Sign up to receive FirstFT by email here
Brexit tremors sent sterling tumbling further in a historic sell-off — which hedge funds are betting plunges lower still — as S&P stripped the UK of its top-notch rating and David Cameron ruled out the prospect of a second EU referendum.
Meanwhile, US secretary of state John Kerry urged the UK and EU to avoid “revengeful” divorce negotiations. Mr Kerry's Democratic Party is on guard over the angry populism unearthed by the Brexit vote. That anger has resulted in a surge in hate crimes and racist abuse around the country.
Bank of England chief Mark Carney and Fed chair Janet Yellen both pulled out of the ECB's flagship economics conference to focus on soothing market jitters at home.
In the news
US Supreme Court defends abortion rights In its most sweeping abortion decision in decades, the high court struck down parts of a Texas law that could have cut the number of abortion clinics in the state from 41 to 10. The far-reaching ruling mean similar bills in other states are also likely unconstitutional. (NYT)
Europe tightens defence integration Even as the UK votes to leave the union, Brussels is to push for multinational headquarters, military procurement and deployments to better project its foreign policy clout. (FT)
Israel and Turkey put aside six years of enmity and restored relations that were ruptured when an Israeli raid killed 10 Turkish activists trying to break a blockade on the Gaza Strip. The deal will help Israel find buyers for its offshore gas exports and will help Ankara restore its battered regional influence. (Al Jazeera)
Chinese steelmakers consider merger In the face of industry overcapacity, Baosteel and Wuhan are looking at a “joint restructuring”. If successful, the group would rival AcelorMittal, the world’s largest steelmaker. (FT)
It’s a big day for
Brexit Our guess is that the referendum will be having quite a few big days coming up. Tuesday marks the start of a two-day European Council summit where leaders will discuss, what else, the UK's decision to leave. Likely on the docket: questions about the rights of EU passport holders to remain in Britain (and vice versa). (FT)
Food for thought
Can Brexit be stopped? Millions who voted to remain are asking themselves this question. Petitions are circulating on social media and demonstrations are being planned. But while leaving the EU may be hard, so is defying those who voted to leave, writes Philip Stephens. But Michael Stott thinks there is still a chance of saving Britain from Brexit. He points out that the referendum is not legally binding, and that less than 40 per cent of the electorate chose to leave the EU. All that’s required to prevent the rupture is calm heads and clear minds on both side of the Channel. (NAR)
Haunted Europe The UK vote to leave the EU has thrown the bloc's future into question, as support for expansion evaporates. (FT)
Workplaces are uncivil Office life has become uncivil as workers fire off emails and fiddle with smartphones rather than answering their phones or listening to colleagues. (FT)
Sonic boom Alex Ross on how we have weaponised music, from pop songs as torture during the Iraq war to trumpets at the walls of Jericho. (New Yorker)
Video of the day
Brexit: five consequences Here are the real-world repercussions of the vote. (FT)