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tv   Worldwide Exchange  CNBC  June 28, 2016 5:00am-6:01am EDT

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it good morning. european leaders convene to answer the question on everyone's mind, what happens next? markets now bouncing back. the bound crawling off its low and u.s. equity features pointsing to a higher start on wall street. so will today's dinner date in brussels give the clarity we need. we will find out. it's tuesday, june 28, 2016.
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"worldwide exchange" starts now. >> good morning and welcome to a very special presentation. i'm sarai eisen reporting from london. >> good morning live in brussels where european leaders are set to meet for a usually submit following last week's brexit vote. >> much more on that, but first let's check in on global markets this morning. some signs of sablization really for the first time since the brexit vote. s&p futurings pointing higher. dow up 136. so something compared to the losses the stocks had seen over the last two days. more than 800 points, but clearly a little rally going on. nasdaq up 32. as for the u.s. dollar, currencies in the center of the storm, the british pound gets
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some much immediated relief. 133. up by a little more than half percent. the euro gets a boost and the japanese yen. reversal of those safe haven and flight to safety that we've seen. also want to point out the chinese yaun. as for the tenure treasury, no yield. less demand for the save haven assets. pushing yields higher, but boy are they still low on a historical access. there's some green on the screens. german dax up. ftse 100. g . italy getting the biggest boost
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of all. as for the overnight in asia. nikkei ending flat. hang seng closing out. as for the price of commodities let's show the price of oil. reversing, 2% gain. nearly up 2% as well. closzing above $48 a barrel and gold which has sored with fears of the brexit. giving some back, ten bucks down about three quarters of one percent. potentially a bounce here after what has been some heavy selling in the past two sessions. nothing has changed and still some serious questions long-term, short term, what this is all going to mean for the brita british and global economy, not to mention a deepening crisis in
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this country. >> certainly right. that's a point to dwell on. deeping crisis in the united kingdom. if we look at the market moves the most pronounced was in sterling. we didn't see quite the level as we had seen on friday. that was a response to development over the weekend. frankly is a shambles in the moment on both sides of the political aisle. that's where we saw uk assets in much more pronounced fashion sell off yesterday. either way, as you correctly point out, great rally today. not much compared to the declines we've seen. some kind of relief rally as opposed to some fundamentals improving, wouldn't you say. >> absolutely. you're there for this european leader submit where i know david cameron will be. not a lot gets done at these meetings. they're usually a discussion. we will be watching for any
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commentary on the sidelines. sound bites. who will you be listening for. >> absolutely right. i don't know if we expect outright action. it's going to be fascinating to see the reception that prime minister david come ron gets when he arrives here. today, tuesday, he's part of this european council meeting with all 28 european leaders. tomorrow he's being booted out so the other 27 leaders can finalize the plans without him. i think the main thing to point out the developments of the last 24 or 48 hours. most european leaders have come out and accepted the fact it's up to the uk when to invoke article 150. there will be no stock
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negotiations. no back door amicable until article 50 is envoinvoked. they can start to get the feelers out, what might be possible, what might not be possible before they set that two-year time clock. if that's not possible, that's not really much point in delaying. i think we found a middle ground. the european leaders agree they can't force the uk to invoke it, but not really much point delaying much beyond when the new prime minister is in place. we learned that would be by the second of september, sara. >> it's going to be an awkward dinner conversation tonight in brussels with david cameron and his foellow leaders. >> the british government. the uk treasury has planned to reduce the exposure to the banks it took over during the
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financial crisis. to funds managers and discounted offer to the public. saying nose sales are now on hold until next year. speaking on banks. rome could step in to shield lenders from any brexit fallout. selling off sharply in the referendum. going the other way today. while rome is eyeing an capital injection for the banks, there are rules to promotionally block that move except in certain circumstances. investors are optimistic. mario draghi also speaking this morning. draghi saying sadness is the best word to describe the brexit vote though he didn't mention the actual brexit in the speech. instead, draghi stressed the importance of an alignment of
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global policy. have a look. >> we have to think not just about whether or domestic monetary policies are appropriate, but whether they are properly aligned across jurisdictions. we have to think not just about the composition of policies within our jurisdictions, but about the global composition that can maximize the effects so our respected mandates can best be delivered without over burdening further monetary -- without overle burdening further monetary policy and so as to limit any destabilizing spillovers. >> clearly with the financial turmoil, there is an effort here particularly from the european central bank and bank of england, mark carny to try and reassure the markets. emphasize calm and stability. when you talk about political con tay gent, i know you're
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going to be watching the leaders around you to see how they react, but it really is mario draghi that is the safe guard of the euro because what they share is the european central bank. you remember during the depth of the crisis when he said whatever it takes, that's when the euro turned around and the fears of the euro brooki inbreaking up c >> absolutely right. what you point out there the central bank backstop that euro has is of course the uk completely sovereign and has the bank of england. contingency plans are in place. i would point out the selling we've seen in the pound, it hasn't ever led down. there's been buying liquidity at every level. that will be slightly reassuring. the way it has fallen relatively reassuring. we're not expecting any
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immediate significant intervention from mark carny. you mentioned of course possibly action from various countries. the biggest we've seen so far is italy to help support the banks which have sold off sharply. partly why they're rallying today. in terms of the leaders most upset with david cameron. he's already had to step to the plate and deliver some kind of stimstimulus in the markets. we'll have to watch that as it goes on. let's discuss a little bit more what the implications are for the rest of europe. i'm joined now by alex. he's the ft brussels editor and alex, let's just quickly touch on this. we've been in the middle of a discussion. which countries around europe are the most under threat from con tay general. >> if you're looking immediate yam.
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series pressure. you are saying he has had to launch the kind of rescue that italy has been resisting for five years in the wake of this it's a chance to try and clean up the banks. certainly in the pliolitical terms. you could see in netherlands, denmark, france, countrying where there are pressures for a new kind of anti-establishment mood is taking old and pressures for referendum and the kind of proeu political class is going to come. >> for my next question i want to give you the full sbrx you deserve. this is of course alex. he's the financial chief. all eyes on this brexit bust today. have we now moved on from perhaps rhetoric we saw on friday in the mind of european leaders it is totally up to the uk when they invoke article 50. >> there is certainly impatience
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on the part of the 27. and what you'll hear tonight probably is a message to david cameron that whoever his successor is that they can accept that britain needs to take time. whoever that is they want to send him a message to say we will not allow yo to drag this out. we will not allow a secret negotiation to take place before you say i want to leave the union and start a formal divorce process that gives them all the cards in terms of the power. >> so there's no real benefit now for the uk to delay it much beyond picking a new prime minister. >> the advice to the new prime minister might be actually to trigger this. puts you in -- it's to your disadvantage. you probably will still have some meetings with merkel and ren si and say no informal
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talks. they want the new prime minister and lay down their own terms. i expect you'll see a prime minister before the trigger is pulled. >> who do the brussels leaders blame for all of this? the british people? >> david cameron had a lot of meetings through his renegotiations to have a new sediment. i think he showed a degree of confidence, especially when he first invoked the referendum and raised the idea that we could win this and to settle this matter in britain for a long time. they were skeptical eu leaders around the table who thought referendum rs always a bit of a gamble. can't tell how the politics will run. it's going to be a very uncomfortable moment. >> surely on the flip side some blame to be apportioned to the
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eu. >> they certainly feel like they went quite far in that deal that they pushed the law to its limits. that they actually made sacrifices at national level. they probably didn't expect to do at the beginning of negotiations. >> sure. >> and looking back, would they have given more? perhaps. perhaps a bit more, but they also saw a referendum campaign where the concessions, the european end of the new settlement didn't really figure much so they thought we went to a lot of effort, the eu kind of stood still for almost nine months while that uk negotiation was taking place. >> alex thanks so much. the bureau chief for the financial tames here in brussels and, certainly, the atmosphere here when david cameron arrive ss going to be interesting indeed. >> i'm glad you're going to be there for it.
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when we come back, we are live in brussels and london. what damage plans are actually in the works and what will it mean for monetary policy. we'll ask michael purves. we'll be right back. and a parade rained on the sales team's parade. and they still made the meeting, without actually going to the meeting. before any of this, cdw orchestrated a mobility solution, using the hp elite x2 1012 with intel core m vpro processors. mobility by hp. orchestration by cdw.
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>> i'm sara eisen reporting live from london today. european leaders are gathering for a key submit. david cameron will be there later. take a look at the vix which measures volatility. at one point yesterday, the index hit the highest level since back in february. our next guest says to keep an eye on the levels as a chi indicator for when it may be time to start playing offense again. joining us to explain that call from new york is michael purves. good morning, michael. what we're seeing is some relief after some rocky days. how do we know whether it's the early signs of a more pronounced period of stability for markets. >> well, i think you can look at a few different factors there. the relief we're seeing across risk assets is nothing than oversold conditions.
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you see these type of relief rallies all the time. let's not forget, we're entering day three of a historic event here which is very complicated and very opaque pathways, but the signals i would be looking for, you know, in terms of when we can really start thinking about playing offense would be one, you know, are uk bank stocks, are they really starting to put a bottom in. i don't think that's going to happen any time in the immediate future. obviously the pound and finally here in the united states, looking at the shape of the vix curve. it's gone inverted. if it starts to reinvert into a more upwardly sloping formation, that's all a very good symbol. not something lyme loi'm lookinn the immediate future. >> certainly a game changing event.
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does it change your mind long-term about the outlook for u.s. stocks and the u.s. economy. >> yes. the vix really and u.s. equities really had not been pricing in this. all the assets not to price in brexit. i think the u.s. equities were the most sort of offsides in this. just minutes before the close on thursday, the new york close on thursday, you could have bought s&p at 17 balls which is just really, really cheap. given how important this event is. the vix has climbed. the volatility for u.s. equities has shifted for some time. i think it's going to stay there. too many long-term implications. for starters, we're going to have a much stronger dollar than we've been used to in the last couple of months leading into the prebrexit rally. >> very quickly, is the upshot here to go to cash?
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what are you telling investors? >> i think right now i would be certainly looking at long volatility trades if you're using options. if you're not using options, certainly primming your exposures and playing things very defensively and be careful with the most dollar sensitive stocks, materials, energy names come to mind right now. >> caution is the word. thank you, michael purves. when we come back, an epic upset. iceland stunning england in the euros. plus, even wimbledon is not immune from the brexit turnout. tell you why the briprize money just got chopped. sara and will fred, we have a front, this front is making a huge difference as it moves through the midwest. temperatures dropping off chicago.
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the due point is dropping. that means the humidity is dropping. it's going to feel nice and refreshing. before that front gets through the northeast. we've got thurnderstorms. after that lowe're going to continue to see some pop-up showers and storms possible there. especially here in the high planinei plains. meanwhile temperature wise got a lot of heat. a lot of heat and humidity across the country down to the southern plains. it will be cooler and much more refreshing. that's your cost to coast forecast. world wild exchange continues after this.
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"worldwide exchange."
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contagion. welcome back. this next story is a bit of a punishment to even include it because i'm certainly hurting from the story. for the second time in less than a week, england is shakened by an exit from europe. this time coming on the somer pitch. iceland knocking the three lines 2-1 in the round of championships. it's the first time iceland has
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qualified for the euros. after the match game, resigned calling the loss not acceptable. eliminated at the group stage in 2014. so another exit for england from europe and another major resignation off the back of it. i can only say i'm pleased i was traveling out here to brussels and i didn't have to watch the match which was very disappoints. >> you can imagine how iceland fans were trolling england after that. big tournament of tennis begins. we're talking about wimbledon. not even strawberries and cream. safe from brexit. at the world's oldest tennis tournament the prize money is shrinking by the day. it's paid out in pounds. last thursday that would equal $3 million, but then britain
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shocked the world by shoeting to leave europe and the pound lost 12% of its value in two days and that shaved $360,000 off the top prize. it could get worse if the pound continues to sink over the next two weeks which is how long the tournament goes. we went out to wimbledonon't fe the biggest stars. >> i do think it's a shame. everything is going to be impacted. i wouldn't say i'd feel sorry for djokovic if it's him. he's got plenty of hundred. >> he did dodge reporters as his country men voted overwhelmingly to stay in europe and lost. >> generally speaking of course leading sportsman and actors did keep their head down. beckham came out. i wonder if they could have
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shifted the result. it's too late. still to come on worldwide exchange, what to expect when david cameron arrives here in brussels. as we go to break, let's have a look at how european equity rs trading this morning. a little bit of a relief rally after a torrid couple of days. "worldwide exchange" is back after a couple of minutes.
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good morning. the brexit battle bus heads to
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brussels. european leaders convene to answer the question on everyone's mind. what happens next? markets now european stocks bouncing back. the pound krouling off ilts low and u.s. equity futures are pointing to a higher open on wall street. it's tuesday, june 28, 2016 and you're watching "worldwide exchange" on cnbc. good morning and welcome back. i'm sara eisen live today in london for you just across the river from parliament. >> and i am will frost live in brussels where eu leaders are society to meet. >> some relief across the board, steadying after the storm. u.s. equity futures pointing higher dow futures up 140.
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nasdaq futures up 30. if it holds this would be the first day of gains for u.s. stocks after the brexit vote that shocked the world. some relief also for treasury yields. yields around 1.46. the british pound getting some relief. down 12 in two days. that's a record amount. now we're seeing about 6/10s of a percent. even that save haven yen is weaker today. let's show you the earlier action in europe. also looking strong here after a rough few days. the german dax up 2%. the banks are leading that
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charge on some signals that may be some relief. more on that in the moment, but the foot tse broader look and i been battered is higher today. overnight in asia saw signs of stability. the nikkei. the price of oil this morning. let's show youwti and rent right now. off the session highs. wti nicely above. brent blow. gold quickly which has been very much in demand on the flight to safety is giving some back down. little less than ten bucks or three quarters of one%. >> yes, indeed. all the attention turns to brussels today.
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the european parliament is in session at the moment. we're here in the european council meeting. will turn to the european commission as european leaders start to arrive and particularly the reception of david cameron will get on arrival. earlier today the president of the european parliament, had this to say. >> it is important that here in the parliament in the location of european democracy we turn to a topic that moves us very deeply because ladies and gentlemen, on the contrary to the comment wes hear from some decision makers, the decision has been taken in the uk. it is by the british people, but affects all citizens of the europe union. >> let's discuss more what to expect at this submit today. joining me is tara.
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she is a columnist. what's been the sentiment here on the ground in brussels over the last four, five days. >> it's been a mixture. like in the uk, brussels is facing its own political civil war right now how to deal with the uk. do you force a quick withdrawal to end the political uncertainty that's not just caused chaos in the brussels, but also affected the national stock markets or do you prolong the process and let a new prime minister take a seat in october. talk about ways to create an associated membership with the eu. or do you make this a quick bloody swift divorce, mainful to team a lesson. >> is that decision up to the european leaders or is it not up to the uk to decide when to start those negotiations and invoke article 50. >> technically it's up to the uk. it's not going to build any goodwill have they drag out the
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process. at the end of the day, there are two sides. there's 27 versus one. yes, the uk can take its time, but that doesn't mean the other states are going to feel generous when they're setting up trade deals, figures out the status of uk citizens. hundreds of thousands of them who live in the eu and whether they should give them medical care, mental health care, any other sort of benefits or just deport them back to the uk. >> those divorce lawyers will be making their money over the next years. you mentioned goodwill. which of those leaders will be feeling the opposite right now? who is under the most pressure in their own countries based on this brexit vote? >> would be socialist president of france, francois lon. it's a group calling for a referendum on memberships to the eu. they are polling as high as 27%.
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if she makes it into the presidential runoff. this could call for a huge referendum in france and maybe even a, for exampl frexit. uk and germany are the core members of the eu. they set this up based on peace and trade, but if you lose france, you could lose the entire project at that point. it is in germany's interest to protect. hope this brexit doesn't fuel more. >> when negotiations do start, whenever that might be, who are the key european folks to focus on? is it individual country leaders like merkel or is it the leaders of the european unions like shults. >> the nitty-gritty, the deal will be dealt with by the commission. the council said that today. the terms will be set by the 27
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other leaders and most of the time cameron will not be in the room because he will not have a say in his own divorce which is kind of strange in a way. it's will be very awkward. this may be the last meeting that cameron has sitting down with the other members. it's going to be awkward to be honest. >> it's going to be great to watch the developments. thank you very previewing it for us. all eyes on this meeting and particularly the atmosphere. we don't expect the negotiations to be completed today, but initial thoughts listen interestiinterest ing to pick up on. top trending stories. a spike of passport applications hitting ireland since last week's referendum. stop rushing for passports, it's is overwhelming is offices, but
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does northern irish want to get the eu passport. warning that english will not be one of the european unions official language. britain is the only country in the eu that declares official language. an exit means english would lose the status with eu. following the loss in the soccer tournament wasted to time making brexit jokes. a small number of england fans are protesting to be replayed until they get a result they are happy with. meanwhile others poked fun at the recent google study that what is eu after voting to leave all sorts of grief given to those british fans after that big loss to iceland. sorry to bring it up again. >> i know, specifically the english fans of course not the
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british fans. the welsh are still in the tournament. still to come on "worldwide exchange." why a brexit might not even happen. you're watching a special split edition of worldwide exchange. we haven't quite gone worldwide today. we're back live in brussels with everyone you need to know about this summit in just a couple of minutes. with unique features, like claim free rewards... ohh! customized home protection extra features all at an affordable price! i'm going to live in this. in means getting more from your home insurance with an expert allstate agent. it's good to be in, good hands.
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>> welcome back to this worldwide edition live from brussels and london. let's get why a brexit won't actually happen. a very well worth read. essentially he's arguing the outcome will end up being a series renegotiation of the uk's position. and much more series for example than david cameron managed to secure before the vote. he says of course there will be anger or on both sides of the table if any immedia-- there's reason why the extremes of both sides of the argument should win in some form of compromise will be met and i have to say that
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seems like the most likely all be it of many options still on the table with lots of uncertainly remaining. well worth the read. >> the discussion in brussels is about how the divorce negotiations are going to go. the discussion in london is who is going to be the next prime minister. i went to the telegraph where william hague wrote a piece. four questions every want to be prime minister must answer. hague, long time member of parliament parliament. he wrote are we open to joining the jurpz economicer ra along with norway and iceland which would mean ditching the commitment to control immigration or are we putting migration controls first and taking the economic consequences of that. the time for avoiding this question is over. one of the qualifications he was talking about there was the fact that britain's new prime
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minister must have a clear vision of what britain looks like and how the negotiations are going to go. that was a big question that remains to be unanswered, wilfred. >> absolutely right. listen, i think the conservative leadership battle is going to be fascinating. we have a bit of a time frame for it now. weal know who the candidates are by thursday. that will be whittled down to just two names by the broader membership get to vote on that, but either way we will have a new prime minister in place, but early september. that's sooner than we initially thought. >> absolutely. we want to turn now to cnbc world headquarters. morning, dom. >> good morning. expected to pay nearly $15 billion to settle claims involvi involving its diesel cars. regulators expected to be filed in court today.
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it would include $10 billion to buy or repair back 475,000 cars equipped with two liter diesel engines. owners will receive up to $10,000 in compensation. reportedly pay $2.7 billion in fines and another fine on clean emissions technology. lyft has settled. accused of breaking a confidentiality pledge when he went to work for uber. separately uber has drawn a subpoena in a data breach. both cases were settled ahead of a trial that could have aired sensitive details about both private companies rather so those two particular companies very much a focus today. some stocks to watch
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overall. forming a special committee with two independent board members to evaluate tes la takeover offer. considering this deal due to their ties to eplan musk. investing $350 million to build a bio tech hub in china. china's health care spending is set to hit $3 trillion. reportly held talks with private equity firms as the specialty drug company looks to reduce $8 billion in debt and cut the full year outlook back in may so those stocks certainly to watch. also one here, horizontal form suit cals has hired bank of america to explore selling a significant in the company. horizontal is only in the early stages of seeking new financing
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options and no guarantee any deals with occur. those in the premarket session. now we'll toss it back over to brussels. back to you will fo. >> thanks very much. all the action on brussels will be here today. all the market action back state side will have covered for you. let's get a preview of what's coming up. >> we have a lot coming up. larry summers is going to be joining in the in the seventh7: make some sense. he has called brexit the worst thing to happen to the global economy since world war ii. we're going to dig into that with him. in the eight clock hour, we hho invest. how to play this defensively. talking to josh lipton out on
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the west coast. monitoring this meeting between tim cook today and paul ray yya you might recall the gop had asked apple for help at the convention. apple had refused based on large part on donald trump's comments about apple and the tech community and they will be breaking bred. we will be monitoring that. >> i'm take it from london. i'll see you at the top of the hour. >> thank you very much for that andrew. >> when we come back, uk home builders in free fall. the big worry will demand for buying slow. cbre, that is coming up next on worldwide exchange live for you from london and brussels. ♪ before the band separated over unknown creative differences. [ crash ] and reunited three decades later
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the united kiyien the. >> a familiar face in all of this. he championed for a brexit vote. he leaves the uk independent party. he addressed parliament just in the last hour. mine time investment in the uk real estate commercial market dropped by half in the runoff to the brexit vote as potential buyers held off making deals. prompt business to relocate. joining us to discuss it is miles gibson. head of uk research at cbre which is a big commercial real estate player. good morning. >> good morning. >> in the run up to the brexit vote we did see demand come down. now they did vote out, what are you expecting.
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>> it's difficult to know what to expect. political developments are still unfolding here in the uk. we don't know who will be the prime minister. never mind what the impact would be on the real economy. we are expecting some uncertainty and volatility. we find in talking to the clients over the last 48 hours or so. they're taking time to reflect on what this might mean for them. and whether they should proceed to invest in the uk or take space in the uk or whether to change their minds. it's very early days. a lot or our investors are saying let's just pause and reflect on what to do next. >> some of these stocks have been taken to the wood shed. i think the concern or narrative is especially if the big banks and financial services campaigns start looking at london no longer as a place for growth d and -- different work within the
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eu because it's not part of that open market, they're going to start leaving and at least not building offices. is that the concern? >> that's part of the concern, but i think it may be overstated. london is a big player in the global economy. there are 7, 8 million people here and lots of things that london has going for it and indeed the uk have going for it that won't change. whether we're in the eu or not. so transparency, the size of the market, the language, the currency being different. investors will want to diverse if i. and things like that make the uk and london good to invest. >> what are you worried about losing when the divorce negotiations get going and finalize. >> duane: a l >> a lot of the concern is around the financial industry. if we're not in the eu, the
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question arising as to whether we'll lose financial services firms. some of the rights you need in order to be able to trade in the eu are not actually eu rights. you still have those so-called passporting rights allows you to work and trade inside the eu. there are other options. >> very quickly the thought maybe the weaker british pound could lead to more investments. do you see that as a silver lining. >> absolutely. yes, in fact we've had buyers coming to us over the weekend saying we want to pile in now. we think the devalue situation is good news for us. >> thank you for coming by and joining us in london. that's a big topic. that was miles gibson from cbre. send it to brussels.
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>> reporter: or sara, thank you very much. of course today we're seeing a little bit of reprieve in european markets. the pound is up. the very bruised brexit related assets finding some reprieve today. that allows us to focus wholeheartedly on the developments. developments we need to focus on of course in london involve what happens to the leader of the opposition, jerny corbyn the labor party is in turmoil. also who could be the next prime minister. we'll start to hear the main names over the next few days. sara will have all the angles covered. here in brussels turned to david cameron who will of course be in for an interesting reception. these leaders blame him for the result of the brexit vote more than they blame the british people. they think he took a great risk by introducing the referendum in the first place. we'll have all the developments live both from london and from
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brussels throughout the day for you, but for now "worldwide exchange" is done. we'll hand things over to new york. score box is coming next.
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. >> good morning. we're going to get you caught up on t on the morning moves. dr. naranjo spe david cameron speaking to eu leaders. >> volkswagon expected to pay nearly $15 billion in the rigged emissions test. it's tuesday, june 28, 2016 and "squawk box" begins right now.
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>> good morning, everybody. welcome to "squawk box" on cnbc. joe is out today. let's tyke a look at the u.s. equity futures which finally look to be showing a bit of a rebound after two sharp days of losses. the dow was down by 260 pounds. this morning you see the dow indicated up to 150 above fair value. overnight in asia, things were relatively calm. the knee cay ended flat . up about half a percentage point. let take a look atop

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