NEW YORK (TheStreet) -- Outlooks vary on the length of the current downward global markets trend and some are looking to the U.K. stock market for optimism.

CEO of Marathon Asset Management Bruce Richards sees the FTSE 100 Index as most upbeat segment of both the U.K. and Europe.

"I think Europe will have 10% further declines but the star performer for Europe will be the U.K., the FTSE," Richards said on CNBC's "Squawk Box" this morning. "The reason why is because 75% of companies in the FTSE get their revenues from exports and the sterling's gotten a lot cheaper."

U.K.-based companies will have a stronger ability to sell than their European competition because of having the pound sterling, their own currency. Richards warns that "equities will go down further" but says that FTSE stocks will do well, as seen from the past week's weathering of the U.K. referendum to leave the European Union. And banks will continue to be hurt as the financial sector continues to lose.

"There's more to come on the story and there's more fallout to happen," Richards added.