Most of it isn’t pretty:
• Global markets remain down, with the Dow Jones Industrial Average down about 460 points, or 2.5%, and the Nasdaq down more than 3%. Gold prices, on the other hand, are up about 4.5%, and bitcoin prices have risen 2.8%.
• The Stoxx Europe 600 index closed down more than 7 percent, in the worst one-day European stock drop since 2008, MarketWatch reports. London markets closed down for the day as well, with the FTSE 100 index down 2.76%.
• Central banks around the world have taken steps to calm markets, with the Federal Reserve saying it’s “prepared to provide dollar liquidity” and the Bank of England and European Central Bank issuing similar statements.
• Hopes that the U.K. government could somehow avert or delay the nation’s exit from the European Union seem to have dimmed, with EU Parliament President Martin Schulz calling for the U.K. to leave as soon as possible, The Guardian reports.
• Donald Trump, visiting Scotland, has praised the referendum result, which onetime rival Ted Cruz called “a wake-up call for internationalist bureaucrats from Brussels to D.C.” Hillary Clinton has expressed concern about the impact on working families around the globe.
• Economists, known for supporting free trade agreements in general, have generally come out against Brexit so far.
CNBC just asked Alan Greenspan what he would do right now if he were in charge.
"I would worry."
— Mike Baker (@ByMikeBaker) June 24, 2016
• In a possible sign that voters didn’t fully understand Brexit’s meaning, “What is the EU?” has become the second-most-Googled post-Brexit question in the U.K.
• Scotland, which voted 62% to 38% to stay within the EU, may seek to secede from the U.K. in order to do so, First Minister Nicola Sturgeon says, according to the BBC.
• Spain, which has long claimed sovereignty over Gibraltar and is a major trading partner of the U.K. island territory, has proposed a joint sovereignty agreement after more than 95% of the territory voted to stay in the EU, the BBC reports.
• While prominent banks like HSBC and JPMorgan Chase had warned Brexit would lead to reduced staffing in London, they’ve been less open about their plans as they reassure workers after the vote.
This post has been updated. The original post was published this morning at 5:28am EST.
• U.K. Prime Minister David Cameron, who called for the referendum, has announced his resignation. He will stay in office until October when a new head of the Tory government will be selected.
• David Cameron has not yet invoked Article 50 of the Treaty of Lisbon, which begins the official steps of leaving the EU. Cameron has said it will be up to his successor to invoke Article 50.
• The White House has acknowledged that President Obama has been briefed on the referendum vote and they “expect the President will have an opportunity to speak to Prime Minister Cameron over the course of the next day, and we will release further comment as soon as appropriate, reports USA Today.”
• With a majority in Scotland having voted to remain in the EU in the U.K. referendum, Scotland’s first minister, Nicola Sturgeon, now says that a second Scottish independence referendum is “highly likely”. Earlier she said: “The vote makes clear the people of Scotland see their future as part of the European Union.”
• Scotland might not be the only one to leave the U.K. Sinn Fein has announced it wants a vote on Irish reunification in the wake of a Brexit. If Northern Ireland reunifies with Ireland, it will stay part of the EU. A statement from the party said: “The British government has forfeited any mandate to represent economic or political interests of people in Northern Ireland”
• It’s not just David Cameron who will soon be out of a job. Labour leader Jeremy Corbyn could face a leadership challenge as well. Many people blame his lackluster Remain efforts for the reason that Labour voters didn’t turn out in droves to support the Remain camp.
• Bank of England governor Mark Carney has tried to reassure the markets by announcing it will make an extra £250 billion available to the banks to try to help steady the markets.
• Speaking of the markets, at the time of this writing the FTSE 100 is down almost 5%, wiping over £100 billion off the market.
• The FTSE 250 is down 11.4%—its worst drop ever.
• Germany’s DAX has fallen 7.5%.
• France’s CAC 40 is down 9%.
• Italian and Spanish markets are plunging more than 11%.
• Japan’s Nikkei is having its worst day in 5 years with the Japanese market falling an astonishing 8% so far.
• The British pound has hit a 30-year low against the US dollar.
• In a matter of hours after the referendum result was announced, the U.K. has slipped from being the 5th-largest economy in the world, to being the 6th largest. France has now surpassed it.
• Leave campaigner and former London Mayor Boris Johnson left his house this morning under heavy police protection with protesters shouting “shame” at him for leading the U.K. to leave the EU:
— Adam Page (@adamp1972) June 24, 2016
• Bank and homebuilder stocks are taking the biggest hit, due to the belief that the British economy is in free-fall.
• On social media, there is an outpouring of anger by young people towards their own parents and grandparents:
Age breakdown on Brexit polls tells underlying story. Older generation voted for a future the younger don’t want: pic.twitter.com/kMPECqQF6u
— Murtaza Hussain (@MazMHussain) June 24, 2016
— Carmen Rose (@CarmenRoseLittl) June 24, 2016
• With Londoners overwhelmingly voting to stay in the EU, many are now taking to social media to demand that the capital secede from the U.K. so it can stay part of the EU.
[Image: Bill Smith]