with all the relevant stakeholders to safeguard the competitiveness of the life sciences industry and the speed of patient access to innovative medicines. GlaxoSmithKline, the other big UK drug company, said: Although the EU referendum result creates uncertainty and potentially complexity for us in the future, we do not currently anticipate a material adverse impact on the business, groups results or financial position. We will continue to operate as usual and will engage in the process ahead. Jo Pisani, head of pharma and life sciences at PwC, commented: The pharmaceutical industry now faces a daunting challenge, particularly in terms of regulations for drug development and approvals, intellectual property and investment in the UK. In the area of regulations for drug development and approvals, the UKs impact on EU regulation is likely to diminish, making any UK involvement both more complex and costly or duplicating effort, she added. 8220With 7 per cent of the UKs pharma workforce being non-British, the industry will begin to see obstacles as migration and border controls change. The European Medicines Agency, the EU drugs regulator which employs 600 people in London, has said it will have to leave as a result of Brexit. It is politically inconceivable that the major European governments will allow the EMA to stay here, said Mr Thompson. But the industry will play a role in helping to find an arrangement that allows the EMA to continue working with the UK Medicines and Healthcare Products Regulatory Agency. London: the independent city-state Lots of FT readers today mooting the idea that London (which voted overwhelmingly to stay in the EU) should declare independence from the rest of the country. 8220Forget about negotiating to restore trade access. London should quickly seek independence from the rest of the UK. It should then rejoin the EU. People living outside London but working there would be given special employment passes. London would continue to abide by EU rules regarding immigration, budget, and regulations, but the space is smaller, the share of budget would be smaller, and regulations regarding cows and bananas would be academic.8221 on. ft28PxV92 8220World, Europe, UK, England, south east, London, borough, street, house, family, me. The people have spoken, but which people The England and UK bits stick out as the only parts I disagree with, yet it appears I8217m stuck with them. Must that be the case Self determination for London, anyone Given the clear difference of view and the globalised world around us, would it really be that crazy an idea I suspect the bits that voted Brexit would vote in favor as well. I8217m not saying this as punishment, simply that there8217s clearly a massive split in the country. Can it be healed Does it need to be Why not let us choose to be LondonEuropeanglobal citizens Now that really would be a fine day for democracy.8221 A petition has even popped up on change (albeit it only has 34 supporters at the time of writing). For anyone else intrigued by the idea, the FTs Philip Stephens wrote an excellent op-ed in 2014 making the case for London the independent city-state. A snippet: The economics of independence speak for themselves. With a population of 8.5m (closer to 13.5m in the wider metropolitan area) London accounts for more than a fifth of Britains gross domestic product and generates as big a chunk of its tax revenues. This gives it an economy about the size of Sweden. Unemployment is less than 3 per cent the demographic profile is more youthful than in the rest of the UK. Tourists spend 20bn each year in the capital. Overseas markets have seen some of the sharpest falls. According to Nigel Wilson, chief executive of Legal amp General on Sky Television, this reflects a lack of preparedness: 8220It has come as a complete surprise to Japan, America and Europe, They are trying to figure what are the consequences for them. Our view is it was only a matter of time before one country voted to exit Europe, It happened to be Britain. It could easily have been France, Spain, or the Netherlands or many other countries. People in general and across the world are unhappy about the way economies are developing and particularly the rich v poor divide. So poor people in rich countries haven8217t been doing well for a long period of time.8221 This provides us an opportunity to look at how those markets have been reacting. Japan8217s Nikkei 225 is down 1,286 points, or almost 8 The CAC 40, in France, is down about 370 points, again 8 Germany8217s Dax 30 has fallen 690 points, almost 7 As for the US markets, they obviously are not open yet but the futures markest suggest the SampP 500 index should open at 2040, down 3.5. So Mr Wilson has a point: with the FTSE down 5, most of these overseas markets are taking it worse. Remember, though, that most of the FTSE 1008242s earnings are overseas, and in terms of sterling, the fall in the pound will have helped. Companies in all jurisdictions are now trying to adjust to the new reality. Paul Polman, chief executive of Unilever, the Anglo-Dutch producer of magnum ice cream and Dove soap, has been one of the most outspoken business leavers in favour of remaining in the EU, 8220Europe has given us far more benefits than downsides and long may that last,8221 he said last month, Scheherazade Daneshkhu reports. On Friday, he said in a tweet: 8220The most important thing to have long term prosperity is to accept the will of the people and respect democracy. Now we all need to unite.8221 The ECB has joined the BoE in pledging to provide liquidity to keep the markets functioning, Claire Jones reports. The European Central Bank has just published a statement to say that it is 8220closely monitoring financial markets8221. Markets across the eurozone have tanked on the back of the decision by the UK to quit the EU. The euro has also fallen against the dollar today. The statement follows a telephone conference call by the ECB8217s governing council earlier this morning. There were, as yet, no signs of liquidity stress anywhere in the region, according to a senior Eurosystem official. In general markets were functioning, the official said. The ECB said it 8220stands ready to provide additional liquidity, if needed, in euro and foreign currencies8221 and that it had 8220prepared for this contingency in close contact with the banks that it supervises and considers that the euro area banking system is resilient in terms of capital and liquidity.8221 The ECB is one of six central banks 8212 among them the Bank of England and the Federal Reserve 8212 that is involved in a network of swap lines, set up eight years ago during the early days of the financial crisis. Through the lines, banks across the world can access euros. Since the crisis began in 2007, the ECB has provided euro liquidity to banks in the single currency area in potentially unlimited amounts. The senior Eurosystem official said there were no plans for emergency overnight auctions at present. Supervisors in the ECB8217s Single Supervisory Mechanism have been speaking to the eurozone8217s biggest banks about how they would handle a Brexit. In a statement today, the central bank said: Following the outcome of the UK referendum, the European Central Bank (ECB) is closely monitoring financial markets and is in close contact with other central banks. The ECB stands ready to provide additional liquidity, if needed, in euro and foreign currencies. The ECB has prepared for this contingency in close contact with the banks that it supervises and considers that the euro area banking system is resilient in terms of capital and liquidity. The ECB will continue to fulfill its responsibilities to ensure price stability and financial stability in the euro area. If you8217re wondering what this means for Scotland and the SNP8217s independence ambitions, Nicola Sturgeon will be holding a press conference at 11am8230 She has already raised the prospect of a second Scottish independence referendum after the UK-wide victory for the Leave camp, saying this morning it was clear that the people of Scotland see their future as part of the European Union. There appears to be a bull market brewing in colourful quotes. The FT8217s Northern correspondent, Andy Bounds . reports some blue-on-blue action featuring a former donor to the Conservatives, Andrew Cook. Mr Cook manufactures steel in Sheffield, and is not happy. I do not believe Boris Johnson or Michael Gove have the best interests of the country at hear. The leavers have the most awful hangover. They are like the host of a teenage party that wakes up to find their friends have trashed the house. Mark Garnier, a Conservative backbencher not shy of expressing the odd view, is dismayed: One of the things we have looked for as trade envoys is direct foreign investment into the UK, weve marketed Britain as that perfect entry point we are no longer an access point for Europe. Theyll see us only as a market for ourselves. Our USP to the rest of the world has now been cancelled. Were now a single destination market. But one man who must be grinning like a Cheshire cat is Crispin Odey, prominent OUTer and with a portfolio perfectly poised for this. In February he said 8220Europe turns us into a colony and we are used to an empire. We are not used to obeying rules we havent set. He will have more to say later, no doubt. Richard Milne, the FT8217s Nordic correspondent . reports that in Denmark, the second-largest political group has called for the country to hold its own referendum on EU membership. Kristian Thulesen Dahl, head of the anti-immigration Danish People8217s party, which supports the centre-right government from parliament, told Danish TV: 8220I8217m a believer that Danes obviously should have a referendum on if we want to follow Britain or keep things the way we have it now.8221 Dahl8217s comments come on the heels of other populist parties calling for their own referendums. In France, National Front leader Marine Le Pen posted the Union Jack on her Twitter account, saying: 8220Victory of freedom As I have asked for years, we need now the same referendum in France and in the EU country.8221 We are a few hours into post-Brexit vote world, and there is time to absorb some of the great content on the Financial Times about this extraordinary event. You need to read Martin Wolf The hinge between the EU and the English-speaking powers has been snapped. This is quite probably the most significant event in British history since the second world war. It could mark an important moment in the wests retreat from globalisation. It is, above all, a victory of the disappointed and fearful over those confident in the UKs ability to adapt to change and lead in Europe. And he expects the negotiations to be bloody: Why should they treat a country that has given them such a kick in the teeth generously Yes, Germany has a trade surplus with the UK. But it will continue to sell high-quality products that the UK does not make with ease. While the impact on the UK and European economies will be negative, there is the possibility that the hit to confidence is not as bad as feared and the status quo, in terms of global trade, is sustained for quite a long time. In any case, the UK is less than 4 per cent of the world economy. Finally, and perhaps most importantly, big, long-term investors such as pension funds and insurance companies are absolutely starved for yield. If a correction makes yield available, they will step in to grab it. Janan Ganesh says Britain will come to rue the loss of Cameron: Since Anthony Eden launched a botched military intervention in the Suez Canal 60 years ago, there has been no greater prime ministerial humiliation Equally plain is that his successor will take over a culturally riven country, a precarious economy, pressure for a snap election, a diplomatic wrangle with Brussels over the terms of extrication and, potentially, another effort by Scottish nationalists to withdraw their pro-European nation from the UK Amongst all the other divisions this referendum has exposed, Patrick Jenkins sees the British public taking revenge on the City : The vote for Brexit is a rejection most obviously of EU bureaucracy and EU-sponsored immigration, but also perhaps of a still thriving City of London that, eight years after the financial crisis it helped cause, remains resented by a large segment of the British population. Bryce Elder . the FT8217s UK equities reporter, says London8217s equity markets look to be heading towards the busiest trading day on record. More than 2.7bn FTSE 100 shares had changed hands across the main exchanges by 10.30am on Friday, up nearly 500 per cent on the recent midmorning average, Bloomberg data show. The previous highest-volume session, during the sovereign debt crisis of May 2010, saw 4.45bn blue-chip shares traded. Prime Minister David Cameron is having an audience with the Queen at Buckingham Palace. Meanwhile, Boris Johnson is preparing to speak. The FT8217s Jim Pickard is there: I8217m in a room of about 50 hacks waiting for the great Boris Johnson pronouncement: his first words since Brexit. It8217s high up in Westminster Tower in Vauxhall. There8217s a real sense of anticipation about history being made. Three Vote Leave people will speak but Boris is obviously the star attraction. The only problem: apparently he won8217t take questions8230.. In the center of London, which voted strongly to remain, Naomi Rovnick reports on a mood of shock. Sitting on steps next to the lawn in Broadgate Circle, a base for investment banks, seven young economists, each non-British and each from a different country, discussed their reactions to the vote. 8220I woke up crying8217, said Anna from Sweden, 28. 8216I am super depressed about the wider ramifications for British politics and the economy8221 8220We were in a bubble in London thinking this would never happen,8221 said Andrea from Germany, 27. 8220The City will of course be affected. If EU citizens cannot come here to study MBAs as easily, there will be fewer good people for banks to hire8221 Jo, a 35 year old Moroccan added: 8220it will definitely slow the flow of people to the City8221 However, not everyone in the city is depressed by the vote. Tim Scorer, aninsurance lawyer and consultant to law firm Kennedy8217s said he had voted 8216out8217 and that 8220the insurance sector here is large and international and will find a way to weather any problems,8221 as he sipped milky coffee outside a cafe in Leadenhall market in the sunshine. Two shoeshiners in the market, which is where insurance workers from the nearby Lloyds building go to eat, drink and shop, said business this morning has been the same as usual. Italian stocks are on course for their worst day of trading on record, the FT8217s Mehreen Khan reports on fastFT . The countrys benchmark FTSE MIB index fell as much as 11 per cent today, easily its worst day of trading since it launched in 1998. At pixel time, Italian stocks are down 10.6 per cent at 16144, taking the biggest hit among Europes major indices. Spains Ibex is down 10.26 per cent, while Frances CAC 40 is down 7.84 per cent at pixel time. Germanys Dax has pared losses after opening in the red by as much as 10 per cent, and is now 6.6 per cent down on the day. Italy, which has the highest government debt burden in Europe after Greece, has been particularly vulnerable to market jitters about the resilience of the eurozone. The countrys 10-year bond yields had traded up by more than 30 basis points higher today (0.3 percentage points) to 1.6 per cent a four month high, but have since retreated to 1.473 per cent. From Brussels we8217ve just had a joint statement from Donald Tusk (president of the European Council) Martin Schulz, (president of the European Parliament), Mark Rutte, (holder of the rotating Presidency of the Council of the EU), and Jean-Claude Juncker, (president of the European Commission). 8220In a free and democratic process, the British people have expressed their wish to leave the European Union. We regret this decision but respect it. This is an unprecedented situation but we are united in our response. We will stand strong and uphold the EU8217s core values of promoting peace and the well-being of its peoples. The Union of 27 Member States will continue. The Union is the framework of our common political future. We are bound together by history, geography and common interests and will develop our cooperation on this basis. Together we will address our common challenge to generate growth, increase prosperity and ensure a safe and secure environment for our citizens. The institutions will play their full role in this endeavour. We now expect the United Kingdom government to give effect to this decision of the British people as soon as possible, however painful that process may be. Any delay would unnecessarily prolong uncertainty. We have rules to deal with this in an orderly way. Article 50 of the Treaty on European Union sets out the procedure to be followed if a Member State decides to leave the European Union. We stand ready to launch negotiations swiftly with the United Kingdom regarding the terms and conditions of its withdrawal from the European Union. Until this process of negotiations is over, the United Kingdom remains a member of the European Union, with all the rights and obligations that derive from this. According to the Treaties which the United Kingdom has ratified, EU law continues to apply to the full to and in the United Kingdom until it is no longer a Member. As agreed, the New Settlement for the United Kingdom within the European Union, reached at the European Council on 18-19 February 2016, will now not take effect and ceases to exist. There will be no renegotiation. As regards the United Kingdom, we hope to have it as a close partner of the European Union also in the future. We expect the United Kingdom to formulate its proposals in this respect. Any agreement, which will be concluded with the United Kingdom as a third country, will have to reflect the interests of both sides and be balanced in terms of rights and obligations. Leading Leave campaigner Michael Gove has told a press conference that the vote to leave is just the start of a process. In an attempt to offer reassurance to the nation, he said that the outlook is one of gradual divergence. We will calmly and united take our country forward, he said. But he was clear that this is a new chapter for Britain, adding The British people have given us all a very clear instruction. Mr Gove also argued that informal negotiations should begin before formal talks with the EU. It is not yet clear whether the EU will be prepared to accept that approach. Boris Johnson: 8220The EU was a noble idea for its time, it is no longer right for this country8221 Boris Johnson has just spoken to the nation, saying there is no need to rush the process of separation and making an appeal to young people (who mostly voted to remain.) 1) There is now no need for haste, nothing will change in the short term except work will have to begin on how to deliver the will of the people. There is no need to invoke article 50 right now. 2) To young people who may feel this is 8220pulling up the drawbridge8221 he said the UK would remain European, remain a great power in the continent, and continue to interact with the world 8220in way that is open and friendly and outward looking.8221 3) This is a 8220glorious opportunity8221 to take full control of our laws, set all of our taxes, and to 8220take the wind out of the sails8221 of people who play politics with fears of immigration. 4) David Cameron is 8220one of the most extraordinary politicians of our age8221 and it was right to put this decision to a referendum. 8220There is no way of dealing with a decision of this scale without putting it to the people.8221 Nicola Sturgeon: 8220A second Scottish independence referendum must be on the table, and is on the table8221 The Scottish leader has said Scotland voted to stay in the EU and should not be taken out against its will. 8220We said clearly that we do not want to leave the EU. I am determined that we will do what it takes to make sure these aspirations are realised.8221 1) She will take 8220all possible steps and explore all options8221 to secure Scotland8217s continuing place in the EU and in the single market in particular. She will speak to the EU institutions and EU member states to stress that Scotland voted to remain. Scotland must be involved in all Westminster discussions. 2) Brexit means there has been a 8220significant and material change8221 since the Scottish independence referendum, so another is on the table. Not right to rush before discussion have been held, but 8220we will begin to prepare legislation that would be required for a new Scottish referendum to be held8221 3) London mayor Sadiq Khan apparently shares this ambition according to Sturgeon (London also voted overwhelmingly for remain). More from the FT8217s Paris bureau chief, Anne-Sylvaine Chassany . who reports that National Front leader Marine Le Pen is reviving calls for a similar referendum on France8217s EU membership. 8220What many refused to envisage even a few months ago is now reality,8221 Ms Le Pen said at the FN8217s headquarters in the outskirts of Paris. 8220It shows that contrary to what some had said, the EU is not irreversible. The British people has taught us a resounding lesson in democracy. 8220Markets8217 hysteria should not intimidate us, international high finance doesn8217t dictate our lives,8221 the anti-euro, anti-immigration politician added. France8217s EU membership will be at the centre of the French presidential campaign next year, Ms Le Pen predicted. 8220I think that the UK has initiated a movement that will not stop,8221 she said. 8220The European debate imposes itself to all now and I8217ll make sure it imposes itself in the presidential campaign. It8217s the end of the EU as we know it.8221 Ms Le Pen will meet with like-minded EU MPs to build a new 8220Europe of the nations,8221 she said. Chassany also reports that Xavier Bertrand, the centre-right president of the Hauts de France region, has requested a renegotiation of the Touquet accord between France and the UK, that allows Britain to carry border controls and keep unwanted migrants on the French side of the Channel. French president Francois Hollande has said the Brexit vote was 8220painful choice8221 that he 8220deeply8221 regretted and that put the EU 8220gravely8221 to the test, reports FT8217s Paris bureau chief, Anne-Sylvaine Chassany . The danger is immense in the face of extremism and populism,8221 the French leader said in televised address. 8220It is always quicker to unwind than to construct, to destroy than to build. France, as a founder of the EU, will not accept it.8221 France, he said, will make proposals to bolster the bloc8217s security and defense, growth and jobs, fiscal and social harmonisation and the eurozone8217s governance. However, president Hollande also vowed to continue to work with the UK, 8220this great country and friend8221 on security, trade and culture. 8220The UK will no longer be part of the EU. That8217s the rule, that8217s the consequence,8221 he said. Barclays Bank is one of the stocks hit hardest today, down 20 per cent, and more than a third since the beginning of the year, and almost half since last summer. Gulp. So time for CEO Jes Staley to offer some words of comfort to the troops Hmm, maybe not. Banking editor Martin Arnold has his hands on a memo to staff, which is frank about the uncertainty ahead: 8220For those of you who are not UK nationals, but based in the UK, I know that the vote to leave may also raise questions about your own future. I do not pretend to have the answers but I know that our people are the lifeblood of Barclays, regardless of where theyre from, so we will do all we can to support you8230 The Barclays CEO said there would be 8220many questions asked in the coming days and weeks about what happens next 8230 The answers are complex but our position is not: we will not break our stride in delivering the Barclays of the future.8221 In case you are curious what that is, he called it a 8220a transatlantic consumer, corporate and investment bank, anchored in the UK and the US. That remains the core of our strength and the Barclays of the future.8221 Tough times. Here is the latest Lex note on Barclays to help you mull this over. European Commission president Jean-Claude Juncker walked out of a press room in Brussels after being asked if Brexit marked 8220the beginning of the end of the EU8221. Juncker replied 8220no8221 before leaving the room to applause from European officials, the FT8217s Mehreen Khan writes on fastFT. Making his first comments since the referendum results were announced, Mr Juncker also said he expected the UK to trigger the Article 50 clause to begin its exit process and for the government to formulate its proposals with regards to its new relationship. There will be no renegotiation, he said. Any agreement will have to reflect the interests of both sides and be a balance of rights and obligations. It is nearing lunchtime in London, and we have heard from Prime Minister David Cameron, former mayor of London Boris Johnson and Scotland8217s first minister Nicola Sturgeon, among others. After a manic morning for markets, we8217re not going anywhere. But we will be continuing blog on a new page here . Bookmark the blog rolling coverage from the FT8217s reporters around the world will continue throughout the afternoon and into weekend. Financial Center Breaking News Yahoo News - Latest News Headlines A man wipes off the headlights of the L. L. Bean Bootmobile in the parking lot at the facility where the famous outdoor boot is made. L. L. Bean is pushing back against a boycott led by a group urging consumers not to shop at retailers that support President-elect Donald Trump after it was revealed that Linda Bean, heir of the Maine-based companys founder, had donated to a political action committee that helped elect Trump. We are deeply troubled by the portrayal of L. L. Bean as a supporter of any political agenda. Shawn Gorman, L. L. Beans executive chairman, said in a statement posted to Facebook late Sunday. Tue, 10 Jan 2017 11:46:20 -0500 Trump tours a Carrier factory in Indianapolis, Dec. 1, 2016. Chuck Jones, the union leader who claims President-elect Donald Trump lied to Carrier employees while touting a deal to keep jobs in the U. S. says he started receiving harassing phone calls a half hour after Trump slammed him on Twitter. Ive been doing this job for 30 years. Jones, president of the United Steelworkers Local 1999, told CNN on Thursday morning. Thu, 08 Dec 2016 09:47:17 -0500 The sight of workers sleeping on the job is common in China, where a surplus of cheap labor can lead to downtime and employees at startup companies work long hours. Wed, 11 May 2016 13:39:34 -0400 Mon, 14 Dec 2015 22:29:56 -0500 Browse the United States Business Directory : uarr Back to top copy 2000 - 2017 Cannon Financial Center reg in consortium with Cannon Capital Financial Supermarket reg. Financial Center gir up-to-the-minute nyheter og markedsdata, en katalog over forretningstjenester og økonomiske nyheter fra de mest pålitelige nyhetskildene over hele verden. Visit our other Futures Trading sites: February 19, 2017 New Video: Young Dolph Yeezy Blog February 18, 2017 Fan Allegedly Slapped Big Sean During Meet 038 Greet Beef February 12, 2017 Hidden Figures Big Winner at 48th NAACP Image Awards Awards February 8, 2017 Hip Hop Pioneer Roxanne Shante 30th Anniversary Celebration Awards February 4, 2017 DOJ Appeals James Robart Orders Blocking Trump Immigration Ban Blog The latest from Young Dolph title 8220Yeezy8221 cruising through Memphis in an Uber packed with ladies During Big Sean Meet and Greet at FYE one of the attendees allegedly slapped him. WSHH Hidden Figures was the bigger winner during 48th NAACP Image Awards hosted by Anthony Anderson. The event took place in Pasedena Civic Auditorium to celebrate Black Film and TV shows that are winning big in Hollywood. Denzel Washington also win big for 8220Fences8221: 8220Keep working, keep striving,8221 he said. 8220Fall down seven . On Thursday, February 2, 2017 Roxanne Shante celebrated 30 years of contributing to philanthropy, entertainment, education and women empowerment. The star-studded event was held at the beautiful Hudson Terrace powered by Music Speaks Power, SK Public Relations, and Music Power Respect, Ent. Mimi8217s Planned Events supplied appetizers and desserts. YAC Radio8217s DJ . Friday night a federal judge by the name of James Robart who was appointed by former president George Bush halted president Trump Immigration ban to cease nationwide. A notice of appeal was sent Saturday evening to the Ninth Circuit Court of Appeals in Seattle where James Robart preside. The three Judges that will .