EU REFERENDUM

The U.K. faces a complex set of negotiations to clarify its future relationship with the EU, and it’s starting with some serious handicaps.

Italian Prime Minister Matteo Renzi said the EU must now focus “a bit more on social issues and a bit less on bureaucratic ones.”

Wall Street’s decline Monday adds to Friday’s huge losses as U.S. stock indexes chalk up their worst two-day swoon in about 10 months.

After the biggest daily fall in the pound in modern history Friday, both U.S. banks were forced to slash their forecasts for the rest of 2016.

Both crude benchmarks closed down around 5 percent Friday amid plunging global financial markets as Britons voted to leave the European Union.

Last week’s historic referendum, where the British public voted to leave the EU, has kicked off a flurry of diplomatic activity in Europe, even as the economic fallout continues.

The shock result of the U.K.’s EU referendum has erased more than $2 trillion in paper wealth.

The British pound fell anew in early Asian trading on Monday, with investors still at a loss as to what happens next now that the country has voted to leave the EU.

U.S. stock index futures eased slightly in early trading on Sunday after Britain’s vote to leave the European Union sparked a sharp sell-off in global markets on Friday

Brexit campaigner Boris Johnson, favored to become the next prime minister, said Britain could forge a relationship with the EU based on free trade and partnership rather than a federal system.

Britain’s Brexit vote has emboldened anti-EU parties across the continent, including the Freedom Party and its presidential candidate, Norbert Hofer.

Hedge funds that bet on or against European stocks were hit hardest Friday, with most losing between 2 and 4 percent, two investors said.

First Minister Nicola Sturgeon said on Sunday that Scotland will do whatever it takes to remain in the EU.

Former U.K. Foreign Minister David Millibrand said populism is very popular — until it gets elected.

John Cryan did not comment on the possible direct impact on Deutsche Bank after the referendum. Deutsche Bank employs at least 11,000 staff in Britain.

First Minister Nicola Sturgeon told BBC Sunday the Scottish parliament would consider blocking legislation on Britain's exit from the European Union.

China's Minister of Finance Lou Jiwei expressed his concerns Sunday at the first annual meeting of the Asian Infrastructure Investment Bank.

The auto industries of Britain and other EU nations will likely feel the impact of Thursday's vote — with investor George Soros fearing even worse outcomes.

Following last week's Brexit vote, bank governors endorsed contingency measures already in place to guarantee markets will function properly.

More than 2 million people — mostly from London and Edinburgh — have signed a petition, urging the government to hold a second Brexit referendum.

Jonathan Hill, a lobbyist and former Conservative Party leader, follows his ally Prime Minister David Cameron in stepping down after the Brexit vote.