BREXIT: Britain should ‘go it alone’ and exit EU, says Donald Trump

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New Delhi | Updated: June 23, 2016 3:37:16 AM

EU referendum: As Britain heads for referendum poll on staying or leaving the European Union on June 23, Prime Minister David Cameron, several veteran politicians, businessmen...

Live Brexit Poll: Swiss investment bank UBS warned its clients on Tuesday it may fail to execute some orders on its electronic trading platform should this week's Brexit referendum affect liquidity or cause extreme volatility. (Reuters)Live Brexit Poll: Swiss investment bank UBS warned its clients on Tuesday it may fail to execute some orders on its electronic trading platform should this week?s Brexit referendum affect liquidity or cause extreme volatility. (Reuters)

EU referendum: As Britain heads for referendum poll on staying or leaving the European Union on June 23, Prime Minister David Cameron, several veteran politicians, businessmen and film to sports stars debated their respective ideas of Brexit while Indian market is going through volatile phase and treads cautious ahead of the outcome.

Banks could be forced to relocate jobs from London to Frankfurt and Paris if Britain should decide to leave the European Union in its referendum on Thursday, the EU’s financial services commissioner was quoted as saying on Wednesday.

“I’ve visited London, Manchester and other British financial centres in the past weeks and warned of the consequences of an exit from the EU,” Jonathan Hill said in an interview published by German business newspaper Handelsblatt.

U.S. Federal Reserve chief Janet Yellen’s circumspect tone on raising interest rates helped emerging stocks almost half a percent higher on Wednesday while the naira firmed in forward markets on its third day as a floating currency.

Asian stocks edged up on Wednesday as investors were guardedly optimistic about a “Remain” vote in Britain’s make-or-break European Union referendum, while Federal Reserve Chair Janet Yellen’s cautious tone virtually ruled out a July rate hike.

Credit Suisse would cut its year-end forecasts for Britain’s benchmark FTSE 100 equity index by 6 percent if Britain voted to leave the European Union this week. The Swiss bank’s equity strategists said they would cut their year-end target for the FTSE down to 6,200 points from 6,600 if a Brexit occurred – a reduction of around 6 percent.

Last night, the intense debate over Britain’s future in or out of the European Union had moved to Wembley Arena for a televised confrontation between leading lights of the ‘remain’ and ‘leave’ campaigns just two days before Thursday’s national referendum.

Before a loud and raucous crowd of some 6,000 people, and a large BBC audience Tuesday night, former London Mayor Boris Johnson went on the attack, downplaying suggestions that breaking away from the 28-nation EU bloc would mean trade tariffs for British exports.

(Source: The Economist)

Here are latest updates:

*Republican White House hopeful Donald Trump admitted today he has not studied closely whether Britain should exit the EU — but he weighed in anyway, saying the British should “go it alone.”

*The campaign for Britain to leave the European Union has a two-point lead over the rival “In” camp, down from a seven-point lead last week, according to a TNS poll published on Wednesday, the day before the country’s EU membership referendum.

*Prime Minister David Cameron held several rallies to seek support for Britain remaining in the European Union (EU) as campaigners made a final dash for
votes in tomorrow’s crucial referendum.

* Thousands of Goans who migrated to the UK on an EU passport using their Portuguese ancestry are hoping Britain votes to remain in the 28-nation bloc in tomorrow’s referendum over fears their immigration status
could change in the event of a British exit or ‘Brexit’.

*Market volatility heading into Thursday’s British vote on whether to remain in the European Union is creating opportunities to buy homebuilders, banks and consumer companies linked to the domestic economy in Britain, contrarian fund managers from several well-known firms say.

* French President Francois Hollande warned that if Britons voted to leave the European Union it would be an irreversible decision that could jeopardize Britain’s access to the bloc’s single market. “If the choice is to leave the EU … that would be irreversible,” Hollande said. “There would be a very serious risk for Britain to lose its access to the single market and everything that goes with the European economic area. Everyone needs to be well aware of this,” he said.

* With one day to go before Britain’s June 23 referendum on European Union membership, all the country’s newspapers have declared their position, hoping to influence voters as opinion polls paint a picture of an evenly split electorate.

Jaguar Land Rover, owned by Tata Motors, said its annual profit could be cut by 1 bln pounds ($1.47 bln) by 2020 if Britain leaves the European Union – sources

* According to The Sun, Queen Elizabeth asked dinner guests, “Give me 3 good reasons to stay in Europe”.

* One tweet reads: “We are bigger than the eu,we are better trading with the rest of the world.Lets be part of the global market #Brexit”

* Tata Motors snaps 6-session rally; JLR estimates 1 bln pound Brexit hit: Sources

* Credit Suisse would cut FTSE target by 6 pct if Brexit occurs

* Bookies say tt’s almost all over as gamblers see no Brexit, reports Bloomberg.

* Dollar steps back, sterling firms ahead of Brexit vote.

* Michael Gove has compared economic experts warning about Brexit to Nazis who smeared Albert Einstein’s scientific findings during the 1930s, reports Telegraph.

* Richard Branson warns #Brexit would be ‘devastating’ for prosperity of the UK

* “Don’t forget to vote on Thursday, no excuses! x #Euref,” tweets Emma Watson.

* Swiss investment bank UBS warned its clients on Tuesday it may fail to execute some orders on its electronic trading platform should this week’s Brexit referendum affect liquidity or cause extreme volatility.

* European Commission President Jean-Claude Juncker warned Britain that voting to leave the EU would be “an act of self-harm” that would endanger everything Europeans had worked together to achieve. “To turn your backs on your neighbours and retreat into isolation would go against everything that the Europe and UK stand for,” Juncker said during an address to Greek business leaders in Athens, adding: “To leave would be an act of self-harm.”

* A record number of voters have registered for Britain’s EU membership referendum on Thursday with 46.5 million people signed up to cast their ballots, the body overseeing the vote said. “The provisional size of the UK and Gibraltar electorate indicates a UK record of 46,499,537,” the Electoral Commission said in a statement on Tuesday.

* The heads of the U.S. financial regulatory agencies, including Treasury Secretary Jack Lew, conferred on Tuesday about the upcoming “Brexit” vote in a regularly scheduled meeting closed to both the public and the press, according to a statement from the Treasury Department.

“During the executive session, the council discussed recent market developments, including the possibility of the United Kingdom’s separation from the European Union,” it said in a summary of the meeting.

* Canada’s main stocks edged lower on Tuesday as losses for gold ahead of a vote by Britain on its European Union membership weighed on mining stocks, offsetting gains for financial and energy stocks.

* Britain’s exit from the European Union would have a significant economic repercussions, Federal Reserve Chair Janet Yellen said on Tuesday.

“One development that could shift investors’ sentiment is the upcoming referendum in the United Kingdom. A UK vote to exit the European Union could have significant economic repercussions,” the US Federal Reserve Board Chairwoman Janet L Yellen told lawmakers.

* U.S. stocks rose on Tuesday, led by gains in technology shares as Federal Reserve Chair Janet Yellen was optimistic about the economy and played down the risk of a recession, while concern over the upcoming British referendum remained subdued.

* Stock markets edged higher on Thursday while sterling reversed gains after hitting a more than 5-1/2-month high earlier in the day as polls and surveys showed the United Kingdom’s vote on leaving the EU remains on a knife-edge.

* From the prime minister to sports and pop icons David and Victoria Beckham, supporters of Britain staying in the European Union urged voters Tuesday to think about future generations when they cast ballots in a referendum that has divided the nation.

(With agency inputs)

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