This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at https://www.theguardian.com/business/live/2016/jun/24/global-markets-ftse-pound-uk-leave-eu-brexit-live-updates

The article has changed 34 times. There is an RSS feed of changes available.

Version 5 Version 6
More than £100bn wiped off FTSE 100 after UK votes for Brexit - live updates Bank of England promises £250bn to calm markets after Brexit vote - live updates
(35 minutes later)
9.25am BST
09:25
Simon Goodley
We might never find out who saw them, but there is plenty of speculation in the City that hedge funds commissioned exit polls yesterday that got things even more wrong than the opinion polls and the betting markets.
One trader says:
“Sterling was so strong last night that it suggests that somebody had very strong data that the vote was going to be Remain.
Some hedge fund has probably paid about half a million for it and the data was absolutely terrible.”
Every cloud, and all that.
9.24am BST
09:24
While Carney was speaking, IG traders were yelling across desks to check if they can make trades.
“I want to sell 22,000 [shares]” screams one. “Yeah, I’ll trade that,” replies a colleague.
And some clients think today’s selloff is a buying opportunity.
“It’s almost all been buying,” says one trader.
“Clients think things have been oversold. There is very little selling.”
9.17am BST
09:17
The stock market has now clawed back half of its losses, following Mark Carney’s pledge to provide £250bn of funds to calm the situation.
The FTSE 100 is now down 274 points, or 4.3%, at 6065 – that’s still a very large fall, that wipes out around £70bn.
9.14am BST
09:14
Mark Carney concluded his statement by underlining how the Bank of England is prepared to act.
The governor said:
A few months ago, the Bank judged that the risks around the referendum were the most significant, near-term domestic risks to financial stability.
To mitigate them, the Bank of England has put in place extensive contingency plans.These begin with ensuring that the core of our financial system is well-capitalised, liquid and strong.
This resilience is backed up by the Bank of England’s liquidity facilities in sterling and foreign currencies.All these resources will support orderly market functioning in the face of any short-term volatility.
The Bank will continue to consult and cooperate with all relevant domestic and international authorities to ensure that the UK financial system can absorb any stresses and can concentrate on serving the real economy.
And he finished by telling the public that the future is in their hands....
That economy will adjust to new trading relationships that will be put in place over time.It is these public and private decisions that will determine the UK’s long-term economic prospects.
The best contribution of the Bank of England to this process is to continue to pursue relentlessly our responsibilities for monetary and financial stability.
These are unchanged.
We have taken all the necessary steps to prepare for today’s events.In the future we will not hesitate to take any additional measures required to meet our responsibilities as the United Kingdom moves forward.
Statement from the Governor of the Bank of England following the EU referendum result https://t.co/KyZLffHAlu
8.55am BST
08:55
Bank of England promises £250bn to calm markets
Bank of England governor Mark Carney is giving a statement now.
He says there will inevitably be a period of uncertainty following the decision to leave the European Union. But there will be no immediate change to our relationship with the EU.
It will take some times for the UK to establish new relationships with the rest of the world. So some market and economic volatility can be expected, but we are well prepared for this, says Carney.
He says he has been in close contact with chancellor George Osborne through the night, and this morning.
UK banks are more resilient than before the 2008 crisis, Carney says, and are forced to carry 10 times as much capital.
The Bank of England will not hesitate to take additional measures as required to address any market volatility, says the governor
And Carney says the BOE will make £250bn of additional funds available through its normal market operations to stability markets, as needed.
Carney: Bank of England will provide additional £250bn liquidity to banks pic.twitter.com/BvhQzX51bQ
That’s a pledge to pump huge liquidity into the banking system, if necessary, to prevent the wheels of the City grinding to a half.
Striking a reassuring tone, Carney says the Bank will consider what additional measures may be needed over the next few weeks [so he’s not announcing any emergency measures right now].
And governor Carney concludes by repeating that the BoE “will not hesitate to take any further measures, as required.”
And with that, he heads back into the Bank.
Updated
at 9.05am BST
8.46am BST8.46am BST
08:4608:46
European stock markets are deeply in the red:European stock markets are deeply in the red:
8.44am BST8.44am BST
08:4408:44
Massive amounts of shares are changing hands in the City.Massive amounts of shares are changing hands in the City.
Almost 463.9m trades flowed through the London stock market in the first 30 minutes, the sort of volume you might see by after lunchtime on a normalish day.Almost 463.9m trades flowed through the London stock market in the first 30 minutes, the sort of volume you might see by after lunchtime on a normalish day.
8.34am BST8.34am BST
08:3408:34
Predictions of massive losses across Europe are proving accurate.Predictions of massive losses across Europe are proving accurate.
The French CAC is the worst casualty, tumbling by 8.5% in early trading in Paris.The French CAC is the worst casualty, tumbling by 8.5% in early trading in Paris.
And Germany’s DAX is close behind, down 8%.And Germany’s DAX is close behind, down 8%.
8.29am BST8.29am BST
08:2908:29
David Cameron to resignDavid Cameron to resign
Prime minister David Cameron has announced that he will resign as prime minister, following the referendum.Prime minister David Cameron has announced that he will resign as prime minister, following the referendum.
He expects a new leader to be in place before the Conservative Party conference, this autumn.He expects a new leader to be in place before the Conservative Party conference, this autumn.
Speaking outside Downing Street, Cameron says:Speaking outside Downing Street, Cameron says:
He says he is very proud of what he has done as prime minister.He says he is very proud of what he has done as prime minister.
He says he has always thought you have to confront big decisions, not duck them.He says he has always thought you have to confront big decisions, not duck them.
He formed a coalition, delivered a referendum in Scotland and gave the public a referendum on Europe.He formed a coalition, delivered a referendum in Scotland and gave the public a referendum on Europe.
He fought the referendum with head and heart.He fought the referendum with head and heart.
The referendum was not about him, he says.The referendum was not about him, he says.
But the British people have decided to follow another path. So they need a new prime minister.But the British people have decided to follow another path. So they need a new prime minister.
Our main EU referendum liveblog has full details and reaction:Our main EU referendum liveblog has full details and reaction:
Related: Brexit: David Cameron announces resignation following EU referendum result – liveRelated: Brexit: David Cameron announces resignation following EU referendum result – live
UpdatedUpdated
at 8.30am BSTat 8.30am BST
8.26am BST8.26am BST
08:2608:26
Jill TreanorJill Treanor
“Take another blood pressure pill,” says one Cantor Fitzgerald trader, as the volume of shares traded in London rises fast.“Take another blood pressure pill,” says one Cantor Fitzgerald trader, as the volume of shares traded in London rises fast.
Stocks are again going into auctions because of the rapid movements in the share prices. No one appears to have time to stop to listen to Cameron, whose voice can be heard across the dealing room.Stocks are again going into auctions because of the rapid movements in the share prices. No one appears to have time to stop to listen to Cameron, whose voice can be heard across the dealing room.
8.23am BST8.23am BST
08:2308:23
Simon GoodleySimon Goodley
“Barclays down 28%!” yells one IG trader. It’s buzzing here.“Barclays down 28%!” yells one IG trader. It’s buzzing here.
IG increased the margin clients had to deposit in their accounts in the weeks running up to the vote. Clients will therefore be able to fund losses of around 10% before being asked for more funds. That means if you’re long of the FTSE you are (just) OK. If you’re long of the banks, credit card details please.IG increased the margin clients had to deposit in their accounts in the weeks running up to the vote. Clients will therefore be able to fund losses of around 10% before being asked for more funds. That means if you’re long of the FTSE you are (just) OK. If you’re long of the banks, credit card details please.
8.23am BST8.23am BST
08:2308:23
Shares in Barclays and Royal Bank of Scotland have both fallen by 25%.Shares in Barclays and Royal Bank of Scotland have both fallen by 25%.
8.21am BST8.21am BST
08:2108:21
At Cantor Fitzgerald, there are shouts that David Cameron is rumoured to be about to resign and lots of calling out of share prices as they start to open.At Cantor Fitzgerald, there are shouts that David Cameron is rumoured to be about to resign and lots of calling out of share prices as they start to open.
8.19am BST8.19am BST
08:1908:19
Simon GoodleySimon Goodley
Trading floors are usually a lot quieter than most people think (more than 95% of trades here are online) but it’s different today.Trading floors are usually a lot quieter than most people think (more than 95% of trades here are online) but it’s different today.
IG traders shouting across the floor, like it’s 1986 or something. “Quite a hubbub for us,”says one. Very old school.IG traders shouting across the floor, like it’s 1986 or something. “Quite a hubbub for us,”says one. Very old school.
As the market opens, traders are expecting huge volumes in most shares, but some sectors look more vulnerable than others.As the market opens, traders are expecting huge volumes in most shares, but some sectors look more vulnerable than others.
One trader says:One trader says:
“Anything to do with buy to let property is a short”.“Anything to do with buy to let property is a short”.
8.18am BST8.18am BST
08:1808:18
This is the biggest plunge for the blue-chip Footsie index since the 2008 financial crisis.This is the biggest plunge for the blue-chip Footsie index since the 2008 financial crisis.
But shares are coming back a little bit -- the FTSE 100 is now “only” down 400 points, or 6.4%.But shares are coming back a little bit -- the FTSE 100 is now “only” down 400 points, or 6.4%.
8.16am BST8.16am BST
08:1608:16
These are the top fallers on the FTSE 100 right now, as wild selling sweeps the City trading floorsThese are the top fallers on the FTSE 100 right now, as wild selling sweeps the City trading floors
8.12am BST8.12am BST
08:1208:12
£120bn wiped off the FTSE 100£120bn wiped off the FTSE 100
More than £120bn has been wiped off the FTSE 100 at the start of trading.More than £120bn has been wiped off the FTSE 100 at the start of trading.