francine: what great would you give the outlook of the relationship between the u.k. and eu? he u.k. europe. that will have a spillover effect. , it will be ok. it is not that important in terms of the business sense. francine: eric nielsen from unicredit. on sunday, we have a full day of special brexit coverage starting at 5:00 a.m. jonathon: we leave you with a light shot of the beautiful city of london. within 48 hours after that historic brexit vote. ♪

u.k. in the eu. host: as far as the united states financially, what should be expected long-term as far as this decision? we saw the initial reaction of the stock market. is this a continuing thing? beside the initial reaction, the uncertainty of what is going to happen with the eu/u.k. relationship. how will that unfold? that weighs on investor's sentiment and consumer sentiment. it will weigh on the dollar as well. all of that will continue to wait on the u.s. economy and the global economy for a long time to come. i don't expect the type of most we saw last week will continue to happen over and over again. we may see some more moves in the next several weeks. of move, i don't think we are in the same crisis. i don't expect that at all. host: visited him -- there are stories in a paper saying the eu setetting on this quick, or a more exaggerated timeline of the united kingdom or britain wants to, does that play into how it affects us? guest: absolutely. any uncertainty will cause business leaders t

francine: what grade would you give the outlook of the relationship between the u.k. and eu? ? francine: yeah. erik: c for the u.k. and b for europe. that will have a spillover effect. for the eurozone, it will be ok. it is not that important in terms of the business sense. francine: erik, thanks so much. global economist from unicredit. on sunday, we have a full day of special brexit coverage starting at 5:00 a.m. jonathan: we leave you with a live shot of the beautiful city of london within 48 hours after that historic brexit vote. ♪

u.k. was part of the eu. scotland, but imagine theyern ireland -- could join the irish republic itself? the u.k. itself could dissolve. many people i talk with in that i ask what do you think about the u.k. leaving and they say it's not the u.k. were worried about, but maybe the whole of the eu. it's almost like a built-in option. in case the eu does dissolve, you want to be in the asset that will have appreciated currency. i can't count on the germans or italy or spain or portugal. draghi said earlier this week there is more stimulus in the pipeline. many people read that as he will give new initiatives. just today, they launched the .econd round of lpro's something close to 400 billion euros replenishing all loans. impact --re the full next week, we will learn that the eurozone could probably manage out of the deflation. marc chandler, head of currency strategy. thank you for joining us. joins us toaalder discuss the applications of brexit. the dow is down over 4%. ♪ jon: an historic day for the united king

citizens voting in a referendum on the country's membership of the eu. u.k.aw prevents us from reporting on voting or discussion and analysis of her referendum issues while polls are open. we will be following all the action of the results coming across the day of special coverage tomorrow. watch coverage of the results. starting with "with all due respect" at 5:00 p.m. eastern. ♪ mark: i want to give you an update on what's happening out of germany. police say no one was injured by the gunmen at the german movie theater. no one was hurt by the shooter in the german movie theater incident, according to the police. and according to mtv, the armed suspect has been killed by police. makernadian smartphone blackberry is slogging through its turnaround. the company posting a smaller first-quarter loss than clownedd, while sales her as software grows is a bright spot for the company, the blackberry chief executive is at the company's headquarters. he's joined by bloomberg's emily chang, who is of the global entrepreneurship meeting. emily: nice bump in the start th

at the beginning of the whole campaignferendum u.k. the euthey were going to stay out of it but over the next -- over the past few weeks we have seen them sending a message that we would like u.k. to remain. if you ask a belgian man or woman on the street what they think about the referendum, most of them are focused on the football game tonight, belgium versus sweden. belgium has to win or at least draw to advance. francine: ryan, very quickly, what is the plan in place? do leaders have a plan b they are just not sharing? ryan: they have a plan here but more importantly, it is the constituent countries, germany and france namely. we know they are going to have some kind of show of unity but we know that it might also be confined to that. the french, their preferred reaction would be to deepen ties amongst the eurozone countries to share the burden more. merkel wouldangela like to see more of a focus on the political alliance of the european union. she is concerned about issues like the refugee crisis. together, why they do not have a master

u.k. voting to leave the eu, 48% to 51.8%. e have been talking about, so many people in shock. 1:23 in the morning here. 6:23 in the morning in the u.k. i can only imagine the feeling of so many people that voted to leave the eu thinking it was just a vote, a symbolic vote and not thinking it would lead to anything. a lot of people predicted, if anything, it would stay with the eu. it would be a movement, a moment in time we would talk about back to life as normal. here we are living history that we will talk about for year and years from now. >> life is anything but normal now in the financial markets. for so long, the past week or so, the financial markets built in this idea that the u.k. was going to stay in the european union. markets like certainty. markets were rising. the dow was up huge yesterday. as you look at the ticker, you can see the dow and nasdaq and s&p down. these are major shocks happening in so many people, so many predictors got it so wrong. one person who got it right n a way, was david cameron, the prime

is it possible for the eu to force the u.k. out? certainly does not look like it is possible for the eu to force the u.k. to start those negotiations. look at the treaty, read articles that clearly say it is up to the member states to invoke article 50 and begin those negotiations, the official negotiations. it is up to the members to decide when they are going to do it. it is also up to the eu countries if they want to have any unofficial negotiation's before that red button, if you will, is pressed. it is a stalemate. the messaging we got out of the foreign minister from the six founding countries of the european union that have been meeting today, the messaging is a bit mixed. you have got the french on one side saying, these negotiations have to start immediately as early as tuesday here in brussels, and on the other hand, you have the germans very clearly saying let's keep this clean. the important thing is these don't drag on. it looks like there is a little bit of wiggle room. was: jonathan hill, who david cameron's man on th

you have to remember that the eu has a bigger stake in exporting to the u.k. than the u.k. porting to the eu. the balance of payments very so the u.k.europe is a fairly big market. they have to be a bit careful about getting into some kind of a trade war. you trade wisely. the u.k. contributes more to the eu's and they get out of the eu. in some ways, you can try to make an example out of the u.k., but the question is how much you shoot yourself in the foot. that is why someone like angela merkel is being far more cautious about what she is saying than some of the other people in germany that you are referring to earlier. >> i also wonder whether it has the reverse effect. obviously some of the organizations like the national front have said, we want to do the same thing in the netherlands, in italy. on the other hand, the leadership and some of the more centrist people may look at england and say, if you asked the question you may get the wrong answer. might it possibly discourage further referendums? >> it will discourage people who are in power. i think it david cameron -

u.k. policy makers must move fast to reduce uncertainty after the vote to leave the eu. she said the u.k. will cause further market pain if it does not renegotiate a new relationship with the eu as quickly as possible. lagarde added although there was a brutal sell-off, central banks did their job and there was no panic. >>> let's talk about other reaction we've seen. europe stands divided on the speed at which the process should begin. france encouraged the u.k. to start separation negotiations as soon as possible while the german leader, angela merkel, says there's no reason to rush this divorce. nancy has been with us in brussels all morning giving us regular updates on the commentary. nancy, let's come to you. we seem to have a clear skism here about how long this process of divorce should take. >> reporter: that's right. you could argue that the countries with most at stake when it comes to divisive forces within their own nation talking about france wasting no time saying we need to hold our own referendum. those countries are keen to move forward. they want to send

will they use this as reason to leave the eu. u.k. stocks under performing since joining the eu. >> master treaty. mark, you really pull things out the bag. i'm afraid i'm going to congratulate dani burger today. she's standing right here behind me. we're continuing to monitor president obama and senator bernie sanders. they're meeting at the white housely. still inside. sam some are calling for standers to drop out. we'll continue with that slide. get ready for the rio olympic games by switching to xfinity x1. show me gymnastics. x1 lets you search by sport, watch nbc's highlights and catch every live event on your tv with nbc sports live extra. i'm getting ready. are you? x1 will change the way you experience nbcuniversal's coverage of the rio olympic games. call or go online today to switch to x1. >> it is noon in new york. 5:00 p.m. in london. midnight in hong kong. >> welcome to "bloomberg markets." >> from bloomberg world headquarters in new york. good afternoon i'm scarlet fu. >> stocks ending weekly today. equities running too

u.k. a little more time ?ntil, say, september these are the issues that will need to be hashed out. the way to sum it up is that the eu is holding all the cards, but the u.k. will press play. rishaad: let's have a look at what is going on with the fx markets. what have we got? >> we are seeing sterling gain for the first time since brexit. you can see it rising, up 6/10 of 1%. -- 1.33, one dollar 33 . not much of a rebound. sterling dropped below the level that suggests it is oversold, back up to that level right now. seeher we will continue to a rally, we will have to wait and see. brexit,t the news of the pound was down -- when we got the news of brexit, the pound was down against all other currencies. finally, just to see how the equity markets might open up. 1.1%.utures are up rishaad: thank you very much. the french producer replaces to run the offshore oil field that accounts for more than 40% of qatar's daily output. what does that mean for total? >> good morning. expanse itshis production base and expanse its footprint in qatar. it willthe pipeline -- totalent 10% of total's energy output for the year. invest

get the eu to note down the u.k. was not committed to further union for the integration. on immigration, he wanted a four-year freeze for work benefits on eu workers. he got it, but only applicable for seven years for new arrivals. he got some concessions on child welfare payments. that could now be tallied differently. on the economy, he got safeguards. -- he was told countries would not discriminate against nonunion countries but he can't ito anything -- can't veto anything. for the rest of europe, we have seen a lovely sign in the denmark newspaper that has summed it up pretty nicely. for the rest of those 27 member states, david cameron has as much as he is going to get this europe a la carte. >> we are just a week away from the vote. we have the results of next week's times. , money,nclude migration and security which will be tomorrow. and the of money economy, our business editor stephen carroll is here. you have more on this possible exit impact. >> looking at how it might affect the united states, this coming from the head of the federal reserve in the united state

eu. he has the president and said remember those incredible words he said if we did indeed see the u.k. leave the eu, it could spell the end of western political civilization itself but those leaders will gather together and they want to decide how they will leave the eu to be cohesive and prevent any domino effect, any concerns. there is much to look at and we get the foreign policy ministers flying and germany has some of the other five. we will expect to see the foreign ministers from france, belgium, luxembourg, italy, the netherlands. bonnie: want to ask you whether reaction from regular germans on the street today was if you manage to get out at all. >> everyone in the office had in no way anticipated this. and we see eu flags being held up across germany. we saw the use of the green party demonstrating. behind me, this is a famous square in germany and they have been there saying the eu is better together. the feeling is one of shock and dismay. you.e: thank much more breaking news, coverage of the brexit vote, and the aftermath just ahead. ♪ bonnie: this is "bloomberg markets." a

u.k. and the eu? rightre still a member now but after the empty chairs on the second day of those talks, the future seems clear. was quite unprecedented yesterday to have a meeting without the u.k. here. it's kind ofward, open what the relationship is going to be. all the forces are pushing. it seems like the u.k. would like to have a relationship that's very similar to what they have now, but the eu is very adamant that there has to be a cost of leaving the eu. they want to send a message to other populist and nationalist forces that are gaining strength in the rest of the eu that there is a cost to this. it's not going to be a smooth road here. the leaders have called for another meeting in september. this will just be the 27, the u.k. won't be there, and hopefully at that point they will have more clarity on the leadership situation in the u.k. and then will be able to move forward with what and how the process is going to unfold. thank you very much for joining us there from brussels. the co-chief

u.k. leaving the eu.tish companies have been hiring teams of consultants to consider the best way to emerge unscathed following the referendum. the question is how to reassure customers, employees, and investors. clear a,e made very what our position is, and b, the fact that we are working on contingency plans to die think the market is taking comfort from that. i, myself, speaking personally, am optimistic, not certain, but optimistic that common sense and avail in the -- prevail the u.k. will remain in the eu. josh: major consequences to trade and migration across the eu. global markets have artie had an uneasy week. companies have been taken by surprise by the switch in the polls, which have until recently been showing a majority in favor of remaining. now traders and british companies with multinational clients -- which could be one of the most volatile 24 hours in the market than a quarter of a century. : other stories where tracking for you -- the world of nk -- the blank haa world's global bank, hs

u.k. will have to work with the eu countries, and the u.k.nly have to work with other countries across the world. maybe this kind of relationship would be changed a little bit, but i think both sides should understand that they should work together. >> personally how do you feel about the british people's decision to leave the eu? this is something that i think every citizen of the country should look at from a broader perspective rather than from their individual, very narrow perspective. forink it is very important a well educated nation to look at this kind of international issue in a more rational way. do you see a tightening of the financial conditions in asia, especially in emerging markets? jin: immediate impact probably ,ould point to that direction but i hope this is going to quiet down and the market overreaction would be corrected. run, i think this theoing to be easier for asian market to handle, because essentially, as you see, the asian market is very strong on prejudiceth no against the important relationship between european a

u.k. and a political disaster for the eu. just a week to go until the e has michael gov criticized yesterday budget that the remain camp says would be necessary to shore up public finances. george osborne -- fighting a growing rebellion as the party lines up to reject spending cuts. the car market has fallen the most since december. it comes as matthias mueller prepares to deliver his new corporate strategy later this morning. car owners said the u.s. government has been given more time to file several proposals in the vw emissions scandal. a federal judge the late the filing deadline until june 28 majors ofhnical negotiations. which crashed last month with 66 people on board. egypt's aviation ministry says they have obtained images of the wreckage but did not specify the location. global news, 24 hours a day, powered by 2400 journalists in more than 150 news bureaus around the world. you can find more stores on the bloomberg at top . caroline: haslinda, thank you very much. talking of central banks, hurry up and wait. th

u.k. has been a member of the eu. so, unprecedented in those terms. they were trying to map a way forward. points is they have to wait until the u.k. formally notifies about their intention to leave the eu. that is not going to happen until the leadership of the conservatives gets worked out, w hich is still in process. what the leaders have done is they have set up a meeting for september. this will be another of the 27 without the u.k. in september. there, they will be how to go forward. in the meantime, they are stressing that it must be orderly and calm. we need to do this in a straightforward kind of fashion to make sure everything is in place. guy: jones, we need to talk about scotland in a second. the line in the u.k. at the moment is that the eu's hardened its stance yesterday. is that the right read? jones: i think so. they are trying to be very firm with the u.k. they need to send the message out that there is a cost to leaving the eu. you have all of these nationalist and populist movements rising. one of the messages that the eu officials w

eu as well. why do you think it is truly negative for the u.k. and stop the rest of the eu? s negative for the u.k. there are other decisions across the spanish elections, the constitutional referendum in italy, we will see how that goes. it depends on the reactions of the eu leaders. they have an opportunity to react and make a stronger europe if they use fiscal policy and use the bazooka of the ece. it is worse for the u.k. in this particular case. these are risks we are seeing all over the world, from the asia, a europe and result of the monetary policies that have not cure the patient's, they just greeted anesthetic for the patients. we see rising social unrest everywhere. vonnie: alberto gallo , thank you. special coverage on bloomberg tv this weekend with updates throughout the day starting at 4:00 a.m. eastern, 9:00 a.m. london. alive special show at :00 eastern, 5:00 london time. on sunday, we have a full day of coverage. ♪ kingdom isited adapting and adjusting to a most historic day. brexit begins and a prime minister resigns. markets find a bid after a heroic early

the eu and the u.k.ecided to remain, the all too general treatment given in february by the other 27 to the u.k. would have created the temptation and many other member states of the we too want negotiate the ability to belong to you. and now in this the exit scenario, i believe honestly much worse for the u.k. than the , european union. i believe the u.k. would be bitterly disappointed in seeing how long and how adventurous would be the street, the road to new agreements with partners of how week into to miss a policy is will be. its domestic policies will be. i see just one but big positive to this drama. >> what is that? mario monti: well, for the first time, it is very, very clear to everybody that you cannot play games with europe. without running serious risks. you are at yale university studying under james tobin. is this a moment where retains the dialogue on italy's austerity, spain's austerity, the added kingdoms austerity -- united kingdom's austerity? do we change our dialogue and decision-ma

u.k.'s decision to leave the eu has caught the attention of world leaders including barack obama. >> a few hours ago i spoke with david cameron. david has been an outstanding support. the u.k. has committed to a orderly transition out of the eu. we agree our teams will remain in close contact. i spoke to chancellor merkel of germany and we agree the united states and our european allies will work closely together in the weeks and months ahead. >> we are joined now by our washington correspondent who is standing by with more on how the vote has been going down. the u.s. and the u.k. pride themselves on their special relationship. it's pretty clear the child does not approve of its colonial parents. what will this mean? i'm sorry. i'm hearing we don't have the interview. we apologize for the technical difficulties. we can tell you in the wake of britain's decision to leave the eu european leaders have been reacting. they seem to recognize the decision is as much a challenge to the eu as it is to the u.k.. >> the british people's vote is a tough test to europe. europe must show its stability

u.k. voted to leave the eu. company says it will consider moving headquarters elsewhere, left the country negotiate continues access to the single market. vodafone is already beefing up outside the u.k., including brussels. allergan's says it is in the final stages, and the ceo says it will invest $20 billion on the deal. also weighing in on the deal to leave the decision, and what it means for business. >> we are very committed to both marlowe, the u.k., and to our people there. so no plans to change anything hopefullyoperate, and we can remain committed to our operation in the long-term. rosalind: and that is your bloomberg business flash. anna? anna: how should the central banks respond to the brexit vote? the stock selloff is probably an overreaction, he told bloomberg. >> things are kind of getting a bit more quiet and more balanced, of course markets have been taken by surprise, so there was a very strong reaction. i would say especially with regard to shares and banking shares, probably an overreaction i w

funded.hind us is eu the u.k. it wanted to pull out of the eu, those particular strains of funding will no longer be available, and towns like m mcduff and other small communities acrososs scotland will contininue to decline as opposed to flourish as they should be. suggest: recent polls most scottish people would like the u.k. to remain in the eu. ross: i would say the people of scotland will be quite likely angered if they're dragged out of the eu against their will by the rest of the u.k. conversationsr they have within scotland about our place within the united kingdom. reporter: across the irish sea, a mirror image. a small town in northern ireland is a stroll away from the republic of ireland. today, there are no signs that the border. some say a brexit will bring it back, and that would be a barrier to business. >> i find for small businesses like ourselves, which just opened here recently, is trying to get the people from the down here to create more business. reporter: the possible brexit is on everyone's

mark: how damaging to the eu project couldn't eu -- a u.k. vote to leave the eu be?loughby the first of many dominoes to fall of that happens? >> i don't think so. that would mean a quick reaction from the european leaders. in the short term, there will be an impact in that impact will not be a nice one. if it happens and somehow i expect them to happen, but if it happens, it will definitely need a quick reaction. europe is sitting on top of a pile of a large number of issues to deal with and i hope it triggers european leaders to advance in those discussions. tony blair: i think we will remain. we got to be concerned about that. i do believe that we have people do understand the seismic consequences of what is happening. i can't believe that people will i think we'll get a substantially higher percentage than many expect. i do think is a large number of british people who are coming to terms with what is all about the five terms confusing there is a relatively small group of people who care absolutely passionately. it is a debate that concerns the whole country. ram

eu? andrea: my view is that the for the u.k. e eu are incredibly bright, and the risks of staying in it are incredibly serious. i think far from the remains suggestion that the status quo versus the unknown, the facts are that the u.k. is the worlds biggest -- fifth biggest economy and many of them are outside the eu. trading blocking and its economies are all going backwards or stagnating. they have flatlined for 10 years. the single market for services which is 75% of our economy, is not completed. even the commission admits it is yet, here we and are stuck in an eu trading area that is not succeeding in negotiating pre-trade agreements with our priority opportunities elsewhere. if we leave we can negotiate those free trade opportunities and it will be brighter. comments from the prime minister demonstrate the differences between the parties. they tearing the government apart? can you heal the rift after the referendum? thing itwo may, the will always be grateful to this prime minister for and i think it is unique in history, h

u.k. votes to remain in the eu. ondering if you incredible moneymaking opportunities here and are placing your bets? i think there will be a brief rally if the u.k. remains. i have said that the u.k. voting to leave would have a negative effect on not only the u.k. but also the eu markets. fund so wea hedge don't bet on market movements, but it is something we look at very carefully to ensure we are in a position long-term. i think there are mainstays, long-term, this is good for u.k. [indiscernible] think that will lead to headwinds in europe. that might spillover into a domino for -- a domino affect around the world. does that mean that europe goes down? i am not so sure. guy: we will talk but the ftse when we come back. andink that is interesting maybe the pound would also rally which you would've thought would lower the value. some companies would benefit actually from a weaker sterling at this point. we are called up around .5% on the ftse. we are not getting back to that 6000 level. getting close to it. minutes

u.k. votes to leave the eu. cameron resigns. mr. cameron: the british people have made a decision to take a different path. i think the country requires fresh leadership to take it in this direction. i will do everything i can to steady the ship over the coming weeks and months. but i do not think it would be right for me to try to be the captain that steers our country to its next destination. francine: stocks plunge as brexit triggers world recession fears. says it is ready to provide 250 billion pounds of extra liquidity and take necessary steps to ensure stability. welcome to -- we are seeing stocks across the world really plunging. the pound at a 45-year low. i want to show you the breakaway for the euro stoxx 50. it all has to do with the safety blanket. there's a clear move, some calling it a shot for the banks and homebuilders. we are live in brussels, paris, and berlin. here in the u.k. capital, anna edwards is in berlin. westminster. we will bring you global coverage throughout the show. let's get you more on those dramati

can will remain in the euro dish in the u.k. -- eu will -- u.k. will remain in the eu. thank you. i said we had anglo american platinum. . need to be clear about that first time profitability being 20% lower. that is a quick correct. anna, back to you. anna: is get back to the birth story. -- let's get back to the brexit story. vote, a to go until the new poll has the leave the vote ahead at 44% versus 42%. a survey by or a b shows the remain camp ahead on 53%. appearing on sky news, jeremy corbyn told the audience why he is for staying in a reformed eu. >> it is also a turning point, because if we leave, i don't think we're going to have an easy road back. if we remain, i believe europe has got to change quite dramatically. what's more democratic and much more accountable. anna: brexit campaigner, nigel farage asked voters to quit the eu. >> we must go out there and tell the political class we want our country back. we will make history, june 23, independence day. anna: let's bring into the conversation ashok shah. good to see you. how are you and your colleagues prepa

at the beginning of the whole campaignferendum u.k. the eu said they were going to stay out of it but over the next -- over the past few weeks we have seen them sending a message that we would like u.k. to remain. if you ask a belgian man or woman on the street what they think about the referendum, most of them are focused on the football game tonight, belgium versus sweden. belgium has to win or at least draw to advance. francine: ryan, very quickly,

u.k. is stepping out of the eu because we use our most important alliance. weo rights combined it together with u.k. and it was easy to have a veto override. we are not happy at all. said thatnigel farage thousands of german car manufacturing jobs were at risk from brexit unless there is a deal to allow u.k. access to the single market. is it true or false? michael: i can only tell you he so had said -- he has said many nonsense and this is nonsense as well. francine: putting it simply, putting it punchy. michael fuchs, deputy leader of the edu. piccoli is still with me. when you listen to michael fuchs part of it is remorse but he is very clear, there is no free lunch. they will be tough on the u.k.. what does it mean for the city of london? wolfango: i do not think anybody has thought about it and there are four pillars in terms of freedoms. the freedom of movement is the key one. if you want access to the single market, you have to accept freedom of movement. short of that you are not going to get a nice deal and that will have implications for london and

u.k.'s help in the eu. there are some who believe without the u.k. in the eu that the eu will be less likely to apply sanctions for much longer areussia because there strong corporate relations, some history between others in the eu and russia. of so, that is an example where there may be some undermining of u.s. influence in europe. but i think u.k. and u.s. thinkons well -- i don't you'll see that wiped away. host: next office tennessee for our guest ian talley of the "wall street journal." caller: good morning. host: you are on. caller: the washington post reports there is a referendum or a revote. is there any chance that now that they got this buyer's remorse, there could be a political change what they could revoked and reversed the specific -- and reversed the system? guest: to be honest, i don't know the intricacies in the valleys -- intricacies and legalities. there could be a revote. how that would happen there are legitimate questions about that. i don't think the u.k. has worked out those. i think this kind of referendum is an anomaly. to

u.k. will not have eu privileges without accepting duties. e heard earlier on, she reiterated that there will be no informal preliminary u.k. talks with the eu until they actually invoke article 50. that we know will not happen until this country has a new prime minister. italy is considering ways to inject funds into it banks following the brexit vote. it sparked a sash -- a selloff in italian lenders. let's get to our banking correspondent in milan, danley spring. what are the measures be considered by the government? we saw some comments from the prime minister this morning as well as the incoming eu commissioner for financial and he is saying that basically everything is on the table in the sense that italy is talking to the eu about essentially getting around the problem of state aid, avoiding another bail in situation. they need to provide capital, some liquidity to help banks deal with upcoming capital increases and getting their ratios in shape. they could do it in several different ways, direct injection of capital by the government,

eu before negotiations can take place. germany, france, and italy standing firm three days after the u.k. voted to leave the eu and the italian -- they want the u.k. to trigger article 50 as soon as possible. >> we agreed between us that article 50 of the treaty is externally clear. any state that wishes to exit the european union must make a request to the european council. as long as this request has not been placed with the european union no nation -- measure can be taken. once article 50 has been triggered can the european council initiate negotiations. anchor: here she is speaking earlier. >> the lines have been drawn here today. it will be no talks until britain triggers article 50. must besomething that done. no members can be forced to leave, they have to leave themselves. they are going to be waiting for britain to do that. angela merkel said she does not accept this to happen, article 50 to be triggered in the next couple of days but she is not left waiting endlessly. the reason is insecurity is not good for the eu. the reason for this press conference was very clearly to prevent

how damaging to the eu project couldn't eu -- a u.k. vote to leave the eu be? willoughby the first of many dominoes to fall of that happens? >> i don't think so. that would mean a quick reaction from the european leaders. there will beerm, an impact in that impact will not be a nice one. if it happens and somehow i expect them to happen, but if it happens, it will definitely need a quick reaction. europe is sitting on top of a pile of a large number of issues and i hopeh, it triggers european leaders to advance and to do big advances in those discussions. >> i think we will remain, but of course the referendum, you look at opinion polls, it is very close. most of the polls seem to they are less likely to vote. mr. blair: i think people do understand that a decision with seismic consequences, economic consequences -- i cannot believe that people will shuffle this one off, and i think we will get a substantially higher turnout van a general election. i may be wrong about that. >> are you surprised? alwaysir: i think it has been there. people are coming to terms w

u.k. has voted to leave the eu. the chancellor abruptly changed her plans today to address the nation. >> today represents a water shed moment for europe, and the process of european unity. over the coming weeks, months, and years, exactly what the water shed means, depends on what the other 27 union members are willing to act. >> so confident that the berlin insider prints it up before it was announced. great britain stays, of course, that was changed. >> they are a bit stupid. this kind of world, you cannot stay by yourself. tihad the impression, the discussions were very much emotional. >> maybe in a positive way. in the last few years, we have only seldomly travelled to great britain, the pound was so expensive. now, hopefully, the pound is low, we can get as soon as possible to great britain. >> reporter: the crisis here, is how do they hold it together after a devastating blow like this. it is up to germany, france and other eu countries to show there is no benefit from exiting from it eu. otherwise, what is t

u.k. remaining in the eu.erally speaking, the past few days have seen funds go overweight in terms of cash. have a look at what is happening dollar-yen, va doing this. we are closer to the high end of the range. how do you trade this? if the u.k. votes to remain, how do you trade that? so the yen if you think remain will win. a hefty chunk of options for $1.2 billion. pound-sterling telling us a different story, 148 is your level. we are above the 200 day moving average. looks,show you how that channeling my inner picasso. first time above this 200 day moving average since november on pound sterling. highest level this year easily. if you believe this is the best reflection of momentum in the remain camp, then your perhaps buying the story and that is what you will get. it is not only against the u.s. dollar. it is up against the euro, safety currencies like pound-yen, two week highs for both. i should note that volumes are thin. any trade tends to exacerbate these moves. can we flip the chart and show you the

u.k. on the question whether to exit the eu. will the u.k. stay or leave the eu?ding cautiously. the dow lost 49 points yesterday. the nasdaq ended lower. >>> tesla closed 11% lower after the electric car company proposed buying the company solar city. we are keeping an eye on stocks today. especially tomorrow. the vote expected to come in before the opening bell tomorrow. rumor has it if there is a vote to leave the eu, investors are expecting a selloff. >> you may not live in britain, but your 401(k) could be effected. >>> the new report out. the social security fund will be tapped dry by 2034. what does that mean for your benefits? that's next. "why are you checking your credit score?" "well you don't want to live with mom and dad forever, do you?" "she says...bazang!" "ok, good one." "uh, how do i check my credit score?" "credit karma, it's free." "credit karma. give yourself some credit." >>> polls are open in the united kingdom and turnout for the brexit vote is expected to be high as brits decide to leave the european union or stay in. leaving would be hist

u.k. leave the eu? >> i think one of the great benefits that the u.k.9/11, when the americans made it more difficult for talented people to come and a study in america,nd a stad stay in is we got brain gains. i would like to choose the talent pool based on the maximum benefit they can provide to the company, not whether they are european or not european. therefore, we are trying to limit non eu immigration. guy: you talk about the long-term story of how much it would benefit the u.k.. the treasury has, i'm kind of b thisa little glib about -- the treasury has issues with predicting next week. why are you so confident that you feel you have the ability to see what is going to happen with the british economy when some of the biggest institutions in the land are struggling to get passports around the corner? >> i have confidence in our ability to innovate and to basically, we can really focus on the things we are good at if we are outside of the eu. in terms of funding things like pharma. we have five of the top 20 scientific institutions in the world. we

u.k. no incentive to stay. in fact, the senior euders, including the president of the european commission and european parliament are saying the u.k. has to begin official exit negotiations asap. they don't like at all prime minister david cameron's plan to wait a few months until a new pm is named and then have the next prime minister begin those official negotiations. the president of the european parliament soltis has said this continent cannot be held hostage for months while there is a domestic fight a political fight in the u.k. greta, next week on monday and tuesday, there will be an eu summit. leaders from all of the 28 eu countries will be there. including prime minister david cameron. but, at that summit, a special sideline meeting has been called for. and an invite to that has not been extended to the prime minister. so, greta, consider that a sign that brussels is ready to do business without the u.k. >> kevin, thank you. and earlier this year, president obama stepped into british politics and warned britain not to leave

u.k. exiting the eu. meanwhile, you have a petition that has been signed by more than 3 million people in the u.k. calling for a second referendum. whether this could happen or not is unclear at the moment. all it would mean is that parliament might discuss that option. as you can see, so much reaction, so much lack of clarity. that is why we are seeing sterling extend its fall off. erik: what might nicholas sturgeon do in scotland to stop the u.k. from leaving the eu? we are hearing, further complicating the matter, is that nicola sturgeon has adjusted scotland could block a brexit because the necessary legislation might have to be a approved in its parliament in edinburgh. it is worth pointing out that this entire referendum is not legally binding. parliament does not have to follow it legally. that is another thing that is being talked about a lot in the u.k. papers. at the moment, it does look like it will happen. it is just a question of exactly how. erik: thank you very much. from london, we take you

u.k. or the eu or the oecd.t's from the developing countries, in particular china, india, and the middle east itself. i think we will start to see oil prices creeping back up, and i hitdn't be surprised if we 60 this year. the real thing to watch is what happens to u.s. shale oil supplies. do they continue to fall? what is happening with chinese demand? as far as the u.k., we have an office in london. it's the capital of the international oil and gas sector, particularly with capital markets, legal support, and it will remain so. yousef: will it affect you in any material way? >> i don't think it will affect us a lot. in the short-term, perhaps the oil price, the stock markets are likely to react negatively. it's a soft time with ramadan and the summer. in terms of our investments in the middle east and our focus, i don't see a big impact. yousef: we got some numbers fm the baker hughes rate count index. how does that feed into your view on where oil goes from here you go >> we saw an interesting of stability at

eu. only theind that it is u.k. an trigger article 50 in order to start two years of negotiations with the eu on how exit is going to happen. at the moment, we don't know who, nevermind how. what has been the response so far in terms of outside the u.k.? response, as you can imagine. i want to start with christine lagarde. we heard her speaking earlier if you aresterday, in the u.k., as we have just gone past midnight here. let's hear what she had to say about the way that markets really did not price in this result. the markets had vastly underestimated the outcome. what i hear all the time for my team, which is essentially andets get it pretty right anticipate reasonably well. on this particular occasion, whether it was a bookmaker or the markets, that was not anticipated very much. that is going to be one of the big questions going forward, why was it that markets were not prepared for this to happen and why we have seen the fallout since? the other comments christine lagarde made, she said the risks depend on cer

u.k. leaving the eu, the dow down more than 600 points. the dow and s&p 500 erasing all of their gains for this year. this is risk and reward, i'm deirdre bolten, some are dubbing june 23rd as u.k.'s independence day. david cameron is stepping down. you're going to see the red on your screens from asia to europe, with more on your money, your life, fox business has team coverage. we'll bring you the latest from the new york stock exchange and then to london, and then to berlin. liz claman, you're up first from the floor of the new york stock exchange. what a day. what was the most descriptif comment? >> as soon as it was avpt that the leave camp was going to win. it was a stunner and people here were stunned. as soon as i arrived on the floor of the new york stock exchange, traders were grabbing my hand, we're waiting for the bargain hunters, they have not come in, noon, 2:15, it was apparent we were going to see an ugly finish on wall street. here is what you've got a loss of 610 on the dow. look at the nasdaq. look at this loss, 202 point

u.k. vote to leave the eu. -- it should spain's fragile economy. fore are going to fight europe where social rights are a reality and obviously, we are for europe and for the people in europe. reporter: in the end, the message proved most persuasive. it urged continuity and a safe pair of hands. no use unless the party can form a government. and so the context negotiations begin. -- complex negotiations begin. jane: today the supreme court made a major ruling regarding abortion rights in the united states. it struck down a texas law imposing stricter regulations on abortion doctors and facilities. the decision comes as deep divisions have been revealed in many states. oklahoma will open its first new abortion clinic in more than three decades. name of the father, son, holy spirit, amen. reporter: outside his abortion clinic in wichita, kansas, protesters are praying for the women going inside to change their minds. >> amen. i trying to stop women or men who may be bringing women in or friends from bringing them in from telling their babies because

u.k. should quit the eu.osborne prepares to warn that leaving the block would spark a fiscal crisis. ♪ manus: good morning. you're welcome to "countdown." anna: i am anna edwards here in london. it is 7:00. let's get straight to the futures. what does it tell us about where we are going to open in around an hour. looks like we will have a balance in a european equity trading. a surprise if you look at what is happening in the asian session. we would not like to say joy line under our brexit but passed palls on the global selloff that we have seen in a number of risk assets around concerns about what the decision u.k. makes on the 23rd of june. manus: yes, it is all about the pound. -reprieve. mini we are down on the d10 currencies. it is all about volatility and how much premium are you prepared to pay to protect -- we are paying 9% over the right to buy the pound. that is something that history tells us. back when we were gripped by recession, recession could be back again. scottish referendum, that is when