Europe

According to the Ifo Institute of Economic Research, German business sentiment improved in June, despite all the turmoil caused by the EU referendum in UK. Economists were expecting the reading to disappoint, falling from 107.70 to 107.50, while the actual result was 108.7 points.

The German Business Climate is calculated by a number of surveys from different firms and companies in a handful of sectors, such as construction, wholesales, manufacturing, retailing, services, which altogether provide insight on the German economy. The given release is important, as it tends to also provide a preliminary forecast for future economic activity and the economic conditions in the Eurozone overall. Furthermore, the survey consists of approximately seven thousand businesses, which are asked to assess the economic outlook for the upcoming six months.

Christine Lagarde, during the forum Aspen Ideas Festival in Colorado, USA, while showing that the financial markets have "by far underestimated" the outcome of the vote in Britain, noted with respect for democracy, the outcome of the referendum last Friday.
"We take note of the decision by the people of the UK and urge the British authorities and the EU to work collaboratively to ensure a smooth transition and a new economic relationship between the United Kingdom and the European Union, clarifying procedures and big goals that will drive this process. "

While the initial effects of Brexit were clearly visible in the main financial markets, George Osborne, the British finance minister, suggests that the government will not implement the steps quickly, or that Britain will activate Article 50 of the Lisbon Treaty leave the EU when it is ready "at the appropriate time".
Osborne, with the premise that the country is ready to face the turbulence caused by the decision to leave the Union, explains that "Only Britain can activate Article 50. And, in my opinion, we should not do it until we have a clear vision of the new arrangements to be introduced with our European neighbors ".

"Now the catastrophic scenario feared by many has materialized, making the collapse of the EU almost irreversible," – Soros wrote in a commentary published on the website of the newspaper consortium "Project Syndicate".

The investor also spoke about the possible consequences exit of Britain from the EU and in relation to Friday’s vote, his opinion does not require many interpretations.

Brexit could bring to bear its effects already on the next vacation. And for airlines, especially low-cost, the risk of burdening the next half revenues.
The alarm was launched by EasyJet, which expects "that revenue per seat at constant exchange rates, in the second half of the year will fall by at least 5% compared to the second half of 2015". The British airline also said it expected a negative impact of 28 million pounds in profit before tax for the third quarter due to strikes outages, congestion Gatwick and Egyptair tragedy that has caused a decline in demand.

During his trip to Scotland, Donald Trump wanted to release his first impressions about the Brexit, "appreciating" the choice made by the British people. In an interview with Italian newspaper La Stampa said that "The people in the UK have claimed their independence, the right to decide how to govern the country and determine their own destiny. It seems to me that this is a positive thing in general. The crumbling of Europe instead is a fact, not my opinion. It depends on the errors committed by its inadequate leadership.

It was a constant head to head, with constant reversals in the face at the end won the Leave (51.9) on the Remain (48.1) and Britain is outside the EU. High voter turnout, recording 72.2%. The vote, as well as to plunge the United Kingdom in uncertainty, is the most decisive defeat for the supporters of greater European integration after the Second World War and is likely to trigger a domino effect in other countries.

The initial rejoicing in the field of pro-EU has gradually given way to the joy of those who want Britain out of the EU. "Now we sing our anthem without Brussels telling us that it is wrong," said UKIP leader Nigel Farage commenting on the progress of the examination. It is "a victory for
real people, a victory for ordinary people, a victory of the people for good. We fought against the multinationals, the big banks, the lies, the big parties, corruption and deception, "said Farage, who defined June 23 as Independence Day in Britain.

The Swiss National Bank (SNB) intervened in the foreign exchange market after the "yes" of Britons to Brexit, the exit of Britain from the EU. This was confirmed by the SNB in a statement today. The National Bank has announced that continues to remain active on the market.

The result of the referendum in the UK has resulted in growing pressure on the franc, the SNB noted. The euro rose to start the day below the threshold of 1.07 francs to 1.0624 francs, its lowest level since August 2015. The Swiss currency is seen as a traditional value of refuge in case of major political crisis.