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Rolls-Royce says the Brexit vote was not "the outcome the company would have chosen", but it remains committed to the UK.

The referendum will have no "immediate impact" for the maker of plane engines and the like, although in the longer term that will depend on the trade agreements that the UK signs, Rolls-Royce said.

The company, which employs 23,000 people in the UK, also said it was on course to meet its 2016 profit targets.

Image source, Ocado

Ocado has managed a £1.3m rise in pre-tax profits to £8.5m for the 24 weeks to 15 May, external and said talks to secure a long-awaited overseas deal were continuing. 

Analysts see winning international licensing deals in north America and western Europe as crucial for the online supermarket's shares. However, the company missed a target of winning an international deal by the end of 2015. 

Shares in Ocado rose 5.7% on Monday, but are still down more than 30% this year.

Chief executive Tim Steiner says bullishly: "We have been gaining share in the online grocery market and expect this to continue." 

Theo Leggett
BBC Business News Reporter

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A former president of the European Central Bank has described the result of last week's referendum as "appalling". Jean-Claude Trichet tells the BBC the vote had been "rolling the dice" with the UK's future. 

But speaking at the ECB Forum, an annual gathering of central bankers and leading academics in Sintra, Portugal, he insists that the vote did not threaten the future of the EU itself or the euro. 

Mr Trichet adds that he had confidence in the ECB's governing council's ability to deal with the aftermath of the vote.  

Norman Smith
Assistant political editor

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Health Secretary Jeremy Hunt has become the first cabinet minister to go public with calls for a second referendum over the terms of the UK's departure from the EU. 

He is also calling for the start of the withdrawal process to be delayed until shortly before the next election, which would mean Britain would not leave until after 2022 at the earliest. 

Mr Hunt says the Government should also reach a "sensible compromise" over freedom of movement and that such concessions are necessary to ensure the UK retained access to the single market.

His call will anger many Leave campaigners and Tory MPs amid fears the Government could backtrack over the referendum result.

BBC Radio 5 Live

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The UK has lost its top-notch AAA credit rating from S&P and has been downgraded by rival agency Fitch following the Brexit vote. The move could make it more expensive for the government to raise money. 

But Mike Amey of Pimco - a major investor in government bonds - tells Wake Up to Money that the downgrades were not a big surprise. 

“There was always a likelihood that a downgrade would happen," he says. "Historically when the US got downgraded, the bond market rallied. What the market will look at is the outlook for growth and the prospects for the economy rather than the rating agencies.”

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While the pound is up a touch, gold has dipped slightly as some investors take their profits.

Spot gold fell 0.6% to $1,316.80 - erasing Monday's gains - while US gold slipped 0.3% at $1,320.50. 

MKS Group trader Alex Thorndike said most selling had been in China: "It seems like the market is pausing here a bit now considering the moves we have seen since Friday. But in a couple of weeks I think we could see prices in the $1,375-$1,400 range."    

Political editor Laura Kuenssberg tweets:

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9:30am: Angela Merkel makes statement on Brexit to German Parliament.

10am: Treasury committee holds post-referendum evidence session. 

12pm: Gordon Brown speech on the future of Britain in Europe. 

1:30pm: First Minister’s Questions and EU debate in the Welsh Parliament. 

2pm: EU leaders meet at European Council.

2pm: First Minister Nicola Sturgeon makes statement to the Scottish Parliament.

Today Programme
BBC Radio 4

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Huw Van Steenis, banking analyst at Morgan Stanley, tells Today that bank shares in both the UK and on the continent are being hammered because they face a "triple whammy": concerns about whether they will do less business; make lower profits on their loans if interest rates are cut; and whether bad debts will rise. 

In a word, it's all about "uncertainty", given that banks are a mirror of the economy. “There's a downdraft for everyone to be concerned about,” Mr Van Steenis says.

However, UK banks at least are not about to collapse and the situation is very different to 2008, he adds. They have far more capital, far lower funding needs and the stress tests run by the Bank of England in recent months meant the banks were ready. 

BBC Radio 5 Live

Adam Marshall, acting director-general of the British Chambers of Commerce, urges the government to keep taking big economic decisions during this "great transition".

It needs to help stabilise the markets, offer clarity on a Brexit timetable, and push ahead with infrastructure changes.   

"If you were getting divorced, you wouldn't stop doing your day job," he says.

BBC Radio 5 Live

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"We'll do really well," Tim Martin, chairman of pub chain Wetherspoons and an enthusiastic Leave campaigner, tells Radio 5 Live's Wake Up to Money. 

The EU is a "sclerotic" organisation (as in it's rigid and unresponsive), and has "tremendous economic problems", he says.  

On its own, Britain will have much more control, and when Brexit occurs in a couple of years' time "it will be a huge plus". 

Before then, the UK is likely to have lower interest rates, meaning cheaper borrowing and mortgage costs, he says. "There's always a silver lining."

Image source, AP

Sterling has made modest gains in Asian trading - up 0.6% against the dollar to $1.3305. 

It has been on a gradual recovery since hitting $1.3151 yesterday, its lowest level since 1985.

The Nikkei is also cautiously upbeat, rising 0.5% to 15,388 so far. Shanghai's SSE Composite is up 1.5%, while Hong Kong's Hang Seng is currently 0.9% down.

Presenter Sally Bundock tweets about today's edition of Business Live at 08:30:

BBC Radio 5 Live

After another turbulent day for the pound, Jane Foley, senior currency strategist at Rabobank, says there is an "enormous fog of uncertainty shrouding the UK economy".

"Until some of that fog begins to lift, it's going to be very difficult to know how the economy is going to be," she says.

As a result, many investors are likely to postpone or redirect investment decisions, and that comes through in the exchange rate, she says. 

Sterling and Asian shares have rebounded slightly, but trading remains choppy amid ongoing uncertainty from the Brexit vote.

Business Secretary Sajid Javid is holding an emergency summit with industry leaders to discuss the fallout from the decision to leave the European Union.

And we'll have all the latest reaction from markets and businesses after the UK's credit rating was cut by two major credit agencies and the pound hit a fresh 31 year-low against the dollar on Monday.