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Brexit Panic Wipes $2 Trillion Off World Markets - As It Happened

Closing Summary: Brexit Wipes $2 trillion (!!) Off Global Markets

It’s almost 24 hours since it first became clear that David Cameron’s EU referendum had not gone as the PM had planned.

That realization has triggered one of the most dramatic, volatile and downright scary trading sessions in the last decade. New estimates tonight say Brexit has wiped out over two trillion dollars of value, worldwide:

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http://www.telegraph.co.uk/news/2016/06/25/eu-referendum-brexit-prime-minister-tory-mps-bors-johnson-leade/

Boris Johnson is the favorite to replace David Cameron as Conservative leader

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http://www.telegraph.co.uk/news/2016/06/25/eu-referendum-brexit-prime-minister-tory-mps-bors-johnson-leade/

Tories Prepare For Leadership Battle•Boris Johnson and Michael Gove are preparing a “dream team” bid to take control of the leadership of the Conservative Party in the wake of the most dramatic week in modern British political history. Read about the leadership contenders. (http://www.telegraph.co.uk/news/2016/06/24/who-will-be-our-next-prime-minister-as-david-cameron-resigns-fol/)•David Cameron fulfilled a commitment to visit the Armed Forces Day event in Cleethorpes, North East Lincolnshire, today where he watched the main parade from the saluting platform. The Prime Minister spent just under an hour in the seaside town, not giving any interviews or making any speeches.•David Cameron's allies are said to be supportive of any leadership bid that home secretary Theresa May chooses to make. They are keen to try and stop Boris Johnson from becoming the next Tory leader. "I would find it all but impossible to have him as my leader," a senior Tory source told The Times. “I don’t know if he can be prevented from making it to No 10 but many of us are willing to try.”•Sir Alan Duncan, former Conservative minister and a Remain supporter, says people should not automatically assume that Boris Johnson will be the favorite to replace David Cameron as leader. He said: "Do not assume he is the darling of Conservative Party activists. A lot of them don't necessarily want a permanent ride on the Big Dipper."

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http://www.telegraph.co.uk/news/2016/06/25/eu-referendum-brexit-prime-minister-tory-mps-bors-johnson-leade/

Odds Return from a £10 stake

Boris Johnson 4/6 £16.67

George Osborne 20/1 £210

Theresa May 5/2 £35

Michael Gove 9/2 £55

Stephen Crabb 14/1 £150

Next Conservative Party leader | Who are the bookies backing?Source: Paddy Power, 10.30 on 25 June

BY: Michael Wilkinson, political correspondent 25 JUNE 2016 • 12:42PM

What now for Cameron?

David Cameron has announced there will be a staged exit from Number 10 and a new Prime Minister by October. The eurosceptics within his party will be victorious and he will go down in history as the Prime Minister who took Britain out of the European Union despite so vociferously campaigning for the exact opposite.

Boris Johnson's fortunes have soared dramatically as the figurehead of Vote Leave.

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http://www.telegraph.co.uk/news/2016/06/25/eu-referendum-brexit-prime-minister-tory-mps-bors-johnson-leade/

Odds Return from a £10 stake

Boris Johnson 4/6 £16.67

George Osborne 20/1 £210

Theresa May 5/2 £35

Michael Gove 9/2 £55

Stephen Crabb 14/1 £150

Next Conservative Party leader | Who are the bookies backing?Source: Paddy Power, 10.30 on 25 June

• He has neatly positioned himself to become a main player in any ensuing Conservative leadership challenge. Enter, Prime Minister Boris.

• Jeremy Corbyn has also been roundly criticized for not shouting loud enough about why Britain needed to remain an EU member.

• With 60 or 70 per cent of Labour members thought to be pro-EU, MPs will pile on the pressure for him to resign too. It may be the moment that many of his opponents have been waiting for.

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http://www.telegraph.co.uk/news/2016/06/25/eu-referendum-brexit-prime-minister-tory-mps-bors-johnson-leade/

Here is a run through of the main candidates to replace

1. Tory leadership contenders | Boris JohnsonBoris Johnson is considered the most likely Brexit-backer to challenge George Osborne for the leadership, especially if the referendum pans out in favour of the former Mayor of London. Boris Johnson's stance will allow him to ride this wave of Outist feeling in any prospective leadership contest and he is already a well liked politician in the eyes of the public.His name recognition will put him ahead of other Conservatives who've been more overt in wanting to Leave, and encourage those who've been toying with joining them.Mr Johnson has recognized this in the past – writing in the Telegraph back in 2001 during a previous leadership contest – that "the Tory party is a vast organism animated by a few vague common principles such as tradition and love of country, and above all by the pursuit and retention of power."Mr Johnson will thrive if he can persuade Tory MPs that he has this winning appeal.

David Cameron

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http://www.telegraph.co.uk/news/2016/06/25/eu-referendum-brexit-prime-minister-tory-mps-bors-johnson-leade/

2. Tory leadership contenders | Ruth DavidsonRuth Davidson, leader of the Scottish Conservatives, is a clear favorite to lead the Party one day. Although she is not an MP in this country, it's worth watching this space for 2020.After her success in the Holyrood elections last month, which saw her party come second behind the SNP, she was already tipped as a future successor to Cameron. Ms Davidson has also been praised for her appearances in the EU referendum and for flooring her opponents effortlessly.At just 37 years old, Ms Davidson – gay and progressive – is seen as the embodiment of a new liberal Toryism. The Telegraph reported that Ms Davidson believes the Scottish Conservatives would have to break away from the UK party under a new nameif Boris Johnson becomes Prime Minister. Senior sources close to the Scottish Tory leader said she thinks the former Mayor of London would be toxic to her party’s electoral hopes north of the Border if he succeeds David Cameron in the wake of a vote for Brexit on Thursday.

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http://www.telegraph.co.uk/news/2016/06/25/eu-referendum-brexit-prime-minister-tory-mps-bors-johnson-leade/

Here is a run through of the main candidates to replace him

3. Tory leadership contenders |George OsborneOnce regarded as an obvious candidate to take over from his close friend David Cameron, George Osborne has grown increasingly unpopular among Tory MPs and the grassroots of the Party.It is now widely accepted the chancellor will be removed from his position in a post referendum reshuffle, as he would need to reestablish himself in a different Cabinet role to have any hope of running for the leadership of the Party in the future.As many as 65 Conservative MPs rejected George Osborne’s proposed emergency "Brexit budget" earlier this month as "absurd" and criticised his suggestion that he would threaten to "renege on so many manifesto pledges’."In March Mr Osborne faced a mass Tory rebellion over disability cuts as Conservative rebels went public and claimed they had the numbers required to defeat the government. In the wake of Mr Osborne’s disastrous Budget, the Chancellor admitted that his bid to cut disability benefits had been a “mistake”. But don't underestimate this politician's survival instincts, this politician could easily turn things around.

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http://www.telegraph.co.uk/news/2016/06/25/eu-referendum-brexit-prime-minister-tory-mps-bors-johnson-leade/

Here is a run through of the main candidates to replace him

4. Tory leadership contenders |Theresa MayTheresa May is truly the quiet woman of British politics, but that doesn't mean the "Ice Queen" isn't interested in running for the leadership of the Party.As a steady Home Secretary, she has kept her head down during the EU referendum debate and could be the perfect person to reconcile the Party in the wake of the dramatic campaign. The Party will inevitably want a Brexiteer as one of their final two candidates to be the next leader, so Ms May could have the best chance - as a sceptical Remainer - of being able to contest them.In an interview with the BBC this month she gave us a taste of which direction the Party could go under her leadership when she made a clear call for "further reform" to EU free movement rules.Although she has repeatedly refused to comment on a future bid for the Tory leadership, it's now clear that she, rather than Osborne, might end up being Boris Johnson’s main opponent. Her restrained approach to campaigning for Remain has helped her avoid alienating Tory Brexiteers, and the polls suggest her reputation has held up better than some of her potential leadership rivals.

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http://www.telegraph.co.uk/news/2016/06/25/eu-referendum-brexit-prime-minister-tory-mps-bors-johnson-leade/

Here is a run through of the main candidates to replace him

5. Tory leadership contenders | Michael Gove

In recent weeks there has been a groundswell of support amongst Tory grassroots members for Michael Gove to run for the leadership of the Party.According to a poll by the Conservative Home website, 31 per cent of Tory members now want Mr Gove to succeed Mr Cameron. However he has repeatedly insisted he is not interested in the position and has said his friendship with David Cameron will survive the referendum.There has been a lot of talk in the senior ranks of the Party about the possibility Mr Gove becoming deputy prime minister in a unity reshuffle and it is understood that he is seen by David Cameron as the key to restoring the party after the referendum. Many believe that offering Mr Gove the roll of deputy prime minister would be the clearest demonstration of Mr Cameron’s commitment to reunite his party.Within the Party, Mr Gove is not considered as a serious contender for the top job because he genuinely has no real ambition to become the Prime Minister.

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http://www.telegraph.co.uk/news/2016/06/25/eu-referendum-brexit-prime-minister-tory-mps-bors-johnson-leade/

Could Boris Johnson be heading for No10? CREDIT: JULIAN SIMMONDS

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Brexit Panic Wipes $2 Trillion Off World Markets - As It Happened

Howard Silverblatt @hsilverbHoward Silverblatt @hsilverb 24h

S&P Global Broad Market Index (BMI) lost $2.08 TRILLION today, and are down $1.50 trillion year-to-date 6:03 PM - 24 Jun 2016

Howard Silverblatt@hsilverbS&P Dow Jones Indices Senior Index Analyst. My disclaimer can be found here: http://bit.ly/OXsc1G

Howard Silverblatt @hsilverb Jun 24$SPX lost $657 billion today (7th worst point, 180 worst %), as the $DJIA fell $163 billion (8th worst point, 264 worst %)

Howard Silverblatt @hsilverb Jun 22$SPX Q1,’16 shareholder return (dividends & buybacks) sets record at $257.6 billion, as does 12-month Mar,’16 at $974.6B