if it did go that way, we would he concentric circles in europe. europe survive this, do you think? >> well, for now. guy: there are some areas that have had cause financing, etc. and then there are countries within europe that did not have that kind of transfer mechanism that would exist. >> it would be tricky, but i think they would limit the core activities to political, and not financial and economic. they would do that precisely to address that. you could be a member of the eurozone and have full rights on economic matters, but you might not be a member of the political group. , veryark malloch-brown nice to hear your thoughts. i'llmark malloch-brown, get that out. up next, the brexit summit. the eu scrambles to come up with a unified response. we speak to advisors within the german government in berlin. that is next. ♪ guy: welcome back. you are watching "on the move." the spanish market is up very strongly. now, let's talk about what is happening inthe oil market. turmoil market following the decision to leave. friday, it lost as much as 6.8%. let's go to abu dhabi now. giv

or europe. perhaps, in a perverse sense, people may start thinking about overseas operations, should i do more in the u.s.? the u.s. now becomes a relatively safer place. it becomes the better house, in a bad neighborhood, if it were, in the global markets. john, do u.k. is a relatively small part of the global economy, but europe isn't. it is very easy to extrapolate the problems we experience it in the u.k. politically, and sending them across the whole of the continental. if we were to see fear gripping the eu and the idea that break up risks get bigger and bigger, that could affect the global economy. >> you are absolutely right. the big danger from this is if you had a spill over and if other countries decide to leave. you have to understand, it is a lot easier for the u.k. to leave the eu because it is not part of the euro mechanism. you have to look at the pain take.he voters chose to the impact on the economy if they were to leave the currency and how financial markets been disastrous. i

tragedy of europe. this noble continent. if europe were once united in the sharing of its common inheritance, there would be no limit to the happiness, to the prosperity and the glory which its 300 or 400 million people would enjoy. we must re-create the european family in a regional structure called, it may be, the united states of europe. and the first practical step would be to form a council of europe. if at first all the states of europe are not willing or able to join in the union, we must nevertheless proceed to assemble and combine those who will and those who can. >> winston churchill in 1946. a year after the end of world war ii. saying if europe was going to stop throwing the world into apocalyptic worldwide and now nuclear war, then the unthinkable would have to happen. something politically and geostrategically unthinkable to that point would have to happen. europe would have to unify. in something like what he called the united states of europe. the european council that he called for in t

what are we backing in europe? we are backing a currency that can only be maintained by creating extremely high levels of unemployment and low level of economic activity in most of the mediterranean countries. a are delivering the adopting we need and that economic strategy. are we following the lesson that we have learned? no, we are not. we are ducting the opposite. we are deliberately empowering bad economics and we are getting bad politics as a result, not a surprise. our third interest in europe is democracy. i would echo what victoria said. it is -- to national level politicians. protrudes deeply into the states, it generates hostility in some ways that i find completely understandable and in ways i find less desirable. the european union is not the answer to the problem of european democracy, in part because it is supernatural -- super national, but ultimately, because if you look around europe today, and you believe that some european political trends are concerning, i have news for you. if the european uni

secondly, i still think that victory will stay with those who want to stay with europe and stay in europe. for this reason, i believe that the brits are much wiser than what is presented to us through surveys and polls. thirdly no matter what is the outcome of the referendum, on the 25th of march of 2017, europe will be 70. she's a young girl, a young lady at 70, at 60, is but what it needs, or what she needs, is to fully change her outlook upon herself. even if the brexit referendum -- even for britain staying in europe, stay there, it's not europe skepticism that will bring an end to europe, no. on the 25th of march of 2017, when we shall celebrate 60 years of those documents that started the eu, it will take place in rome, saw the first signing of those accords, we should mention a view of europe that europe that is based on a set that no longer works. europe that should put as a focus of her attention, human capital, valuing, technological innovation, this is the only europe that can exist. otherwise it will be doomed to an end. i'm a european that holds an italian passport and i thin

states of europe. by and large this program is extremely successful, nato works. european confidences fortify, marshall plan and other u.s. efforts are successful. european do recover. they're not invaded by the soviets and they're not over taken by domestic radicalism from the far right to the far left. now, one other part of this american agenda is the support for emerging ideas about european integration centered on the steel community in the 1950s. the community is initially a french idea and the idea really is to restrain germany to tie it in to the institutions before it gets too powerful. the u.s. backs the steel community and the predecessor of today's eu but part of this much larger program of basically lower case l, liberal multi lateral nation state fortifying successful policies. so fast forward to 1989, 1991, we get through the end of the cold war and the u.s. decides that, hey, what we want to do after 1945 we can now do, right, we can start reducing our exposure to europe. we can't maybe

talk about europe. camp in places like france, 61% of the population unfavorable of the eu, they demand a referendum. in denmark, they demand a referendum, where there is an anti-european party with more votes than any other party. in poland, people demand a referendum, and the whole thing starts to fall apart, the whole project starts to fall apart. permany is left with a few rum states hoping for handoffs from the german table, and that is cast as the european union, which is really just a neocolonial project. this, i admit, is the worst possible outcome, but it is not totally unrealistic. that's the terrible thing. peter: ulrike, do you buy into this? ulrike: i don't. politically, europe might be divided, but economically we are bound together. it is a very small continent, with very tight economic affairs. it is impossible to somehow get independent economically, and that is something the british are going to realize. look at countries like norway, or switzerland, or iceland. they do not belong to t

the fear is britain's economy could slow and so could europe's. that could slow auto sales. >> after coming out of one of the worst slurp sloughs in year, europe is giving automakers a fresh round of headaches. the big fear, brexit will slam the brakes on awe a toe sales. with 2.6 million vehicles sold there last year, but some are predicting a double digit drop in uk auto sales over the next two ye the fear being british consumer confidence drops at brexit and the britts will buy fewer vehicles. it's a major concern for the big three because europe has long been a market where they've lost billions of dollars. just last year, ford finally turned and this year, gm, which has a huge presence in europe with its brand expects to break even in europe for the first time in 17 years. of course, that's assu do not s eu wrestles with life after brexit. s is that their largest and most lucrative market, the u.s., remains strong. largely due to heavy demand and price increases for trucks and suvs. their most profitable vehicles. so far, awe though makers no

thatcher, was europe and was this referendum. that's why they were so determined and never gave him a rest every working, waking moment of his life. they wanted that referendum because they saw it as an instrument, if managed in the right way by them. not just to take britain out of the european union but to defeat david cameron and what he stood for within his own party. they've won. they do have the upper hand, the conservative party is going to be moved away from the center, more right. >> what does this mean for this country, for its relations with europe and for its relations with the united states? what does it mean for britain as a global player? >> as a society, we are going, in my view, to become a more polarized, more divided country. our economy is going to be dogged for years and years by uncertainty. not only because we have to gos negotiate with the european union the terms of our exit from the eun that we do over the initial period of two years but beyond that, we have to negotiate what alternative future relations

if we stay in europe, we should be having more officials in europe. we had a disproportionately low number, and i think they can bring a more businesslike attitude to brussels. tom: andrew -- francine: andrew, you believe the u.k. belongs in the you. andrew: it is still a massive market for us. it puts us in a more difficult position because we will not be able to influence that market. but i think we would still have to be very closely aligned economically with the rest of europe. tom: in 20 seconds, there is remain, there is leave. no one cares. they just want to know what you think of oil. what is the terminal value of oil? john: quite strong. the point about oil, this is always affected by political disruption, and there is a lot of it around the world. we never factor that in, and as we have seen over the last few months, there is plenty of it and quite a lot more to come. brexit,minutes on leave, remain, and that. finally something on oil as well. andrew sentance, thank you so much. good morning. ♪ . . ?c+sv >> 24 hours away from the historic

ejra: this gain seems to take in ipods in europe. -- taken a pause in europe. if we dig down, it is telecommunications that are the worst performers. consumer staples closely following come off by .3%. the only industry group that into thee it is edging green is energy. that is pretty much flat. a bit of a subdued open. i want to take a look and see how the u.k. markets are opening. we always want the 10 year yields. we have one basis point higher. remember, it fell below 1% for the first time ever. now, let's look at some of the stocks we are watching at the open. am starting with banks. after the stress test proved again too rigorous for subsidiaries of deutsche bank and suntaantander. broad openinga across the capital planning process is according to the fed. we are keeping an i on those two bank stocks. also watching some mixed calls on this from analysts. we got some numbers. some have been highlighted. the project remains on schedule. caroline, guy? guy: let's bring back in wayne bauer, the international cio. are opening up. we seem to have run out of ste

and europe. still overvalued or opportunities here and should be jumping in. >> certainly equities under pressure. i believe they will go down further. europe will have 10% for declines. the star performer for europe will be uk, ftse. reason why, 70% of companies in ftse get ruse from exports and sterling a lot cheaper. so their ability to sell rely 'tis to their competition because they have their own currency. >> right after all, not doing to hurt them? >> it will hurt uk. it will send uk into recession. >> right. >> number one. number two -- >> ftse stocks will do well. >> ftse down 9% on monday, rallied back, closed down 3%. last week actually up 1% on a week. >> i don't want to harp on the banks and i don't want to scare anybody. however, i'm going to tread into your waters because you literally wrote the book on this. we're looking at barclays down 30% in one week. royal bank of scotland down 40% in five trading sessions. 40% in five trading sessions. 2008 banks had a problem because there

there are a lot of things speaking for a single europe. we have one regulatory regime , going for one regulator, you have access to 500 million consumers. it makes the whole market under. -- bigger. europe is a 500 million market versus individual countries. the free movement of talent is incredibly powerful. if we are recruiting in london, they can come from anywhere in europe without any issues of visa. all these arguments can make europe great, and if it were to lose the income, it would be a much different place. reporter: would you have started the company in london if it was not part of the european union? guest: no. reporter: why not? guest: i don't think it would be such a magnet for entrepreneurs or as company headquarters if it wasn't part of europe. i don't think the status of being a global finance capital would have been achieved if it were outside of europe. israelis, london would not have attracted this number of people. london is the tech capital of europe and all of these things are at risk. there is free movement of labor

europe is going to be integrated, europe is going to be very strong. and britain is going quite the wrong way. >> what do you think it means for americans? >> well, the united states has an interest in a strong europe. and britain in the strong europe would be much better for the united states. besides the problems of the uk, the recession that will show up, the various renegotiations which will take a number of years, there is also a problem in the european union. britain is the second-biggest economy in the european union. only second to germany. and now, with britain outside the european union, the dominance of europe by germany is going to become even more strong. and that's a problem. i don't think the other nations in europe like france, italy, the smaller nations, are able to create a coalition which will be strong enough to be against germany. >> we will have to wrap it up there. thank you very much for being with us. we're going to take a quick break. (man) oh, looks like we missed most of the show. (woman) and there's no way to restart it. (j

further economic slowdown in europe? possible recession there, pitching the united states into either a further slowdown or recession, and the market erodes even further. that is the big concern and that's the big uncertainty right now. >> bigger picture and as the markets close, john will be back with us later in the hour. thank you. >>> the former british prime minister said this is a mistake. so says tony blair today. the house speaker of the united states, paul ryan, says despite what we're seeing on wall street he is not wilder about the markets. we'll take you to d.c. about that and have continuing coverage throughout the hour. 50 minuted until the final bell and a gloomy one on the corner of wall and broad. the dow jones industrial average getting pummeled on the session with no end in sight. we have not reached 600-points. we're at session lows at the moment and there is no sign of a late buy-in. the downward movement continues. real is touching a ray. amazing is moving like one. real is making new friends. amazi

and you see it with europe, all over europe. you're going to have more than

26 miles away from europe. job if he does not change. vonnie: and migrants that would've come into britain. say of your 20 or so miles from europe, crossing was channel, but how damaging is this. what is this systemic ramifications of today's vote? will there be other votes? while the anti-populism continue? what the long-term ramifications from today's vote? david: i think what it puts front and center is the case for a deeper core europe. if you talk to german politicians, german business, they always say britain is a great ally of germany on economic questions even if you were out of the euro. that conditioned the way germany works in institutional questions. vonnie: i'm afraid i have to cut you off. ♪ mark: live from london and new york, you're watching the european close is. there is the millennium bridge in london. london voted to stay in the eu. it was very different. you through the market action on this historic day. say is, if you're in the equity market, it was down by 9%. the biggest incline ever

europe is in a tough spot and there are lots of domestic forces throughout europe that are very nationalistic right now and pretty sick of getting told what to do by brussels. but to actually talk about poor countries in europe like germany and spain voting to leave does sound to me extremely far-fetched. but you are actually seeing some traders make some bets on those kinds of things. you see that turning up in particular in the debt markets. you see those bets being placed in the treasuries of countries like germany and spain. >> olivia sterns, thanks so much. >>> just a recap. we've been watching the fluctsuation of the dow jones. the markets opening here in the u.s. just over 16 minutes ago. down by 450 points. we're back in a moment. hmmmmm... [ "dreams" by beck ] hmmmmm... the turbocharged dream machine. the volkswagen golf gti. named one of car and driver's 10best, 10 years in a row. afdave stops working, but his aleve doesn't. because aleve can last 4 hours longer than tylenol 8 hour. what will you do with your aleve hours? for over 100 years like kraft has,natural cheese you learn a

europe needs a new playbook. it is now looking to its largest economy to take charge. >> one of shock and concern clearly. we were talking to leaders. there was a contested for for germany and the eu. pragmatic as she is the leader of germany. she has a difficult balancing act. we have the right wing parties from france, desiring that own referendum. talking about a rush through to get this deal done with the u.k. and start with preparations for an exit. she's been the voice of reason. she already realizes the business side of the balancing act. she was to ensure the economy progresses as best it can. >> italian prime minister, the french fry minister arrives in berlin. what we expect to come from that? merkel has summoned her counterparts. and the head of the eu. he has been the president. he said member those incredible words, if we saw the eq leave -- u.k. leave it could spell the end of western political civilization itself. they will want to start to decide how they will lead the eu to be cohesive and preven

europe." yes, we're back in my homeland, y old haunts. we are here because the future of the european union is about to be decided in the u.k.. the british are about to vote in a referendum on whether to stay in the european union. it is all anyone is talking about. many say they want to leave to curb migration from other parts of europe -- particularly from eastern europe. we wanted to find out more. we went to one of the areas of britain most affected by that migration. >> the small town of boston has long had close international links. in the early 17th century pilgrims started here for the united states. today, migrants are coming to boston, mainly young people, from eastern europe. zbigniew is from poland. he is an instructor at the town's karate club. when the weather's good, he trains with his polish friends outside on the edge of town. zbigniew: our main purpose is self-development through karate training. we always try to be better every day than the day before. tomorrow we will try

in europe. i am mark barton. the first prime minister is talking with the eu. stirredturgeon also another scottish referendum is a real for -- real option. >> an independence referendum is clearly an option to be on the table, and is very much on the table. and to ensure that that option is a formidable one in the required timetable, steps will be taken now to ensure the necessary legislation is in place. cabinets this morning formally agreed that worked. -- formally agreed that worked. mark: there's a call for britain to sell out its view on the future time with you europe. about -- youed will meet the prime minister of france and italy on monday to discuss the uk's exit from the eu. the quick brexit process is needed. beating after a meeting in berlin, germany's frank-walter steinmeier said the country make commitments to hold the eu together. france's minister said they need to leave immediately. looking at a market moves yesterday, there were some sterling full in the most on record against

writ large across europe, banks are well bid. here's the bloomberg first word news with haslinda on an. haslinda: both sides of the u.k.'s eu referendum debate have suspended campaigns for a second day after the killing of an mp. died politician jo cox after being shot and stabbed as she met voters in her west yorkshire constituency. a 52-year-old man has been arrested. she was a committed member of the remain camp, and a witness said the killer shouted "britain first" as he killed her. put a group britain first has denied any involvement in the killing. prime minister david cameron has led a tribute. >> this is absolutely tragic and dreadful news. usbandughts are with her h and children. we have lost a great star. she was an mp, great campaigning , a big huge compassion heart, and people are going to be very sad about what has happened. dreadful news. japan's finance minister has escalated his concern about a surge in the yen, calling for coronation with his g7 counterparts to address what he describes as bizarre moves in the cu

europe would not be europe without european jews and their culture, that is our own culture. and this is not just about history. this is about our presence and about our future. it is about the very essence of our european union. after the holocaust, with the liberation, we decided to build a union based on freedom and diversity and respect. diversity is the foundation of our union. diversity is who we are. even more than that, it is who we have chosen to be. we have not given up our own backgrounds and identities. on the contrary, we have tried to build a union where all different identities can live together and grow together, the french and the german and the eastern and the western, the catholic, the protestant, the christian, the jew, the muslim, and the nonbeliever. i know this might sound idealistic, in times when we're faced with too many attacks against jews. and against all minorities. as a matter of fact, anti-c anti-semitism and islamophobia is rosing at a similar pace. anti-semitic groups are very often anti-muslim too. against this background there is also some

for europe, for the world, actually. because it's got vast implications economically and politically. in terms of our security. >> one of the main concerns is a further disintegration of the eu. another of other countries have anti-eu movements, france, germany, spain, sweden, italy. all have parties pushing for referendums. >> they'll be watching closely to see how britain fares. it's not just other countries who are watching it closely, scotland and northern ireland voted to remain in the european union and the first minister of scotland has said that there will be another referendum on scottish independence on the table soon. so the united kingdom, chris, does seem as if it may not be united very much longer. back to you. >> benjamin hall reported live from london. benjamin, thank you for that. >>> president obama personally campaigned for britain to stay in the eu, a move that angered many in that country but now dealing with the results, the president had a more subdued reaction. correspondent kevin corke reports on

you couldn't say that europe is destabilized. but at the same time you have to kind of wonder if you can use the word stable when you are watching the impact of the u.k. leaving. the european union. the terrorist attacks within the nation states of the 27 remaining states of the european union. how badly does turkey want to be part of that? and what are their real choices here? >> until quite recently president erdogan was talking to bring turkey away from europe. but this foreign policy seems to have failed miserablely over the past couple years. when we look atered ganls sectarian policies, this seems to be at the heart of turkey's current problems. we have to remember that on a few years ago the former prime minister used to call isis members angry youth. he was downplaying the isis threat. and the turkish government would see isis and al-nusra and jihaddist organizations as tactical allies in doing the dirty work bringing dawn assad and fighting against the separatist kurds. we used to warn the turkish government that turning

could to europe. reporter: pro-europeans like branson warn a vote to quit the e.u. will hurt britain's economy and especially the service sectors that trade with the bloc and benefit from free movement of labor. london-based force is currently cashing in on the referendum.ing the owner says he's worried vote.a leave >> build a business, expand the business, bringing staff in from baltic states becomes more challenging. in hong kong, businessmen are set to watch the outcome of the referendum closely. london loses preeminence, asian countries listed in london may move to other venues. interesting to marketsate if asian benefit. reporter: the chief executive of hong kong's british chamber of says it's important to avoid panic if britain votes to leave. still a strong trading power and its economy, largest in the world. reporter: i spoke to a member of the house of lords and i began by asking him if whether the u.s. would disregard the world's economy when it comes to negotiating trade deals. say.s what h

but, he insisted -- europe ishollande: europe, europe is strong, europe is solid. europe is a project that needs to continue even you needs a few changes. reporter: the meeting in berlin between the leaders of germany, france, and italy was as much about image as content. the photo of an intentional signal that at its core the eu remains united in purpose and unflustered by the british vote. but of course, they are concerned. as are their allies. the u.s. secretary of state flew to brussels in london today. secretary kerry: i personally will regret that britain is not going to be at the table when there is a u.s.-eu dialogue, but i have no doubt that britain will be with us and critically involved with us on every single issue. so all aboard for a new eu and the u.k. that stands outside it, with a warning. exact course as yet unknown. , the financial followed from thursday's vote continues to spread. the pound has fallen to a 30-year low against the dollar and a 2 ratings agencies have downgraded the u.k.'s aaa credit rating could brief time ago i spoke with the fo

that is the case in many cities in europe. not like san francisco where car sharing is so prevalent. matt: here in berlin, we have a clean metro service. london, a fairly clean metro service and in new york as well. much more ahead on "bloomberg markets." opec ministers gathering in vienna for the group's by annual meeting and they are optimistic that we are past the worst of the supply glut. ♪ mark: it is 4:15 in london. there is the millennium bridge over the river. time for the bloomberg business flash. the strongest indication yet that families controlling via, may try to oust the chief executive. sherry redstone says shareholders want new management. removed a her father director from their roles overseeing a trust that will eventually control redstone's empire. acauscene of revenue in mcca fell last month more than expected. an anticorruption campaign has kept many high-stakes gamblers away. latest bloomberg business flash for this hour. opec ministers meet tomorrow and be an optimal oil prices extending their 40 loss

the elites in the that's in europe and the u.s. and other places have continued to push integrated -- immigration, unification, and the countries have not follow that. if you look at the voting patterns, the turnout is much electionsnational than it is in european elections and for the first time that set of issues, the immigration and integration, what is the role of the eu, inequality, those issues are on the table and politicians -- whackay welcome all a mole. they have to do with them individually. >> we spent a lot of time talking about nationalist parties. the labor heartland voting to leave. spend more time looking at a dissolution left paying some much attention to nationalist movements. i do not feel like enough people are talking about it. david: the spanish elections will be an important factor. thes being attacked by acting minister by saying they were not for it enough, do not put in a left-wing party, same in greece. -- populism is not entirely on the right. it comes up from the left also and that has not been talked

it will be europe's turn to start smashing things. if europe has a full-blown melt down that will definitely affect the u.s. in negative way. david: he is calling this worldwide rejection of bureaucrats trying to run economies as a temper tantrum. what do you make of that. >> he is condescending patronizing ass, what do you really think, lou. >> you always know what i think. that kind of thinking, that kind of lack of respect for voters wherever they are in any democracy is stuff which revolutions are born. he was revolting. the next would be those folks that he seems to see in such small dimensions. the citizen in this country is primary. it always has been. we're the beacon for freedom and liberty around the world. people like that who think of themselves in the most elitist of terms, associate themselves with the grandest, the grandest of images, are really so irrelevant to our future as country. and by the way, irrelevant now to the uk and frankly we'll leave it to the little gnomes of brussels to push their little papers around a

europe as well. ayman mohyeldin is covering that angle for us. we rely on britain for a great deal of things when it comes to security. what might the impact be short term and long term because of the brexit? >> in the short term not much is going to change. this is going to be a process that unfolds over the course of the next two years. so as these negotiations take place to separate the united kingdom from the rest of europe, that's where it's going to start to get a little bit tricky. you talk about some of the intereuropean agencies, things that work in terms of broadening the intelligence sharing, the cooperation, the transfer of information, if you will, between a lot of these european security agencies. that's going to come to an end as the united kingdom separates from the european union. they're going to have to start negotiating new agreements, new treaties that will allow this intelligence sharing to take place. so there's going to be a setback in terms of counterterrorism, intelligence s

coming in europe in the future. we have the prospect of iranian gas coming into europement it looks to be less reliant on russian gas, is that a good thing? gerald: we're not worried about the concept of dependency on russian gas. between europe and russia, there is an interdependens. europe needs russian gas, it's quite important, and russia needs to send the gas to europe for its finance. and so there is an interdependence corporation. by the way, we have been working for 40 years in russia absolutely a reliant partner. ryan: you're building a plant in the united states. we have had one shipment from the united states into europe by tanker, a very celebrated thing. how much do you see coming into europe this year and next? gerald: to remain, it will be marginal with the quantity that are consumed in europe today. that would create some competition and reliant competition and we need the aximum of natural gas sources. ryan: you contracted to buy 14.. l.n.g. in 20 how much would go to europe and asia? gerald: half i

she's from political europe. joins us now to discuss a little bit more about what we learned yesterday. thanks very much for joining us again today. do you think they're going to use this as a moment to reform, a wakeup call in europe. >> right now they're trying to build moral. the idea of how they are reform is being hashed out. it's a little bit of east versus west, north versus south ideas of how europe should move forward. today we're going to get a political statement saying we're still standing. 27. we're still a political economic force and we're not going anywhere, but how will that change? now, the french and german plan includes building up security. further integration of the euro zone and really honing in on the things european think europe should be better at. security, border control, transport, digital skpchlt the east is saying let's make this less of a social project. let's deepen the internal skmarkt this is being led by poland, czech republic, hungary. there's a real feeling of we got rid of t

so close to europe. in a week where we've seen this brexit vote go in a way a number of people didn't expect, in part because of some people's concerns about migration into europe. what extra significance, if any, does an attack like this have? >> well, i think it increases the sense of alienation that people have everywhere, because the other people that you don't know are out there trying to kill you. turkey issen 0 the side of t-- side of the west. one reason turkey's economy almost tripled in the past is15 years and a good ally of european nato. nonetheless, concerns about turkey entering an eu would flood european countries with turkish immigrants. i don't think so, because the per capita income in turkey and overall economic situation is basically beginning to approach that of many european union countries. >> ambassador, we'll learn more about this attack as the day goes on. we appreciate your time this morning. >> thank you very much. >> ambassador jim jeffrey. >>> meanwhile, major averages here

>> well, i was a reluctant and never passionate about europe and not passionate europe now, europe needs to reform and brussels needs to get the message from the referendum results that reform has to come otherwise it could trigger the referendum across the european union. i want to say that i think the markets have got it wrong rather than the british people got it wrong. there's perhaps an overreaction today but the markets will eventually settle down. i think there's a real opportunity now. the united kingdom is a highly skilled economy. it is still a very low tax economy, it is one of the most successful economies in the g7 and still a great place to invest and do business, and i see the medium-term future for this country being a positive one from an industrial policy economy, from investment point of view and i will say to your viewers that want to invest in long-term, invest in the united kingdom because we could be the next, if you're like singapur offshore off the continent of europe. >> that's a positive thing on things. before the vote, before it came out you were in favor of

its major funders come from europe, the united states and europe. it is hard to go against the will of your funders. the e.u. -- i should have said this earlier -- what was so striking in the e.u. response initially to the crisis was that the e.u. did not want international help. the first reason why there was not an international response quite honestly was because the european union did not go to the united nations and ask for help. it did not want outside interference because potentially it didn't want to be told -- there's different logics to this. but one reason is they didn't want the u.n. to tell it what to do. but when the e.u. failed itself to address the problem, it sort of got the rest of the world off of the hook because it said we can manage it. we couldn't manage it. the rest of the world looks at the e.u. and says, okay, it's your problem. it certainly was the posture of the russians who looked at this and said, wait, this is the west's problem. they sort of say that openly. you broke the middle east, so you should deal with the fallo

his comeback to protect scotland's interest in europe in reserve our places in europe. she's not what the president of the european commission and the president of the european parliament. also meeting with one of the key european negotiators on the prime minister of belgium. the first minister is also spoken and will be meeting of diplomats from other e.u. member states. nicola sturgeon as soon as a mandate from the scottish parliament including the labor party, but both democrats and the scottish green party. an expert group has been established with nice protecting their place in europe including imminent diplomat, economist and constitutional experts. these include the european court of justice, former british ambassador to nato, former economic adviser to the european commission and the under secretary of the commonwealth office. all of us need to work through for ways to protect the relationship at the european union. our place in the single market and the social employment and economic benefits that come from that. as the prime minister, mr. speaker, whether the

europe would not be europe without european jews and their culture. that is our own culture. and this is not just about history. and is about our present about our future. it is about the very essence of our european union. after the holocaust with azism andn from nz fascism, we decided to build a civilization based on diversity. diversity is who we are. we haven that, it is to chosen to me. it is not giving up our own backgrounds and identities. on the contrary, we have tried to build a union where all different identities can live together and grow together -- the french and german, the eastern and the western, the christian,rotestant, did you come the muslim, and the nonbeliever. i know this might sound idealistic in times when we are faced with too many attacks against jews and against all minorities. as a matter of fact, if dyson is -- fsm insist and islamophobia are rising at a similar pace. against this background, there's also some good news. think of london. as you know for the first time ever european capital has collected a muslim mayor. toew days ago, he decided j

europe benefits from a weaker euro. gets into this whole place, are we going to be into this heavy duty beg thy neighbor currency deval environment. timing on volatility and guy, a respon response. we're not just going sit silently. not saying the news flow is going to be good, and people should not be doing anything in the next couple of days. we got a quarter end. just start iinged to see long oy sell lg. it, you know, there has to be a response. >> here's the big issue. look at what equity markets have done in nations where there's tons of sovereign debt and negative yielding debt. they've done horribly over the last year. look at japan, europe, they're down 25% since all this has gone negative so, to me, if talking about policy response, the policies are getting worse and worse for risk assets this far into the recovery and that is the big fear. >> not a lot of votes left. >> unconventional to who the hell knows what and that's not working out right now. if you're on owner of stocks or currencies. >> you know, if we

it's a cheap way to get exposure. >> that's all if you have to go to europe. i still say i love kevin and his ideas are great but you look at the names that he liked the most, a lot are health care names, i'm stick with u.s. names. i continue to like the names. >>> still ahead one of the largest advisors suspended trading during the brexit. traders have a lot to say about that decision. >>> shares of the biggest tech ipo this year has taken off since last week but one trader says it's not too late to get in. he'll explain after this. >>> coming up the brexit apparently so last week. what's the next potential risk to your money? plus mon th deleases make ag bi for hershey? and if you're an investor looking for rental income and there's a new type of home loan out there. you do not need a job or income, you do not need to put anything done. that sounds safe. back to you. >> that's a great story. see you soon. >>> our experts are on the lookout for trades you may be missing and joe has one today. >> it goes back to the ipo conversation we and courtney was on with

europe with its opal brand, expects to break even in europe for the first time in 17 years. of course, that's assuming other economies like germany and france do not slow down as the eu restless with life after brexit. the good news for the big three is that their largest and most lucrative market, the u.s., remains strong largely due to heavy demand and price increases for trucks and suvs, their most profitable vehicles. >> so far automakers have not had major cuts to production schedules for the second half of the year. many automakers closed plants in europe during the recision so they are leader and better prepared to handle the slowdown in sales if the post brexit fears become reality. >> and, remember, this is not just with the automakers that we're talking about, it's also some of the auto dealers. route 1 has a large presence in the uk. its shares were under pressure today, sue. so does penske auto motive group. then you have the suppliers. they're down 13% friday and today combined. >> right. >> a lot of fear in the auto industry about what might happen in europe. >

continent of europe. so it's really going to be i think quite a mess. >> who do you think are the prime candidates for that kind of action within the european union? who would it be in their best interests to have other countries follow? >> it's not a question of whether it's in their interests, it's a question of whether the politics play in that direction. and i think france is really the most problematic. only 41% of the french wanted britain to stay in the union. and in 2005, when the french had a referendum on what was then the draft of the eu constitution, they voted it down. le pen, leader of the xenophobic far right, is set to come in first place in elections next spring as president of france. she probably will not win the second round but she's going to have a very strong foundation. and it's going to be built in part on the idea of a french river rep dumb on the european union. the french unlike britain are part of the euro. they are part of the free travel zone within the european boreders. if

but europe as a whole. avid cameron: we should have new prime mister in place by the start of the conservative party conference in october. >> british prime minister david cameron announces he will indeed step down. saying a new prime minister will need to lead the negotiations with the eu. francois hollande, the french president, says while he is disappointed with the vote, he will respect the decision of the british people. hello, i am an that young. welcome to "france 24's" special ongoing coverage of the decision by great britain to leave the european union. as we now know, 52% of the population voted yes to leave, with 72% of brits turning out to vote. it was the largest turnout since the 1992 general election. nigel for roger, the man behind rage hasaign -- nigel fa declared independence day. prime minister david cameron says he will step down. the british pound dropped to the lowest level since 1995 while the result has caused panic across the world's stop mark. -- stock market. questions are now bei

policy towards europe. he has testified before congress on several occasions and has advised the executive branch of the united states government on a range of issues related to u.s. foreign-policy in the transatlantic alliance. before joining heritage, he served as an aid to margaret thatcher and advised her on a number of international policy issues. working in her private office, he assisted her with the final book. "strategies for a changing world." he received his doctorate and from yaleors degrees university, and his masters degree in modern history from oxford university. after he gives his remarks, we will have time for some questions. you might want to start thinking about those now. nile gardiner: thank you very much. thank you to ted and victoria for two excellent presentations. my views on brexit are very clear. i believe firmly that great britain is better off outside the european union. and that brexit is not only good for britain, but for europe, and also for america. i will be outlining my r

what does brexit mean for cisco in europe? first of all, our investments across europe stay in place and if i can transition, what you are saying and france is countries are all going to go digital. as they do that and do it effectively they can grow their gdp faster than before. this is the second internet revolution if you will. all jobs will be created by startups small to medium are inses so whether you the u.k. or france or germany or italy, all of those countries are saying it is going to be a digital world. i need tosurvive, lead in this transition. years ago many of your viewers would have said do not invest in france, and the transition they have made in the last two years, i think they will become the startup nation and europe. if you look at the number of startups and look at where they were and the consumer electronic show, and having talked with them in france, israel, and india, they realize their future is about to come at a digital nation and that is how they are going to create jobs, and the economic challenge