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Sep E-mini stock futures are down sharply by -85.00 points (-4.04%) at a 3-1/4 month low and European stocks sank -9.12% to a 4-1/2 month low as global equity markets plunged following the surprise vote by the UK to leave the European Union.  52% of Britons voted to “Leave” the EU versus 48% who voted to “Remain,” which triggered a -8.06% plunge in GBP/USD to a 30-3/4 year low and prompted UK Prime Minister Cameron to resign. The outcome stunned global markets that had rallied sharply yesterday on the prospects that Britons were going to vote to remain in the EU.   The price of gold is up +4.93% at a 2-1/4 year high and the yield on the 10-year German bund sank to a record low -0.17% as investors seek safe-haven from market volatility.  USD/JPY plunged -3.79% to a 2-1/2 year low on increased safe-haven demand for the yen, which sent Japanese exporter stocks tumbling and the Nikkei Stock Index closed down sharply by -7.92% at a 1-1/2 year low.  The dollar index is up +2.46% at a 3-1/4 month high, EUR/USD is down -2.81% at a 3-1/2 month low and Sep T-notes are up +2-18.5/32 points at a contract high.

The German Jun IFO business climate unexpectedly rose +0.9 to 108.7, stronger than expectations of -0.3 to 107.4 and the highest in 6 months.  Jun IFO current assessment rose +0.3 to 114.5, stronger than expectations of -0.2 to 114.0.  Jun IFO expectations rose +1.4 to 103.1, stronger than expectations of -0.4 to 101.2.

Japan May PPI services rose +0.2% y/y, stronger than expectations of +0.1% y/y.

Morning Markets  Last Chg %chg
E-mini S&P 500 (U6) 2020.75 -85.00 -4.04%
Europe Euro Stoxx 50 2760.70 -277.16 -9.12%
Japan Nikkei Index 14952 -1286 -7.92%
China Shanghai Comp. 2854 -38 -1.30%
10yr T-notes (CBT)(U6) 133.125 2.185 1.97%
U.S.  Dollar  Index 95.826 2.297 2.46%
Euro FX (EUR/USD) 1.1065 -0.0320 -2.81%
Dollar-yen (USD/JPY) 102.14 -4.02 -3.79%
Sterling (GBP/USD) 1.3678 -0.1199 -8.06%
WTI Crude Oil (Q6) 47.65 -2.46 -4.91%
Brent Crude Oil (Q6) 48.31 -2.60 -5.11%
Gasoline (Nymex) (Q6) 1.5441 -0.0675 -4.19%
Gold (Comex) (Q6) 1325.4 62.3 4.93%
Silver (Comex) (N6) 17.975 0.622 3.58%
Copper (Comex) (N6) 2.106 -0.057 -2.64%

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