Opens in percentage terms. S p would open down about 3. 5 . Dow futures down by 2. 7 . The nasdaq down 3. 4 . Counterfactual here from the fear mongers. I think the sun will come up tomorrow. The european markets are having a rougher go of things this morning. Ftsi down, the dax over a 6. 5 . The cac in france down 7. 9 . Italy stocks down close to 10 and in spain the ibex is over 10 . Concern about weaker potential economies what would happen if after brexit the rest of the European Union starts to fall apart lets start working on. We have grexit as a word. Italianexit. Spanexit. Portugo. We need to start working on the signs. I think its already gone someone told me. Some that ugly looking thing. Lets look at the currency markets that is where much of the havoc had played out again. The pound had gone into this on the assumption that this vote would go and the uk would actually remain. As a result we saw the pound almost at 150 yesterday. Right now down by over 6. 5 to 139 but went as low as 132 in earlier trade today. That would be the biggest drop since it started floating back in the 1970s. Right now were back. Before the polls change we were at 140 and change. And it went to 149. So that does not portend the end of civilization either gained 7 in the week leading up to it on the expectation this vote would go through with the conventional wisdom. How did that feel to those guys long the pound . I wonder how however we did see even weaker numbers earlier today. Some people probably so you would on the low too. So that hurts. It does. In asia the markets have closed. Check out the nikkei. It was down almost 8 . Markets in china weaker as well. Hang seng down under 3 . The shanghai down 1. 3 and the price of gold touched highest levels in two years. Yeah yeah yeah. Okay. I know. The guy who missed his buying opportunity. Biggest one day rally since 2008 but right now up 58. 1321 an ounce. Ie tallleave. By the time we get those it will just be europe leave. Is the sun up . Its coming up. Its not only coming up tomorrow. It is actually. Its here. Its mere yields move substantially as well. You can see the 10 year is now yields 1. 5. We had gotten up to about 1. 7 so the yields got squished quick on that risk off trade going through. The 0 year in and out at 2. 39. The 2 year at 0. 574 and crude oil down about 4 earlier this morning. Right now down over 4. 5 percent. Wti down 2 and 32 cents to 47. 28. Brent also down. Across the pond right now the United Kingdom making history with that vote to leave the European Union. David cameron announcing hes going to be stepping down in october. Mark carney trying to soothe markets joining us with reaction in the uk is wilfred frost. Wilfred. Good morning guys. Listen ive been awake now for 7 or 8 hours i still cannot believe this has happened. On almost any time frame we look at. Whether 12 hours, the betting company, the markets the pollsters were all suggesting this was going to be remain. This was never expected. Certainly David Cameron never expected the result of this. As we know hes had to fall on his sword this morning. Extraordinary development. No doubt implications if are the uk of course and for the eu. You mentioned italeave. Lots of potential options there. But before we get to the eu lets focus on what happens next here on the uk. First of all three months of solidarity over the summer. David cameron saying hell step down but not until october. After that well have a leadership contest within the conservative party. We dont have another general election. The party just chooses a new leader. That person then becomes Prime Minister. The negotiations with the eu could then become once we have a new Prime Minister in place. David cameron has said hell go to the meeting next week but not to start negotiations. When negotiations start the new Prime Minister could invoke article 50 which would set a two year time period for negotiations to take place but he doesnt have to invoke it. He could do itt more relaxed and amicable pace. Negotiations wont start until a new Prime Minister is place. Lets look at who could be the next Prime Minister. Cameron was clear he felt the new leader who should carry out these negotiations should be someone from the leave camp. That basically means Boris Johnson or michael gove. A lot of people also suggesting theresa may is a possibility. Shes kind of kept her head low not really taking a side either way. Boris johnson is the big favorite. George osbourne is now a long shot and expected to have to resign at some point as well. Huge, huge developments here in london for the uk and for urp a and. We are still down sharply on the day guys. Did you get my i sent you an email wilfred. Maybe you havent checked yet. I saw it briefly but we didnt have any breaks in Worldwide Exchange so i havent been able go through. What was the theme of it. [ no breaks for t] michelle messaged me. She says shes not surprised all the this happened. And it doesnt doesnt go to the economic issue. Goes to what you have always pointed out the sovereignty issue. It is almost status to have four unelected bureaucrats overriding the rules of parliament. And in that is why im im surprised it is only 52. First of all i point out ive already adopted you i call you uncle joe you have a camera. And it is always a wonderful day to be british. Certainly many people will be echoing the sentiments you are suggesting throughout the day. Nigel farage certainly did in his speech. And Boris Johnson of course due to hold a press conference coming up. Im sure words like Independence Day will be used by him and nigel said there should be a day of holiday on the 23rd of june for use to come. Right it is sompbt that resonates. The question enforce going to ask is how much do you think this is being embraced . I saw interviews just in the past two hours dare i say on the bbc that where people who claim to have voted for leave said i never thought that we were actually going to leave. I just voted this way because i thought i was making a statement. Well listen, i think it is a big surprise. 52 , whatever the percentage, it is above 50 and that is the important factor. People expected this to go the other way. So whether people were doing it as a protest or not, the result is britain has voted to leave. Perhaps europe can make some big statements back and try and renegotiate and try to make them stay . Some halfhearted way but i dont think that is going to happen. And in terms of reaction David Cameron has been stoic in his response. One thing he could have done was invoke article 50 immediately and then there would be much more uncertainty because negotiations would be happening already. He hasnt done that out of spite or whatever. And also he hasnt desperately tried to hang on to power for years ahead. Hes decided three months will be enough to bring back security, a sense of calm and then hell step down. I suppose we have to commend him for his response. Frankly his political career is now over and he may well will remembered as the british Prime Minister who led to the break oucht the United Kingdom. 62 of scottish voters voted to remain. Wilfred weve got to jump because former london mayor Boris Johnson beginning a news conference. One of the leading voices of the leave campaign lets go there now. That decision. Ive known David Cameron a very long time and i believe hes been one of the most extraordinary politicians of our age. A brave and principled man whos given superb leadership of his party and his country for many years. Reforming our public services, delivering one nation conservative government, making this country the most dynamic economy in europe and with his own brand of compassionate conservativism that rightly earned his party the first majority government for decades. It was his bravery that gave this country the first referendum on the European Union for many years. The first many of us have had a chance to vote explicitly on this question. Today i think all of the politicians should thank the british people. Because in a way they have been doing our job for us. They hire us to deal with the hard questions. And this year we gave them one of the biggest and toughest questions of all. Some people are now saying that was wrong. And that the people should never have been asked in this way. I disagree. I believe it was entirely right and neinevitable and there is indeed no way of dealing with a decision on this scale except by putting it to the people. In this end this question is about the people. About the right of the people of this country to settle their own destiny. It is about the very principles of our democracy. The rights of all us to elect and remove the people who make the key decisions in their lives. And i think that the electorate have serjd in their hearts and answered as honestly as they can and in likes we have never seen before in this country. They have decided that it is time to vote to take back control. . In voting to leave the eu it is vital to stress that there is now no need for haste. As the Prime Minister has just said, nothing will change over the shortterm except that work will have to begin on how to give something to the people and to extricate this country from the Super National system. And as the pmsz has rightly said there is no need to invoke article 50. And to those anxious at home or abroad this doesnt mariean tha the United Kingdom will be any less united nor does it mean that it will be any less european. And i want to speak directly to the millions of people who did not vote for this outcome. Especially young people, who may feel that this decision in some way involves putting a drawbridge or any kind of isolationism. Because i think the very opposite is true. We cannot turn our backs on europe. We are part of europe. Our children and our grandchildren will continue to have a wonderful future as europeans, traveling to the continent, understanding the languages and cultures that make up our common european civilizati civilization. Continuing to interact with the peoples of other countries in a way that is open and friendly and outward looking. And i want to reassure everybody that in my view as a result of this britain will continue to be a great european power, leading discussions on Foreign Policy and defense and intelligence sharing and all of the work that currently goes on to make our world safer. But there is simple no need in the 21st century to be part of a system of government based in brussels that is imitated nowhere else on earth. It was a noble idea for its time. It is no longer right for this country. And it is the essence of our case that young people in this country can look forward to a more secure and more prosperous future if we take back the democratic control that is the foundation of our economic prosperity. I believe we now have a glorious opportunity. We can pass our laws and set our taxes entirely according to the needs of the uk economy. We can control our own borders in a way that is not discriminatory but fair and balanced and take the wind out of sails of the extremists and those who would play politics with immigration. Above all, we can find our voice in the world again. A voice that is is commence rate with the commensurate with the fifth biggest economy on earth. Powerful, liberal, humane, an extraordinary force for good in the world. And the most precious thing this country has given our continent is the idea of parliamentary democracy. This thursday, yesterday. I believe the british people have spoken up for democracy. In britain, and across europe. And i think we can be very proud of the result. Thank you finally to everybody at vote leave for the extraordinary and positive campaign you have run. Thank you. That is Boris Johnson. Former mayor of stuff. Reaching out right now trying to say that the younger people who were worried about this who wanted to say. He said we cannot turn our wax on europe. We are part of europe. Also said there are no need for haste. Echoed David Cameron saying no need for article 50. That work will begin but this will be a slow and gradual process to figure out what to do on this. A gracious statement reaching out and recognizing that 48 of the people actually voted in favor of staying. Whichever camp won was going to face difficulties with trying to make sure it could bring together a divided population. Weve also heard from wiz leaders this morning. Business leaders. A lot of scare talk leading into in this morning. Voices quite a bit calmer. Morgan stanley saying uks vote is a significant decision which will have considerable impact. The extent of which will not be known for some time. There will be a period of two years before an actual exit takes place. There will be time to implement changes to adjust our environment. Continue to monitor the developments. Also hearing from caterpillar, they say as a global manufacturer with a large footprint in the uk and europe but call on the government and European Partners to move forward swiftly to quotienegoti new settlement. They are urging all parties to reach an agreement that quick removes the uncertainty. Allows the uk to retain access to and from that Single Market and protects the entrants of businesses with strong commitments and investments in the uk. It will be tough from the back of the queue. As we know our lecture in chief informed the british that would happen. Eu wants to make it and what kind of lesson they need to actually set in stone everybody else that is the whole game here now. I dont know if the eu is going to be flexing their muscles too much at this point. Interview with the member of the green party from germany saying they may vote to be out of this. That just means they dont have a say at table. They still have to listen to what were doing. Julia chatterly joins us from the European Capital of brussels. What is the reaction there . Good morning. I dont think anyone really believed uk voters would decide to brexit. It is quite interesting, while Boris Johnson was speaking and saying look we dont need to do this too quick. We dont need to invoke article 50 which is what contains the details effectively of a divorce from the eu. We heard from the leaders of the institutions they put out a statement saying we expect the British Government to move as soon as possible. To move ahead with the brexit proceeds effectively. That they are also have article 50 in place which will allow them do that. So extraction process. So already were seeing differences in the approaches here. And actually the key line for me basically says there will be no renegotiation. So they still seem to be taking a tough line that you cant vote for a brexit here and then come back and go okay guys well use this as leverage to get better. Remember these guys want to send a strong message to those in germany, in france, in the netherlands, they are also saying hey wed like a referendum here too and simultaneous like these guys are taking a firm line. Their president of the counsel this morning said what doesnt kill us makes us stronger. Id say at this moment i dont see whether it is for the uk or the eu quite frankly what makes it stronger here. Back to you. Julia in brussels and well check in with her later too. Right now for more reaction troth uk decision to leave the European Union were joined by enrico ledda. Hes currently the dean of the paris school of international affairs. And Prime Minister thank you for being with us. The markets are surprised by this. I assume you are too. Oh yes of course. First of all im very sad. That is the first emotion. Also surprised. But now we have to be very serious in applying the decisions. And we have to do it as soon as possible to avoid. This is why i heard your point on Boris Johnson statement and i think as the joke because it is they decided to leave. And it is impossible to say now yes we decided to leave but we dont want to apply the article 50 of the treaty. I think we have to apply this article as soon as possible. We have to remove uncertainties and we have to rule and to run this diverse as soon as possible divorce as soon as possible in order remove all the uncertainties. In terms of the European Response you think this is not going to be smog that goes smoothly. You want out and move towards it immediately . I think so. I think it is important because of uncertaintyies in the world. If we start a long period of two years as the treaty says of unassociau uncertain uncertainty, instability it will push many investors to move their investment in other areas of the world and not in europe. The second is the fact that this vote sclooerl a vote against the establishment, against europe, against this way to run europe and to run the european. So i think there is one negotiation and one divorce to apply immediately. But there is a second big mission and the european leaders they have immediately to react. And they have immediately to react at one voice. Without speaking 27 different languages. And timing is crucial. It is important to do it immediately. Are you suggesting, sir, just that the reaction should be swift and harsh . That if you want out, that this is going to be an ugly break up, an ugly divorce, to use the term you just referenced and free trade will shut down and open markets will shut down . There is this first need to rule immediately the divorce consequences. But there is a second big point and it is how to react in terms of the future of european integration. The leaders and first of all the 19 euro area countries leaders. They have to relaunch immediately. If not the domino effect i think will destroy all it has to be punitive framework. Yes. Immediately if not not just speed but punitive. Meaning you have to lay down the law and if you are spiting yourself to cutoff your what is the phrase. Cutting your off nose. Cutting off your nose to spite your face in terms of the economics in eu. The