Transcripts For BLOOMBERG Bloomberg Markets 20160624

Function. Global macro movers. It gives you a sense of all of the Asset Classes. The pound is falling. The fallout from the vote cost David Cameron hughes job the followed from the vote has cost David Cameron his job. Vonnie markets reacting negatively. We have the s p 500 down. A 47 point drop. The Dow Jones Industrial average down. 392 points is the drop. 17,617 come the nasdaq is down 4. 2 . The 10 year yield 1. 57 . That is lower than 1. 50 overnight. Eight times the volume of average trading day overnight according to jeffreys. It was a phenomenal night for traders. Futures are down a little bit from their highs. President obama saying the people of the United Kingdom have spoken, and we respect decision. The vote to leave playing a role in the race for the white house. Donald trump in scotland saying that the vote shows people want to take their country and borders back around the world. Mark full coverage and all of the angles from the Bloomberg News team. Reporters standing by. Its a map is in Francine Lacqua is in westminster. Julie hyman has the latest Market Reaction in new york. Heres the latest add the European Equity markets. As i was saying, look at your gmm function. This is the best function to tell you about the massive voteut from todays brexit. In the lefthand column, you have record intraday moves from italy. Ireland, spain is down 10. 7 . Lower. 13 in the currency market, massive moves for the pound against the dollar, 8 lower. It was down by 11 . The biggest decline is the krone. Europe, a record decline against the dollar down 2. 9 . Big moves in the peripheral bond market. Look at the yields. 83 basis points on the greek 10 year. The portuguese tenyear up by 22 basis points. Into the coreg eurozone bond market out of the periphery. We will talk about credit markets. Gold is up 4. 6 . Sterling, this tells you everything you need to know about the pound. Earlier it tell as much as 11 against the dollar. Out initain was shunted september of 1992, sterling held by 4 , the biggest percentage decline ever. Today we were down 11 , the biggest fall ever against the franc, since last year. But at the pound against every single currency in the world today. Tracks that bloomberg against the pound are rising. That is astonishing. Up by 12 . The congolese franc, currencies we rarely talk about. Every currency that we talk about is rising against the ground. This is the brexit market gauge i want to focus on. The Asset Classes that you should be looking at. Gold, yen, ftse, pound. The yen against the dollar is up by 3 . It was double that earlier. It is below 100 yen right now. The ftse was down as much as 8 . It is down 1. 8 . Sterling is down by 7 . It was down 11 . 30minutes into the trading session in the united states. Lets get to julie hyman. How is it looking . Julie we have declines, but not as big as europe. The biggest selloff since january and early february in the case of the nasdaq. All averages are plate are trading lower, but off the lows of the session. A significant selloff in the wake of the vote of the u. K. Looking at the bloomberg, we are dthing relatively broad bre of the selloff. Everything is read except for utilities. We are seeing buying in utility stocks. Everything that is cyclical today is down. The more defensive shares are not doing quite as poorly. Banks aree, the experiencing the worst as far as percentage declines. Im concerned about what this means for their business. Jpmorgan, citigroup, and bank of america are three examples. We are watching yields. Here is the today chart to show you the gap down. Move is the biggest in a single day going back to 2009. Finally, i want to look at the bloomberg for the world interestrate probability. Rp. It calculates the probability of federal Interest Rate cuts or hikes. Cuts is being priced and to some degree in the market. A 6 chance of a cut at the next fed meeting. This is something new that we havent seen and is a direct result of the u. K. Vote. Mark lets get to reporters in the u. K. Francine lacqua is in westminster. Ryan chilcote with perspective from brussels. Matt miller on the aberdeen Trading Floor in london. Lets start with francine. What is the mood in westminster . Francine i would say it is in decision but at the same time people trying to carry on. We know that both parties, labor and conservative, are having meetings to strategize. Next not think for the general election, but they are trying to figure out who the next leader is. We understand the labour party might be looking at a better alternative in their eyes than jeremy corbyn. There might be negotiations between Boris Johnson and David Cameron. He is waiting for that in october. There is the sense of people looking at the market. In westminster they are used to talking british politics. They are looking at the markets and saying we need it to stabilize a little bit so that we can move on. I would say a little bit of caution. No one was really quite expect this market volatility and trying to figure out at the same time who will be the next Prime Minister. Mark the unintended consequences could be another referendum in scotland. What are investors, analysts, and politicians saying . Francine everything is out in the open at the moment. We heard from nicholas sturgeon, the first minister of scotland, saying that because scotland almost 73 voted for staying in the eu they should not suffer from the consequences of the brexit vote. They are may be looking at a referendum so that scotland can break away from the u. K. And join europe. They will have to wait to see how the negotiation between the u. K. And the eu happens. It is not straight away, but it is a murmur. Almost like a jigsaw puzzle, trying to figure out what the next Political Landscape could look like and if the u. K. Itself will break up. Vonnie Ryan Chilcote is in brussels. We have heard from many of the big leaders. When will they meet . It was originally next tuesday, but will that be Going Forward . Ryan it will. They will meet monday in berlin before all of the eu leaders meet on tuesday in brussels. The big concern is not the breakup with the u. K. Many of them consider that to a certain extent history. How that gets sorted out is a post script to history. Their concern is what countries might follow the u. K. s lead. We heard from politicians in three separate countries saying that they should have a referendum, the netherlands, italy, and france. Parties from the right in those countries saying they would like. O have the referendum none of those are in a position of power to bring those referendums, but they are emboldened by what happened in the u. K. That is why Angela Merkel is having the meeting on monday in berlin. Euders from the court countries will gather on saturday. She wants to show leadership. Vonnie will european leaders force britain to comply with a request for speed . Ryan probably not. Betweenthe first spat a u. K. Headed for the exit and the European Union. David cameron said if the british people vote to exit the European Union i will go to brussels and invoke article 50 which starts the process of negotiating the exit right away. Now he changes his tune saying that will be the job of the next Prime Minister in october. They themselves might wait. That unnerves the powers that be in brussels. Is lets get this negotiation over as quickly as possible. If we are going to have a messy divorce, let it at least be a quick divorce. Mark matt miller, Central Banks have been talking about today. How are they reacting to the brexit . Matt i thought looking at the. Irp function was interesting this morning, i was talking to the head of trading at etx. He said not only does he think the fed will cut, but the bank of england will have to raise echoes of the drop in the pound. They think it will continue beyond 137, may be as low as 120. It will import inflation. A lot of importers in this country are buying things. It will be more expensive. They will not be able to sell things for cheaper. Everything they bring in will be more expensive. How does the bank of japan react . People are running into safe havens. Is intervening. You saw moves from the bank of england. Carney will interject 3. 5 billion pounds into the financial system. What does the bank of japan do . On the flipside, i was talking to luke at Aberdeen Asset management and he thinks the bank of england will cut. He is breaking with what we heard. He is breaking with what we heard in the guardian the other day. He thinks they will have to because of the slowdown in the economy. It will be interesting as the opinion is divided on what will happen. What is going on with the financial markets, this morning i was at etx where big players were taking high risk bets on a risky asset class. Some were losing millions. One guy that was investing through them was putting 20 short on s ps futures. He made out really well this morning. They said that they think a lot of hedge funds will have to close today were over the next week or two. At aberdeen, they got it right. They went neutral and even shorted the pound into the vote yesterday. It is a much calmer floor. Mark thank you. Thanks to matt and Francine Lacqua. Ryan chilcote in brussels. Matt on the aberdeen Trading Floor in london. Vonnie first word news in the new york newsroom. In other news, there is a report the Obama Administration is trying to use business to lock in the Nuclear Agreement with the run. The administration is pushing businesses to wrap up deals with the iranians. That would make it tougher for future administrations to undo the agreement. Iran agree to by 18 billion worth of airplanes from boeing. A bomb rigged to a bicycle exploded in pakistan killing three people and wounding 32. Several shops were also damaged. No group has claimed responsibility, but militants with links to the taliban have been implemented in similar attacks in the past. Pope frances bringing a message of peace and solidarity to armenia. They are marking the centennial. Marking the centennial of what they call a genocide. They will pray at the genocide memorial. They will pray for peace during a special service. News, 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. Bloomberg on televisions breaking News Coverage after the brexit vote. Stay tuned. London and new york, i am mark barton. Vonnie i am vonnie quinn. You are watching Bloomberg Markets. Mark lets get back to westminster. Francine is with alison campbell, the former director of communications and strategy for tony blair. Francine . Francine thank you for the introduction. Closest is tony blairs adviser. Are you shocked by what happened . You predicted it a week ago. The markets, why did they get it wrong . I dont know. Why do we keep bothering telling saying. The polls are they keep getting it wrong. There is a disconnect. I was worried because i met to many people saying, im sorry. They dont care what you say about the economy or the markets or stuff that will be happen that will be really bad. They are voting out. A lot of it is about division, inequality. Would you see the exposed by the referendum is a divided country. England, countrytown, richpoor, a lot of division. Francine Like Division in the u. S. . Donald trump is in scotland. You think that the elite need to try to actually have a better world that is not go to extremes . Alastair i do. The danger is if this goes on, people do move to extremes. I think a lot of this is about the response to the Global Financial crisis. Francine how do they do it, recalibrate . Alastair it is difficult. You have to understand the message. Cameron was talking about we have to win the referendum or the economy will go into a meltdown, and you can see why he said it, but a lot of people in workingclass areas who voted to leave cannot feel the great and economy. It is about the people who caused the crash that they got away with it. One guy went to jail. The people who pay the price through the austerity program, wind is this going to come my way . Francine is it a vote against the elite . Alastair a lot of things. It is partly about europe. It is partly about immigration. Exaggeratedis being. It is partly because people do feel that globalization passed them by. There is also a feeling, not only in britain, but america, france, holland, all around the democratic world that people to the give a kicking politicians. It might feel unfair, but there are rumors that the politicians have not been hearing. Francine you were the adviser to tony blair. What would be your advice to Hillary Clinton . Alastair Hillary Clinton . Francine she is the elite. Rain newtonsmith she has alastair she has been married to the president. She has been the secretary of state, the senator. We have to have politicians. Mp youcause you are an become a member of the elite. There are workingclass guys there that dont get paid much, that live in ordinary houses. You have to have a president. She has to show the American People that donald trump should not be president. It should not be that difficult. Hillary clinton has an amazing strength and qualities. I think that will win her the presidency. Francine do you think Boris Johnson is the next Prime Minister . Alastair theyre saying that he is the favorite. I think he will find it more difficult than he thinks. He has made his name by being jovial, playing the buffoon, showing that he can win is that the tories cant win. He is a figure of incredible division. Division in his party and the country. People do not like divisive politicians. He is a very divisive on the titian. Francine the closest advisor to tony blair for years. It is great to get his perspective on u. K. Politics and offering to Hillary Clinton. Mark the former director of communications and strategy for Prime Minister tony blair. Vonnie we have the bloomberg editor and chief, a british citizen. You just heard from Alastair Campbell, the former Communications Director for tony blair, talk about the failure of politics. Parties, liberal parties, that are failing their constituencies . He has always been a shrewd political operator. I think you are right. Thetarget on the left, labor vote, the labor state at home, they voted to leave. It is partly because it is very tepid reactions vonnie we will get back to john in a moment. He is saying that he agrees with everything that Alastair Campbell said. There is a deficit in representation for those who feel disenfranchised. A bettere needs to be way of representing these disenfranchised people that are outside major cities. Mark it is not easy. Look at the split. That were clearly apparent by the referendum. Look who voted to remain the young. Look who voted to leave, the old. London, in. , the rest of england, out. Scotland and Northern Ireland are in. Wales is out. A you division. Demographically and geographically within the United Kingdom. That will not be easy to remedy. No. Ie in fact, bringing john back in, they are not resonating with voters. The liberal parties. Very much. The people left of center, tony blair a couple of weeks ago, they feel they much as if they do not feel the connection to workingclass voters. It is operated. Jeremy corbyn at the front, a very leftwing guy that is unable to bring out people. All across the working towns of britain, people either stayed at home or came out and voted leave. Substantial failure for the central left. All of the concentration is completely on David Cameron and totally justifiable. This is a day when his luck ran out. There is a problem to the left. , how did the city, how did markets get it so wrong . Markets follow the book is. They were right in the u. K. Election last time. Bookiesthe markets, the , get it so wrong. As Alastair Campbell was saying, if you left westminster and headed north, you would get a sense of anger against the eu and against the political elite, as francine was saying. How did markets and bookies get it so wrong . John we all have relatives in britain. When we talk to them, my mother always says, why friends are all going to vote out. That was true across the country. The interesting thing is the markets and bookies come back to some kind of interpretation of the polls and general mood. A lot of people in the markets thought this economy is doing reasonably well, why would people jeopardize it. It was a financially rational thing. More rational than the british people in that way. In chief ofeditor Bloomberg News. Well check in with him all day. Continue watching Bloomberg Markets. Okay, ready . Whoa [ explosion ] nothing should get in the way of the things you love. Get americas fastest internet. Only from xfinity. By switching to xfinity x1. Rio Olympic Games show me gymnastics. X1 lets you search by sport, watch nbcs highlights and catch every live event on your tv with nbc sports live extra. Im getting ready. Are you . X1 will change the way you experience nbcuniversals coverage of the rio Olympic Games. Call or go online today to switch to x1. Vonnie live from bloomberg world headquarters, i am vonnie quinn. Mark you are watching Bloomberg Markets on bloomberg television. Vonnie huge moves into the regular session. Julie were seeing the biggest oneday selloff in the major averages since midjanuary, early february. Here is the s p 500 over the past two days. I want to show you yesterday to show the expectations just to put a fine point on this, that the u. K. Would vote to stay in the European Union. That is why we are seeing such a dramatic reaction. The oneday decline is more than 2 at this point for the s p 500. Lets look at some of the areas where we see the selling. Weve been talking about this all morning. Whether youre talking about european financials or here in the united dates, we are seeing the selloff. Morgan stanley pulling staff out of the u. K. The bank then said that is not the case. They are assessing what to do next. Goldman sachs down as well as blackrock. Real Estate Investment trusts are taking a hit. There are dire predictions as to the effect this will have on u. K. Real estate either havempanies operations in the u. K. Or in europe or broadly. Automakers also being affected by this vote. Fiat chrysler, General Motors and ford. Chrysler said this would not affect his decision about operations in the u. K. Four coming out with a comment saying it will take necessary action to keep its european operations competitive. It does employ 14,000 people in the u. K. A quick check on volatility which we have been watching closely today. The vix in particular at 20. 71. Spikee seen a volatility to the levels we have not seen since january. Volatility in japan and in europe is also at elevated levels as traders try to figure out what is next. Thank you and we will check in in a few more minutes. Lets get a look at the brexit vote and how it is affecting markets all of the world. Erik is standing by with bill gross. Erik bill gross of janus capital. It is you this morning. Markets got it wrong. The bookies got it wrong. Did you expect this is where we would be this morning with the brexit . Bill no, i expected an exciting evening but i did not expect we would be witnessing a large footnote of the page of future history books. It sort of like a 21st century version of the last episode of downton abbey. Aredownstairs Service Serving the dinner table and they seem to be enjoying it. A fairly successful storming of the gates of finance and establishment by populous with a growing sense of frustration about the benefits of free trade for them and immigration to them. And even perhaps a statement on taxes. We are a frustration sensing not only in the u. K. But other countries that will see it grow as the year winds on in. Erik you sent out a tweet earlier today with an ominous warning. More. Will be what precisely do you mean by that . Bill i was thinking of the old movie there will be blood. Perhaps there is new blood in the markets today. There will be more unrest and more protests. Pick the individual countries that had populous momentum. France, italy. It could be in south america. Taken be in north america with trump and his populist stature, at least in terms of several of the policies he seems to be advocating when it relates to trade and immigration. Maybe even taxes. The people sort of storm the gates of the city, needing london. Meaning london. Thatare making a statement times have to change. The statement seven day before but now we see an election in which it mandates some sort of change. Erik given what you describe, is now the time to start betting on the outcome of populism . For example, would you start betting on a further widening of bunds . Isn 10 years or the logical outcome anwhat you are describing unraveling of the eu at the very least . That is a tough one and it are you want a number and i like to give one to you. They widened out today by 15 or 20 basis points. Spanish bonds and italian bonds, they are less secure today relative to bunds the they were before. Isave a sense that the ecb in place. If the spanish bond market experiences trouble, druggie draghie will be there to catch them in terms of policy. I dont want to start shorting in italian funds, but i do think in general and certainly with germany, the 10year with a 10 is point and is just rates Interest Rates offer relatively little. Investors moving in another direction in terms of portfolio management. Hgi do . Hat could dra what is the next that . Was the last step purchasing in the Corporate Bond market. It was announced to her three months ago. It shows a progression. The boj, the japanese and done the same thing. Not only did they buy 30 or 40 percent of Government Bond ds ands but they buy fun stocks. Fourve seen two of the major banks in the u. K. And the u. S. , they have not moved into that area. The u. S. Seems to be limited legally to buy anything other than treasuries. Central banks move in a direction of promoting stability, you expect the ecb to continue to buy Corporate Bonds to keep spreads narrow and continuing to buy spanish and italian bonds to promote a sense of stability. That is what central bankers have tried to do for the last five or six years, promote low volatility and it has worked. Now it is working less. That is not suggesting volatility will continue to the high and it will continue to go to 35 or 40. Nonetheless, Central Banks will do their darndest. I dont agree with doing their darndest. I dont expect investors will try to. Erik i guess the question is twofold. Is a going to work . And secondly, with the uncertainty this brexit vote creates, are these markets we are talking about going to trade on fundamentals at all . Well, they trade on fundamentals ultimately. The problem the markets have is that most buyers either dont have a sense of the ultimate destructive power of love to negative Interest Rates. There has never been an example in history where this has happened so they dont have a model. There is no doubt, and you have heard me and others talk about it, Insurance Companies and banks and Pension Funds are slowly going bankrupt. They have liabilities of 4 7 . Pension funds due at 7. 5 to 8 . And longterm bonds are at 1 to 2 . I have a sense that policymakers will try to make adjustments to of certainffirmative types of regulations as we move along. That is how they are trying to solve the debt crisis, with magic and money. Is there risk in the market . There certainly is. Negative Interest Rate ultimately do not destroy capitalism but they inherit to a sense that investors are not willing to make a longterm commitment to areas such as Insurance Companies and Pension Funds and companies with longerterm liabilities. Ultimately investment is at the heart of capitalism and we are not seeing that as Interest Rates go lower. Erik lets talk about the fed. Looking at the Treasury Curve this morning, the 10year is x handle in the14 Early Morning hours. Talk aboute sense to a hike in 2016 or even in 2017 . Bill not at the moment in the face of this. I have been suggesting it will go once this year. Ory will try to normalize, at least try to give the markets they are going to normalize. Outss one of the big fake that central bankers have and trying to perpetuate on the investment market. With their dots, which are one of the two 200 basis points higher than current rates. That promotes a steeper yield curve and allows banks tomorrow marginal about of money through this barrage. Ago,llard suggested a week these dots dont have any relevance to future reality and they really belong closer to 75 basis points or one. What does that say what is banks such as the united states, the most solvent, best credit in the world cant receive just rates by 25 basis once . Basis points . Its a rather pathetic condition. Something they has slept themselves into in terms of a quarter, but nevertheless that is where we are. I dont expect to be moving up. You expect a fed to be moving some kindo reinitiate of quantitative easing or corporate bind problem of their own to require some kind of act of congress. I dont see that coming. They can move back into the key game if if only qe only to weaken the dollar. Lows onve we seen the those treasury yields or could they be tested a new . And secondly within the universe of american domestic credit, do things like agencies and Mortgage Backed securities and asset backs look again with the world is our backdrop relatively attractive . L to answer the latter part of your question, on mortgagebacked securities there coupon, itpon or 3 trades 100 basis points more than a treasury. That is almost a doubling in terms of the yield the basically the same kind of credit. Obviously there is collateral behind it in terms of the mortgage. That is not a bad deal. To the certain extent mortgages depend upon volatility. Their yields go up a little bit. It does make agency, securities and more justthat mortgagesecurities yielding twice as much as what you would get with treasuries. What i expect ultimately the 10 year treasury to go . We are at the lows now. Early look back since the 1980s when volcker took us up and we started to come down, the 10year has been ratcheting down yearmost 24 basis points a down, down, down. The ultimate next stop in terms of cycle is Economic Growth cannot be rejuvenated by current Interest Rates. Is probably around 1. 25 . Erik great having you with us this morning on bloomberg television. Bill gross of janus capital. Vonnie, what a conversation. Vonnie some phenomenal headlines. Check out bloomberg. Com for more of the interview. Mark . Mark it is 3 43 in london on this historic day. Lets check in with bloomberg first word news. Emma has the latest. Emma president obama is trying to ship millions of people they dont even if your immediate deportation. That after a Supreme Court ruling that effectively killed his plan to shield millions of immigrants. This role, says his administration will continue to focus on criminals, and of the deportation of longterm immigrants remains a low priority. Was thegroup of walmart retailer. To support the Republican National convention because of likely nominee donald trump. The alliance of unions and activists want to the joint comedies like for a cocacola that have dropped or scaledback sponsorship. Walmart has donated 15,000 to both the republican and Democratic Convention funds. Aircraft wreckage potentially for missing Malaysia Airline flights 370 has been found on an island of the east african coast. Officials say mps of aircraft debris was found on an island off the coast of tanzania. It vanished in 2014 with 239 people on board. Global news 24 hours a day powered by our 2400 journalists in more than 150 news bureaus around the world. Im emma chandra, this is bloomberg. Mark coming up, breaking his coverage after the break to vote just ahead. Brexit vote just ahead. Stay tuned. Mark this is Bloomberg Markets. Vonnie i am vonnie quinn. Asia because the nikkei 225 had a rough session. Down 7. 9 . That was a big drop for japan. And you had hong kong down 2. 9 . A little bit less of a drop for the shanghai composite index down 1. 3 . We saw them movie the china currency which we can dramatically weakened dramatically. You have the dollaryen weakness. Yen strength is not at all pleasing to the rank of japan. The minister would not comment specifically on the yen itself. We know it was flirting with the 100 level. The chinese currency at 6. 63. The korean is experiencing some difficulty. The bank of korea called an emergency meeting that will affect koreas exports if there is not a quick trade deal done with london. You can see the gold futures experiencing inflows. They were much higher earlier overnight. Ouncealling for 1400 an due to the lack of limitations of safe haven assets and the lack of potential intervention in gold. We are 40 minutes away from the end of a quite extraordinary day here in the u k and across the european continent after the u. K. Voted to leave the eu by 52 40 margin. Check out the big boards. The stoxx 600 fell 9 . That was the biggest decline ever. This is a truly historic day. Excuse the superlatives when it comes to stop moves. 2008. Ggest fall since its a bit of a comeback here. Earlier down by 8. 7 , now down amid 2 . This is an index for 80 of its revenues come from outside the u. K. It comes from abroad. Its probably insulated from the worst of the bright to vote. The dax with the biggest decline ever. I got so much to tell you about, so much to say. The biggest time ever for the ibex in spain. The ftse in italy. Look at those declines image madrid in italy today. Doubledigit declines. This is a crisis. In the currency markets today, sterlingdollar. 11 fall. We are down of your 7 now. That is the biggest decline ever. The europound, the biggest fall for the pound ever against the euro. The euro now of as much as 5. 7 . Euro swiss franc down by 1 . Euro down against the u. S. Dollar today. Some astonishing moves. I could take you through board after board but i have no time. I want to get into the nasdaq. Abigail doolittle has the latest live from there in midtown manhattan. Avenue its outpacing the losses on both the dow in the s p 500. The nasdaq did release a statement around the volatility. We are monitoring the Global Markets reaction to the result of the u. K. Referendum vote. We will act accordingly to fluctuations in volatility as necessary, maintaining resiliency is at the absolute forefront for us. Lots of volatility for the nasdaq. The biggest drags from technology, including apple, microsoft and amazon. Asked for the worst percentage performers and the nasdaq were looking at priceline and American Airlines. Raymond james says American Airlines is most exposed to the uncertainty of the brexit vote. Also saying there will be a likely decrease demand in transatlantic travel. As for the nasdaq, today has moved down. It was on pace for its worst drop since august 2011. What this is like in a chart . We see lots of volatility. A range of what solves between buyers and sellers making this chart more bearish and the fact we have a series of lower highs. Sellers are stronger than buyers. Its took the nasdaq down to the august lows. The february lows. We may see the nasdaq back down at those lows. Mark not only are we seeing massive moves today. The average volumes are up by 400 right now in london. Up by 400 compared to the average over the last 10 days. Big moves and massive volume today. Much more on bloomberg televisions breaking News Coverage after the break and vote. Right to vote. Brexit vote stay tuned mark this is Bloomberg Markets. Vonnie i am vonnie quinn. Mark i have a bit of time. 35 minutes left in this extraordinary friday session. We have seen some record moves here in europe today. For the stoxx 600, the ftse, the dax. It can be the biggest fall since 1989. All the other moves are records. Ive got so much to show you today on this historic day, to day the u. K. Voted itself out of the eu. The euro stocks 50, the biggest the time ever. Lets get to the currency board. We saw an 11 fall in the ftse today. The euro against the swiss franc was fascinating. The euro against the dollar, the biggest the kind ever since the euros inception. Show the bonds as well. This is a market moving bigtime. To the core european bond market, sending yields lower in the u. K. And in germany. Continuing coverage of this historic day here in the u k the european closes next. Stay with us. Hiim here to tell homeowners that are sixtytwo and older about a great way to live a better retirement. Its called a reverse mortgage. Call right now to receive your free dvd and booklet with no obligation. It answers questions like. How a reverse mortgage works, how much you qualify for, the ways to receive your money. And more. Plus, when you call now, youll get this magnifier with led light absolutely free when you call the experts at one reverse mortgage today, youll learn the benefits of a governmentinsured reverse mortgage. It will eliminate your monthly mortgage payments and give you taxfree cash from the equity in your home and heres the best part. You still own your home. Take control of your retirement today vonnie it is 11 00 in new york. From bloomberg world headquarters, i am vonnie quinn. Mark 30 minutes left in this trading day in europe. Youre watching the european close on Bloomberg Markets. 30 minutes to go on the trading session in europe. Here is what we are watching. The vote no and the vote no one was expecting. After shots in that nation and throughout the globe. Every Asset Classes living after this historic vote has volatility puts investors on and today. Vonnie and a massive shift in power. World leaders went in and plan the next move. Mark it has been a history making 12 hours in the u. K. Now the aftershock of the brexit boat