10 things you need to know before European markets open

Good morning! Here’s what you need to know.

Britain is voting to leave the European Union. As of 4:45 AM BST, the results show 52% voted to leave the EU versus 48% that voted for Britain to stay within the EU.

The pound fell to a 30-year low. The currency dropped by over 10.5% to a low as 1.3322 against the dollar around 11:47 p.m. ET (4:57 a.m. BST)
after BBC called Leave.

Gold is soaring. Investors are fleeing to safety. As of 11:48 p.m. ET, gold has soared 7.00% to roughly $1,351 an ounce.

Stock market futures are getting crushed. US futures are down sharply with Dow futures off almost 600 points, S&P 500 futures down 91 points, or 4.3% London FTSE futures are down 8.9%. Futures for Germany’s DAX are off more than 8%.

US single-family home sales fell from an eight-year high. The Commerce Department said new home sales dropped 6.0% to a seasonally adjusted annual rate of 551,000 units. April’s sales pace was revised down to 586,000 units, still the highest since February 2008.

US unemployment is still dropping. The number of Americans filing for unemployment benefits fell last week to near a 43-year low, suggesting labour market resilience even though hiring slowed sharply in May.

Russia extends a hand to Turkey. Russia has invited Turkey’s foreign minister to take part in a meeting of the Black Sea Economic Cooperation Organisation in Sochi on July 1, the spokeswoman of Russia’s foreign ministry told reporters.

Extreme weather was deadly in China. A tornado and hail storms killed at least 51 people on Thursday in the eastern Chinese province of Jiangsu, state media said.

Hollande and Merkel will meet. French President Francois Hollande will meet German Chancellor Angela Merkel ahead of an EU summit on Tuesday following Britain’s referendum on its EU membership, France’s European affairs minister said.

Malaysia’s anti-corruption chief is stepping down. The head of Malaysia’s anti-graft body will step down in August bringing an end to a more-than-6-year tenure that included an investigation of Prime Minister Najib Razak.

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