So the United Kingdom people voted to leave the European Union by 51.9% voting to leave versus 48.1% voting to stay in the EU.
By UK member country, England (53.2%) and Wales (51.7%) voted to leave, whilst Scotland (62%) and Northern Ireland (55.7%) voted to remain.
According to The Telegraph website dedicated to the Brexit referendum, those regions of the UK which voted to leave have a high proportion of working class voters who were concerned over issues of immigration and employment.
Full details, with infographics can be accessed on its website at:-
http://www.telegraph.co.uk/news/2016/06/23/leave-or-remain-eu-referendum-results-and-live-maps/
So what next?
Some predict that Prime Minister David Cameron and the Chancellor of the Exchequer ("Finance Minister") Gordon Osborne will be forced to step down.
Russia Today believes that Boris Johnson who supported Brexit will be the UK's next prime minister.
"So who would take Cameron’s job? There are already suggestions the next resident of 10 Downing Street could be former London Mayor Boris Johnson, who campaigned for a ‘Leave’ vote."
"It’s reported that negotiations may already be underway to coordinate Cameron’s exit and the installation of Johnson and Michael Gove into the seats of power."
https://www.rt.com/uk/348112-brexit-cameron-resign-scotland/
RT also reports opinion that Scotland may decide to make a second bid for independence from the UK and bid for EU membership on its own.
"It had been suggested that if ‘Leave’ won, Scotland could push for a second independence referendum to leave the United Kingdom and seek EU membership for itself."
"Scotland’s former First Minister Alex Salmond said in May that such a vote would probably occur “within two years.”
Others also predict that the U.K.'s exit from the EU will prompt other EU countries to make their own bids to leave.
Meanwhile, Asian markets have been badly shaken, since many believed the pollsters who predicted that the U.K. would remain in the EU.
Reuters reported jittery Asian markets this morning in anticipation of a Brexit.
Asian currency, bond and equity traders kicked off an early day of choppy trading as the growing likelihood of a British vote to leave the European Union sent shivers across trading floors and kept many investors glued to their television screens.
Trading desks at most foreign banks from Hong Kong to Singapore started on Friday nearly two hours before their normal start to take in early orders and address investor concerns. But the market meltdown and volatility pushed many traders to the sidelines as they waited for the final vote tally, before taking fresh positions.
"I am getting slightly seasick from the fluctuations between in and out," Michael Blythe, chief economist at Commonwealth Bank of Australia (CBA.AX). "I haven't heard this much noise from the dealing room in a very long time," he added.
Britain's bitterly contested referendum on whether to quit the EU began too close to call early on Friday, with partial results showing a deeply divided nation, but the pound was hammered as the numbers slowly tipped in favor of a vote to leave.
The threat of Britain leaving the European Union has had markets across the asset classes on edge.
The British pound fell about 10 percent, while shares in British bank HSBC plc (HSBA.L) tumbled 8 percent, while the FTSE futures FFIc1 pointed to a 7.5 percent slump at the UK stock market open.
"Volatility has been the theme of the year, and people are getting used to it," said Danny Bao, chief investment officer at HJY Capital Advisors (HK) Ltd. "The big unknown is the complication that a Yes vote (to leave) will create for EU. We are sitting tight for now," he added.
Asian markets were first to open and react as the results vote count tricked in. With results declared from 282 of 382 voting districts plus parts of Northern Ireland, Leave was ahead by 51.6 percent to 48.4 percent..
"Liquidity generally is very light. Even before coming into the voting day, liquidity was generally light. The problem is the market was generally pricing in a 'remain', so obviously you're seeing the pound and currency markets generally recovering back to any risk-off level," one Hong Kong-based fund manager said.
"I don't think it's Armageddon day, but definitely it's a short-term surprise if they voted for a leave," the fund manager said.
Tight liquidity has widened the bid and offer gaps in the Asian credit markets, with very small lots going through in low volume trade. In the CDS market the iTraxx benchmark ITAIG5Y=MG is trading at 142/145 bps, wider by about 8bps, and traders said it was one of the most volatile days of the year.
One bond taking a big hit was the HSBC 6.875% perpetual US404280BC2=TE, down 4 points in price at 97.5/99. But some high-yield bonds are outperforming as it has caught bids from risk seekers.
"We are seeing some support in high yield from investors rotating out of stocks,” said a Singapore based trader.
(Reporting by Denny Thomas Howard Rebecca, Elzio Barreto, Umesh Desai; Editing by Will Waterman)
http://www.reuters.com/article/us-britain-eu-trading-asia-idUSKCN0ZA0EO?mod=related&channelName=ousivMolt
China's People's Daily newspaper appears to have hoped that the UK would remain in Europe but now that is not the case, it is left to be seen what China will do next.
As Britain takes to polls for Brexit, China is also closely watching and weighing the impact of the possible United Kingdom leaving the European Union.
The future of the relationship between the U.K. and the E.U. depends on the vote on Thursday. Recent opinion polls put the “Leave” and “Remain” campaigns neck-to-neck, but the betting markets suggest there is a 75 percent chance that “Remain” will win, the media reported.
The U.K. is only second to Germany when it comes to trade with China in the E.U. According to an analysis report from the Bank of China, China will lose an important power to push forward free trade between China and Europe and it will also add to more difficulties for future negotiations on free trade pacts, the Beijing Morning Post reported.
As one of the most important offshore market and trading hubs for the RMB, London is a key mainstay for RMB internationalization efforts. Since the Brexit may threaten London’s position as a leading world financial hub, it may also affect China’s plans to go global, according to the Economic Daily.
The newspaper added that the world’s capital markets, including China’s, will receive a negative impact from the Brexit.
On the other hand, exports to the U.K. account for some 3 percent of China’s total exports, a figure not too big to indicate a huge blow, Beijing Morning Post noted, adding that the U.K. may also turn to seek more cooperation with countries like China, after Brexit impairs the country’s free trade with the E.U.
The Xinhua News Agency pointed out that the Brexit will also be followed by devaluation in the pound.
Several Chinese experts said the chance of the U.K. leaving the E.U. is relatively small. Professor Wang Yiwei with Renmin University of China said it is not very likely for the referendum to pass and for them to leave the E.U. and even if so, the E.U. may still hold emergency meetings in order to keep the U.K.
A“Remain” camp may attract the majority as keeping the E.U. membership is beneficial for the U.K. in the long run, according to Feng Zhongping, vice president of the China Institute of Contemporary International Relations.
“In all, we will be still delighted to see a ‘united E.U.’ for a Brexit will only jeopardize both the E.U. and the U.K. and weaken future global economic growth, which, obviously, will be bad for China,” People’s Daily commented.
http://en.people.cn/n3/2016/0623/c90000-9076549.html
Something else which could happen is that the UK will now pay more attention to the Commonwealth nations such as Malaysia, which the UK appears to have paid less attention to that it was in the EU, but from now on, let's see what the UK does with regards our part of the world.
CHARLES F. MOREIRA
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