u.k. minister david cameron said to address the british parliament later this morning. we will have that 5:10:30 a.m. eastern time. ashley webster is life right now with the latest. reporter: hi, lauren. 10:00 a.m. local time in london. markets have been running for the first full trading week after the vote to get out of the e.u. as expected it has been a bumpy ride. we've seen the whole in trading in the financial terror. in particular, barclays and the world think of scotland, halted for those two starts. anytime there's a move of 8% or more upper, that triggers the halting of thhe trading stock initially lasts about five minutes. they can't see the kind of a sense that the uncertainty about the economy. in particular, does things have exposure to the u.k. americas. barclays and royal bank of scotland, certainly those two.
weary from church aspirin earlier today trying to reassure the markets and the rest of the country that britain and its economy is resilient, prepared for anything. on the financial crisis in 2007, december and the banks are well capitalized. no need to worry. who's going to lead the conservative party? what the opposition party in the u.k., will they need a new theater. jeremy corbin, hanging on for dear life. what kind of a deal can make it with the e.u.? the e.u. not very happy and they do not want to get the u.k. a sweet deal so just be because that could trigger other countries within the e.u. saying wait a minute, why don't we get back ourselves and also have a good trade deal. interesting comment from a german minister this morning who said they see that the u.k. will have to pay to be a part of the trading block will be the same amount of money they ever be
paid to the e.u. to be a part of the 20th century fox. in other words, the u.k. will see no savings. but the u.k. does get back is a sovereignty to control its borders, which was a big part of the original vote. a bumpy ride on the markets and still so much uncertainty on the political side of things as well. nicole: we at imf chief christine rocard now saying the policy makers must move quickly in order to adjust uncertainty. article l, the way they are going to invoke this into your site or that we actually see them secede from the european union. when are they going to actually do that in begin the process? so much needs to be done prior and putting political leaders securing the borders which will be absolutely huge. it seems sort of unreal, doesn't it? >> is certainly does. you are brave. article l as part of the lisbon treaty force between the e.u.
countries. it provides up to two years to sort it all out. the u.k. are so entangled in the e.u. with so many trade agreements and other agreements, it'll take a long while to disentangle. the problem is david cameron and resigned last friday said it's going to be the job of the new prime minister to handle this and that to them to invoke article l. the e.u. says they can't wait around until october and november. you need to do something now. that is where we stand. the use of scapegoating, that the u.k. says it is in no hurry. m lauren: ashley webster camile keep us updated. thank you. trained teacher and asked for the entire hour, president of m. capital management also a fox news contributor. joining us by telephone. we acquired a scene from selling over the last hour. i just thought that jpmorgan, you can call me to the can call
if they too became the never and will do this across the board now cutting price target on morgan's family stocks, although foreign banks. ever when writing out and tried to cut targets because why? they are worried about what happens going forward. >> well, imagine if you were three m. or ibm doing business across the pond and all of a sudden the currency is down 10%. you can't have a business name for the future, which means your business not necessarily stalled the u.k. and into somewhat of a vicious cycle which means earning possibly go down. remember this article l, they came out with that in order for you not to get out of the e.u. they made it not only to do it, but go through the negotiation part. ashley said it best. there would be massive uncertainty forward and uncertainty breeds bad stock action, especially if the market somewhat on the late stage side the earnings are down and sales are down.
m lauren: 10, i will renew in here. the banks passed a stress test. that should be the good news. no interest environment and now this huge selloff in their shares friday and again today looking at what is happening overseas. >> the u.s. banks, one big question will be, you know, and when the u.k. leads the e.u., will they keep their european headquarters in london. and i would very strongly that they will. i just think the fact they would go somewhere else is probably unreasonable. nicole: kerry, wanted to ask you about asset allocations. people are nervous. markets at the lowest levels of his lowest level with the solid waste. people may be nervous but if
they do with their money? >> well, think about this. the russell 2000 its whereabouts in late 2013. dow and s&p where it is late 2014. there has not been a lot of gains even with all the money. there is nothing along with being defense to even before this happened friday. the strongest spots in the market with utilities, food, drug beverage, tobacco's and the like, telling you that risk is -- people are taking money out the risk parameters. i don't think there's anything wrong with it. you've got a go slow right now. this is real. this is not fantasy land. it's actually happening. there'll be a lot of meaning in the next few weeks about the country potentially doing the same and more dominoes fall, there will be more paid. cap whether fundamentally it should have been psychological
warfare goes on in the markets every single day and i think i will head towards the negative side are right now. trade to gary kaltbaum, thank you so much. tim andersen join us for the whole hour. coming up, david cameron set to go before british parliament in just a few hours. we will take up five at 10:30 a.m. eastern time. also, the treasurer, george osborne spoke a couple hours ago. we will have the latest on the turmoil of the british accent. the british pound continuing to get hammered by this turmoil and concerns there. we will show you how its olfactory mentor markets at home. u.s. stock market started off as virtually zero at 4:00 a.m. just below 70. 52 for dow futures. the european banks getting hard this morning and that is a topic we will follow. you are watching "fbn:am," your first look at morning market and breaking news.
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m lauren: welcome back pay at 5:13 a.m. eastern time. no chance of settling down. britain turmoil. world markets spanning. the lay of the land here in figure for the day ahead. in an effort to inject stability to the market, u.k. treasury chief george osborne issued a statement before the european market up in a couple hours ago. the u.k. is open for business. outgoing prime minister david cameron will address parliament at 10:30 a.m. eastern time. we will bring that to you live. there is a revolt of the labor party against the later jeremy corbin. it's all about going on, john kerry and brussels and london and today. o-oscar in the u.k., scotland is talking about another referendum to leave the u.k. in northern ireland is considering ways to minimize the damage to its economy. nicole: french president and italian prime minister mikhail
that they will meet with angela merkel and i merkel and not a lot happened in berlin today. of course adam shapiro break there in berlin covering this moment to moment. on. reporter: good morning to you, nicole. they will be meeting at 3:00 berlin time at 6:30 live press conference to discuss how they plan to go forward. the president from france was a quick divorce in the united kingdom with angela merkel is telling everyone to remain calm and negotiate since for u.k. exit should not read nasty. but then there was the chief of staff to the chancellor of germany who sent them and it has all of your thinking this morning. quote, politicians in london should have the possibility to think about the fallout from an accident. that came from peter doubtfire, chief of staff to angela merkel. the way people interpret that as the fact that article l at the e.u. treaties requires that the united kingdom began the divorce
proceedings. they haven't done that in perhaps the government didn't u.k. may not do that. he mentioned markets. the german stock exchange trading down as director european exchanges. we spoke to the co-ceo of the stock exchange and this is what he told us. >> it could be 10 years from now. merkle today in a statement tried to calm people down and say let's not get too excited. let's not become too radical on both sides. i guess at the end she will prevail. it will be a pragmatic approach. reporter: the germans have a lot at stake in all of this because written for the united kingdom is the second-largest trading partner within the e.u. france is their first aired roughly 60,000 pounds, $70 worth of trade and they don't want to lose that. lauren: adam, quick question. the way i understand is the name
in order to invoke article 50, you need a new prime minister to announce they want to leave the european union. is that correct? >> yes. and i think you heard about this call for a second referendum. what you might have going into october as you might have central )-right-paren with people who would be running. one perhaps might say we stay. the other may save it safe. the government of the u.k. has to invoke article v. ashley webster in london has been covering this. yes, you are correct. train to scotland much blood out on the run and get away from this as well. adam shapiro, thank you very much. lauren: let's switch to currencies. the 8% plunge as investors react to britain's go to lead the european union. james foley, joining us now from london. thank you for joining us. we have seen calls that the
pound could go to parity with the u.s. dollar. your thoughts. can it go that low? >> on the brexit, we should go down to 126, which at that point it's a 20%. parity looks a long way off. when we look at on friday was an 8% drop. 11% off at the lows. still not back at those lows, but it can go nowhere in the next few days coming next few weeks. if you look over the last 30 years, the ignorant as we've had hasn't been a one-day move for today move. this has happened over time. uncertainty would notice a big negative for currency and now we've got the leading government party in complete disarray. the opposition party and complete disarray. we've got very delicate negotiations that we are faced with at the moment the next few years that takes out of the e.u.
nicole: i want to ask you about the other currencies. particularly u.s. dollar. that's where we are right here at home. any other currency that matters to us here at home and the movements we see. we know that the pound is over 30 are those. anything else you would chime in on? >> everything but the currency data moving to safe haven, the japanese yen, swiss bank in the u.s. dollar. if investors do that back in two the u.s. dollar, that's not going to be great in the years of its go down the rate of inflation, darfur has implications. perhaps more importantly in this environment it could put the chinese to develop their currencies. the immediate reaction is domino affect that. but the global economy.
trained to do expect to see intervention around the world? >> there's been lots of pressure on the japanese in recent months not to intervene. the g7 market should be set in, not government. the japanese went into this anon they after the earthquake and malice except to go. you have to ask is this sort of volatility today and would that be acceptable at the moment? no. if we carry on getting huge movements and currencies over the next few weeks, the likelihood of intervention does increase. lauren: james foley, thank you very much. currency analyst at brocklebank. nicole: coming up, more on the aftermath of the british accent though. john kerry and rob, brussels meeting urging them to keep calm. we will have the latest on the
situation. u.s. stock market futures after the dow fell 611 points. negative averages through 2016. below the morning and last hour. data features 1039. s&p futures accurate. you are watching nicole, your first look at burning markets and breaking news. >> what i saw and glynis people got tired of being dictated to by unelected bureaucrats in brussels. get ready for the rio olympic games
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nicole: confusion to lead the european union showing no signs of settling down. britain is in turmoil and world market spinning again. the lay of the land here is that europe for the that europe for the day had an effort to inject some stability into the markets. u.k. treasury chief george osborne issuing a statement before european markets open for business. the u.k. is open for business. prime minister david cameron will address parliament of little bit later this morning 10:30 a.m. eastern time. inside the british government there is a revolt in the labor party against jeremy corbin. secretary of state john kerry is in brussels and he is in london today. elsewhere in the u.k., scotland talking about another referendum to decide whether to leave the u.k. and northern ireland is considering ways to minimize the damage to its economy. nicole: back with us for the entire hour, tim andersen of t.j. of investment. i just want to say mike thompson
just now, jpmorgan does their best guess that article l from the article in which the u.k. has to start that and then they get to leave the country into your process requested by the united kingdom by the early part of the latest and most likely before the end of this year coming from jpmorgan moments ago. i wanted to ask you about price scientist 71% of its revenue from europe. it fell the most in four years. carnival gets one third of its revenue from europe. 50% from the united kingdom in particular are not the airlines may not do as much business. while everything is okay, we have a lot of american businesses with exposure to europe and the united kingdom. >> for transporting there has closed at its lowest level. that the priceline is a stack of the trades around $1200 are used
to a lot of times when it did not sound like this, you get a knee-jerk reaction in stocks that have multiple full games over the last few years. we will have to see how that sort of. clearly there are going to be the multinational companies that do a lot of business in the u.k. and/or the e.u. are going to potentially be under the most pressure. lauren: everyone keep saying them is a trouble in the world that the u.s. is the safest place to park your money. while that might be true, we are hardly growing. when you look at markets like they sent friday the broader market when negative for 2016. people have to start to feel a little bit poorer, a lot more nervous since he may be sick of it all. what would she tell the average person right now? >> you have to define what
investing you are. that's the biggest struggle as an individual investors have. the big institutional investors had advised mutual fund money or other types of his additional money, they have a real battle internally over, you know, to what degree they are going to buy yields and to what degree they are going to buy growth because any income funds are just dying for yield and a lot of the big multinationals might yield -- have a very strong yield. that may buy for them again some salad and i would typically take place because the dollar is so strong and because they might be under pressure from their international business lines. they might still have 3%, 4.5% yields. trained to be talked about different things. rbc now recommending stocks
hanging brexit has an opportunity for buying netflix, priceline, google inexpedient. same seller provided by and opportunities. lauren: and the wake of friday's historic vote for the u.k., british citizens taken political turmoil. david cameron sat to address parliament this morning. rome and brussels has filed with top officials, urging them to help calm financial markets to come and carry on. black reports with the latest from the fund to end berlin. we will be right back.
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nicole: breaking news this morning. u.k. treasury chief george osborne trained to calm the nerves of global traders and investors breaking for another volatile week of trading after the u.k. votes to leave the european union. good morning. i am nicole petallides. lauren: good morning. i am trained for. david cameron set to address the parliament later this morning. we will have them tied at 10:30 a.m. eastern time. angela merkel meeting with other leaders in berlin and u.s. secretary of state john kerry and europe with his counterparts. by the present analysis from london and berlin. nicole: some stability at home after the dow tumbled 611 points on friday. checking out your stock market futures but in a run down 50, dead 70. s&p futures on seven. two hours down obviously trading to the downside in 1% decline in london to one and a quarter%. the cac is down 1%.
lauren: stocks in asia rose with the nikkei in japan at 2.4%. the shanghai composite index up 1.5%. lauren: oil prices down 5% after the british had to leave the e.u. $47.61 a barrel. the highest levels in 2014. 13 tornado tryouts. lauren: markets have been wild with the pound continued to get hammered. that can hammered. that can help the u.s. dollar was trading at kentucky current is around the world. the power right now in the canadian dollar versus the u.s. dollar trading at 132. lowest level since 1985. train to the 10 year bond yield 1.47%. 5:34 a.m. in new york. monday, june 27th.
good morning, welcome to this special edition of "fbn:am," the latest breaking news and what to expect the volatile day ahead. lauren: david cameron set to address the british parliament this morning at ashley webster live in london with the very latest. reporter: good morning. interesting to see what the prime minister has to say. last friday outside 10 downing street where you sit with his wife, that obviously bitterly disappointed in announcing he would leave office by october or november. what you see in parliament the first time as a chance to speak in the house of commons will be very interesting. there are those among his party who are very upset not only did ask him if he was quitting. they believe he should stay on and see if true to the
disentangling of the e.u. from the e.u. and he should be the one to invoke article l of the lisbon treaty. i'm not sure we are going to hear that this afternoon. he's been criticized widely because it is going to delay the move but in the process fluid for a new leader of the conservative party, new leader to be elected or chosen by the party. that doesn't invoke the article l. @party.s can take two and a half article l. all this can take two and a half years before the u.k. fully decouples from the european union. meanwhile, a wine trader as we've day after day. the head of the u.k. independence party saying the e.u. is done for. the sooner it is replaced with a different kind of europe, with trade, the better. boris johnson has been pretty quiet in the aftermath say it is clear it is over. that is his criticism of those that wanted stay in the e.u. we will let the sirens go by. there we go.
he says there's not going to be an emergency budget. people's attentions are safe. the pound is stable, market salsas table. project fear is over and now project fast became. it is all down to you. the political fighting goes on. uncertainty goes on an economic goes on and economically it's a mark is certainly better off than last friday. still pretty jittery right now is the impact of the vote is still being assessed by those who are trying to figure out what happened next. back to you. nicole: ashley webster, reporting. david cameron a good article l into effect right away if he chose to do so. barkley assaulted and we also saw the royal bank of scotland halted because of volatility and telling. lauren: back for the entire hour, 10 andersen and gary
kaltbaum, fox news contributor joining us again on the phone. hi gary. hi, tim. >> good morning to you. lauren: are you watching the volatility? where do we go from here? how anxious will investors be today, the day after the big folk? >> two words. don't blink. it will be very fluid and for me this is not about what happened friday at today. this is something that will be around for a bio break now. i believe david cameron made a mistake. i don't think he should resign and handle this. the problem is this presented to the future which means investors have to do with this for the longer. i've got to tell you the emotion of readers a lot stronger and a lot more stronger than the emotion of great. i worry about the continued high
valuations already have been stretched for quite a while. it's an interesting next few weeks. nicole: tim, you have been talking about the volatility index. it is a gauge of investor sentiment, a fear gauge of what is to come going forward. when you talk about investor sentiment and everybody who looks at the 401(k) and we know after friday's selloff, the major averages are negative for the year 2016. people are nervous. your thoughts. >> dare not make it up by that much. investors are going to cebit law says on the year. the fix is interesting because it's typically a great contract indicator. the dax spice to a high level when the market is at its lows and that fear of cascading down.
>> went aside telling you now? >> i think it has been as high as it was in february, which is unusual because the market is at a high, not low. it was used as a hedge field goal by institution that wanted to put any type of a hedge that possibly could on their portfolios going into the end of the quarter, going into this vote, which was just a week before the end of the quarter to try to protect their games are performing because their first performance will be used to a large degree to market for new money and attention they lucked out by current investors to see if they want to keep their money where it is. lauren: i want to talk about the pound right now. we just like a whacked on friday. the lowest level of 30 years. that actually helped the nature market, stock market in great
britain because a weak currency help since dogs. if you look at 250, the source of so the closer exposure to the u.k. company down almost 8% similar to what we saw with other european markets. how is the world going to handle a lower pound and a strong u.s. dollar? >> a weaker currency, people have this idea that it helps. when you crash, that does not help. if it continues lower and lower, it will indicate a serious worry about things. trunk dollars for her term multinationals, which will hurt our market. if we can settle down here, that's fine. if we hadn't admit tony's and lower, keep in mind the pound into gaza neighbors over to that. it's already had a monstrous a new cisco leap. one thing you you don't want his crashes. i would consider friday a crash
and a better not continue or mouse. nicole: you make a good point. watching the pound closely at 132. a lot of people happy holding the three number rather than 128 or 120 which obviously a lot of people thought it could move to those levels. i wanted to ask you about the banks in particular. we got the news that missile volatility in banks halted abroad. banks at home quickly. your thoughts. >> banks are still going to be a major battleground for investors. they do have good yields. but they have earnings issues going forward. you see that in a number of such trees across the market where investors come the big institutional investors have to say of my going to buy at these yielding stocks, higher yielding stocks that i really need if even know the pes might be
higher than where it typically invest. lauren: gary kaltbaum, thank you very much. nicole: david cameron to address his parliament. he'll have details of the exit plan. angela merkel meeting with other thinkers of europe. live reports from london, from berlin. stay with us. >> i think the brexit event is actually very instruct the event voters are taking stock of how both candidates responding to this situation.
nicole: world markets and political events in britain reeling after the u.k. vote to leave the european union. britain's treasury chief george osborne calming markets and trying to reassure markets shaken by the united kingdom boat to leave the european union. he says britain's economy is about as strong as it could be in order to face this challenge. secretary of state john kerry has to brussels and london today to discuss the u.k. exit from the european union. outgoing prime minister david cameron will address parliament today at 10:30 a.m. eastern time to address the situation after announcing his tension to
resign. lauren: french president francois hollande will meet today. add-on, good morning. reporter: good morning. a reminder that is angela merkel has said everyone should remain calm and there is no reason to be particularly nasty during these negotiations. they should be in a rational way. ever looking to angela merkel for leadership on what to do next from the e.u. because they are still waiting for the united kingdom to invoke article l, essentially notification that they want the divorce. that is not happening. it would be up to david cameron are the next prime minister. cameron could do that, but last week he would not leave the exit negotiations and he was resigning effect of october in a new prime minister would have to do it. everyone facing uncertainty
right now and the insurgency is spreading the markets. not only features in the united states, but here in europe. the pound is losing again as well as the german stock index trading down. we spoke with the co-ceo of the stock exchange and he says people are looking for direction in this. here's what he told us. >> well, the insurgency that the british people will end up in a recession in europe in the u.k. and maybe even in the u.s. and people will be had by that. people appreciate our industry, our economy site together and what it means if one party wants to split. reporter: angela merkel m merkeg with the italian prime minister 3:00 in berlin. 6:30 to a joint press conference and we will hear what they have to say going forward. back to you, lauren.
lauren: we see it in the markets of the pages done particularly abroad. homebuilders getting hard. easy jets from the airlines. i want to talk about sentiment. when you walk around in berlin, what are people saying about those numbers by the united kingdom. is there some animosity building? >> that's a great question. i was asking people. we were sitting next to people in different venues in berlin. we talked to people, do you have any negative welter's people from united kingdom? the reaction is is unanimously now, but they are disappointed and upset the u.k. is better to leave the e.u. lauren: adam shapiro, thank you for your insight this morning. nicole: bars and sabers keep in mind out of the u.k. vote to leave the european union. back here with us for this entire hour, tim andersen,
managing or of teaching investments. he worked on the floor of the u.s. stock exchange and also mark hamrick. good morning to you both. mark, in particular, is this a good time for the homebuyers to block a new mortgage rates as they continue to see yields falling? >> absolutely. this is a bit reminiscent of not nearly as severe as what happened during our financial crisis in the u.s. very recently our bank survey found that moving to the lowest level in about three years. now we see the likelihood that when our survey comes out on thursday morning, obviously they will find them further. this is a tremendous opportunity for buyer worries. >> the 30 year fixed-rate mortgages 3.5%. that's the latest? >> the most recent survey headed about 3.7% give or take a little bit. we will be going below that with
2.7. these are very compelling race where people interested in refinancing are in the market for a home purchase. >> tried to refinance is not so easy. a very big job in very challenging it if you can get it, you should go for it. tim, on the floor of the new york stock exchange. it was the trading begin in a few hours at 9:30 a.m. eastern time. features to the lows of the morning and this two-hour show in particular. we saw some of the european banks halted because of extreme selling volatility. what do you expect for opening bell this morning? >> is certainly looks like we will open lower. not as severe as the opening on friday. people will start to look at the next support levels, maybe 17,000, maybe, you know, smp
2050. we look at just an idea during the first hour to 90 minutes of where the relative strength is in the market. in the european market closes at 11:30, it will be interesting to see if we can get a reflex rally trip to european banks look at their two day friday. can the u.s. thinks billy managed this? >> i think so. the u.s. banks are very strong capital position. they obviously all passed a stress test last week. that's been completely overlooked with much larger stories in the market. but they have nowhere near the subprime stuff going on. you know, that is not an issue. the issue for them is growth, where they would get their growth and whether or not
investors are tracked it to their yield given their growth prospects limited by such a flat yield curve. nicole: there's so many worries at this point. we talked about foreign economies, economy here at home. this morning we heard goldman sachs output the united kingdom and recession nearly 2017. not that far away. how does the ripple effect of ripple effect of that affect us here at home? >> obviously, global financial officials -- [inaudible] pretty much every one of the last five years. you have to think that has taken a big hit here. this does not help u.s. manufacturers at all and we note that they have been really struggling recently. but you know, for american consumers, in many ways this is more of the same. we have been dealing with tremendous uncertainty in the united states for the greater part of the decade. either way, we have an election
coming up in the united states with another dose of uncertainty for the next four or five nths. >> your argument would be even if the u.k. economy does tip into recession in the u.s. struggles this pilot not going to go into the housing market. >> the housing market is based or nearly where interest rates are and where the macro u.s. economy is. we know by standard measures the u.s. job market is sad is position, certainly a jobs report coming out a week from friday we will need to take that point sense that if the u.s. economy's doing okay. we had a lackluster first quarter. the second quarter just about to wrap up is widely believed to be doing 2% is better. it is anybody's guess as to where we will be in the second half of the year. generally, most people think that is the number 2% growth rate in the second half.
nicole: what is the most interesting question earnings from a kids carnival. lifetime highs in the utilities that provide dividend and that is a safe haven. gold cell at the highest level since 2014 and the banks are falling out of that particularly in europe. here at home that may be under pressure. what of those things are looking most closely? >> to mark spike on the areas of potential growth. it could really be the housing stocks in leading stocks, the data on the housing sector has been very positive for the last six weeks. some of those stocks have traded higher. it seems the only thing holding them back from getting a flood of donut tennis created availability for people other than aaa credits. nicole: and europe, in ftse in particular they are getting harder because of the earnings report. for today only that might translate into things at home.
we will see whether that is obviously a correlation. lauren: just had a main street feel. oil prices have been selling off. someone recently asked me does this mean gas prices go down even more? >> yes prices have rebounded their lows and obviously to the degree we seen those prices go higher, that is for us drivers permit consumers to put money back into the gasoline tank. i might remind folks that a couple years ago or so, a great resurgence of retail spending the summer predicted because of the declining gasoline prices and most people have used the money to apply to saving which we always advise that you need to make sure you have your emergency savings. so without that power, but obviously not helping retailers and consumer spending the big chunk of the hope for.
banks here at home also to the downside. we will watch for that. maria: with that, another volatile day of trading. maria bartiromo will take you to the next couple hours. day of trading. maria bartiromo will take you to the next couple hours. maria: good morning. i maria bartiromo. monday, june 27th. your top stories right now 6:00 a.m. on the east coast or the fallout from a fallout from the decision to execute the european union. prime minister david cameron will address parliament this morning as a petition for a second e.u. vote has 3 million adventures good u.k. chancellor george osborne speaking earlier to calm the markets as banks take a major begin this morning. u.s. futures with another volatile jay of trading up here and abroad as the sector continues to digest the dow industrials expected to vote than 70 points. that is the low of the morning so far. in europe, stocks continuing all of the major indices down about 1% are little more