Mark Carney, the governor of the Bank of England, sought to calm markets this morning with a pledge to provide an extra $344 billion in liquidity. He assured markets that U.K. banks were well-funded, even as their share prices tanked. (CNBC)
Dallas Federal Reserve President Rob Kaplan joins CNBC's "Squawk Box" at 8:30 a.m. ET to talk about how the central bank sees the Brexit vote and how it might influence the future of U.S. interest rates and the outlook for the American economy.
In a statement, JPMorgan Chase (JPM) chief Jamie Dimon, JPMorgan Asset Management CEO Mary Erdoes and Daniel Pinto, JPMorgan's chief executive for corporate and investment, said there were probably challenges ahead for the banking giant. Goldman Sachs (GS) chief Lloyd Blankfein sought to calm investor nerves in a statement emphasizing the bank has a "long history of adapting to change" and had been planning for the potential consequences of this result "for many months." (CNBC)
Ratings agency Standard and Poor's said Britain's top-notch AAA credit rating was no longer tenable after voters opted to leave the EU, the Financial Times reported on Friday. Rival ratings agencies Fitch and Moody's had already stripped Britain of their AAA ratings, long before the referendum campaign began. (Reuters)
Nigel Farage, the leader of the U.K. Independence Party, who has been a prominent member of the leave campaign, claimed victory, saying June 23 would become known as the U.K.'s "Independence Day" and should be declared a national holiday. Even with the vote for Brexit, the process of actually leaving the EU could take two years or more as a series of negotiations take place for how to disentangle the U.K. from the many EU structures. (BBC & CNBC)
In the U.S., billions, if not trillions, of dollars could be called into question by the British exit: In 2014, American direct investment into the EU totaled about 1.81 trillion euros ($2.01 trillion) and about 1.99 trillion euros flowed in the opposite direction, according to the European Commission. If even a small percentage of that is disrupted, it could reverberate across the globe. (CNBC)
Although concern for the future of the EU may seem like hyperbole, nearly every member state has a political contingent in favor of leaving the union, and the successful Brexit vote may have just politically legitimized — and energized — those movements. (CNBC)