Markets in Europe plummeted on Monday as investors await more detail on the U.K.’s Brexit plan as well as the inauguration of President-elect Donald Trump in the U.S. later this week. The sterling tumbled on reports that U.K. Prime Minister Theresa May will signal plans to quit the European Union’s single market so that she can retain control of Britain’s borders and laws. Sterling declined 1.6 percent against the greenback after May’s statements. The pound was last seen trading at 1.1395 against the euro as of 9:45 GMT. It is also worth noting that the British currency has fallen 19 percent against the dollar since the nation opted to leave the EU in June’s referendum.
Staying true to his threats against other automakers, President-elect Donald Trump said BMW would face a 35% import duty for cars assembled at a new facility in Mexico and sold in the U.S. A company spokeswoman has stated that the plant in San Luis Potosi would build its new BMW 3 Series starting from 2019, with output intended for the world market. It is also worth noting that the new president who declared trade wars against China and Mexico has stated that he will continue to handle hos Twitter account which he had used to make important announcements during the election and the post election.
South Korean prosecutors are seeking an arrest warrant for Lee Jae-yong, who is the heir to the Samsung company and one of the nation’s wealthiest and most-powerful executives. If the warrant leads to an indictment, it would be the latest criminal charges in an unprecedented corruption scandal that has rocked the country’s political system. After the announcement regarding the arrest of Samsung executive, company shares ended down 2.1% in South Korea.