10 things you need to know before European markets open

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

Brexit is still rocking markets. Asian stocks fell and the British pound tumbled more than 2% in early trade on Monday as markets struggled to shake off deep uncertainty sparked by Britain’s decision to leave the European Union.

British politics are in absolute chaos. As many as 12 members of Jeremy Corbyn’s shadow cabinet resigned on Sunday after Hilary Benn was fired in a midnight phone call. Corbyn’s decision followed reports that Benn was staging a coup.

There’s a recession coming. Britain is likely to enter a recession within the year as a result of last week’s vote to leave the European Union, a decision that will stunt global economic growth as well, Goldman Sachs’ top economists said.

The new Panama canal expansion opened. Panama opened the long-delayed expansion of its shipping canal on Sunday with just a dozen of the 70 heads of state invited to see the debut of the third set of locks attending the ceremony.

The Swiss want tighter immigration laws. Switzerland will propose in talks with Brussels that it should be allowed to protect economic sectors in specific regions against immigration from the European Union, its president told a Sunday newspaper.

John Cryan sees London weakening. The chief executive of Deutsche Bank says London will not die as a financial center but it will become weaker after Britain voted to leave the European Union.

Austria could have a similar referendum to the UK. The European Union should avoid any moves towards political “centralisation” or else Austria could hold a referendum on membership of the bloc within a year, a far-right candidate who almost won the country’s presidential election said.

John Kerry flies in. US Secretary of State John Kerry will meet European Union foreign policy chief Federica Mogherini in Brussels and British Foreign Minister Philip Hammond in London on Monday, a senior State Department official said.

The EU is over according to Soros. Billionaire investor George Soros said that Britain’s vote to leave the European Union makes “disintegration of the EU practically irreversible,” and that the effects of Thursday’s referendum will likely damage Britain.

France spoke out against TTIP. French Prime Minister Manuel Valls on Sunday blasted a planned EU-US trade treaty, saying the ambitious deal was against “EU interests.”

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