Global shares were mostly lower on Monday amid worries about Britain's exit from the European Union and a downgrade of Italy's credit rating

It comes as British Prime Minister Theresa May is set to deliver a speech outlining her vision of Britain's post-EU future and market players are worried what she says may indicate a "hard" approach to the nation's exit.

Her office has said she will call for a "truly global Britain" that is more open to the world when she lays out plans for negotiations with the European Union.

That prospect alarms many in Britain's huge financial services sector, which relies on EU access.

Germany's vice chancellor, responding to an interview with President-elect Donald Trump, has rejected threats by Trump to put tariffs of up to 35 percent on German automakers if they set up plants in Mexico instead of the US and try to export cars to the US from there.

Trump had also claimed German automakers don't behave fairly because a lot of German cars are seen in the US, but few American cars in Germany.

Frankfurt - 16 January 2017

1. Various of Frankfurt Stock Exchange trading floor

2. SOUNDBITE (German) Robert Halver Head of Market Research, Baader Bank:

"I think BMW, VW, Daimler, as well as Audi and Porsche will in future make additional investments in America. If they create jobs they will buy out from protectionist measures and import taxes and Mr. Trump will most certainly ask for this."

3. Trader at desk

4. SOUNDBITE (German) Robert Halver Head of Market Research, Baader Bank:

"Thirty-five percent punitive taxes on German cars is a big number that hurts. We do not know whether it will be as bad as that, but what is certain is that the car industry will use appeasement strategies in order to not be affected too negatively by the big Caesar"

5. Traders at desk

6. SOUNDBITE (German) Robert Halver Head of Market Research, Baader Bank:

"Just like America, Mrs. May for Great Britain will try to blackmail us by suggesting hard Brexit. The subject will be let's cut all ties to Europe and if Europe will not back down, Great Britain will turn into a tax haven with low business taxes that will be the strategy. I hope that we will come to some sort of agreement with the British, I have always regretted that the British will leave us. We still need them"

7. Trader at desk

8. SOUNDBITE (German) Robert Halver Head of Market Research, Baader Bank:

"If we indeed had massive tax cuts for cooperation, some German businesses would surely consider to move at least the administration to Great Britain to profit from this. The Irish success their low tax politics shows that taxes are a very important element of competitiveness."

9. Various of trading floor

LEAD IN:

Red, pink, white, sparkling wines and a variety of other alcoholic beverages are quenching the thirsts of visitors to the Hong Kong Vinexpo.

Scotch whisky makers are still buoyant about business opportunities despite worries of Brexit (British exit from the European Union) causing a possible tax hike.

STORY-LINE:

It's a wine lover's paradise.

More than 1,300 exhibitors from all over the world are showcasing a wide range of wines and spirits to people looking for something of higher class in their glass.

The Chairman of Vinexpo, Xavier de Eizaguirre, says there is a slowdown in wine consumption in Europe and China. However he says while people are drinking less volume, they are buying more expensive bottles.

"It's really a trend, in Europe the main producing countries such as France, Italy and Spain have been consuming wines for generations. Today we see a change in terms of consumption habits. People drink less than in the past, but they drink better. So obviously that has an impact on the overall amount of wines consumed, but it's a very positive impact in terms of quality and also in terms of economics, because they drink more expensive wines than before," he says.

Scotch whisky sales remain strong and have a loyal following from consumers worldwide. But there are some concerns about sales if Britain leaves the European Union.

Scottish distillery Duncan Taylor Scotch Whisky Limited, who have almost 8 decades of experience, wants the United Kingdom to stay in Europe.

The company's chairman Euan Shand is concerned about possible tax increases and export regulations if the June 23rd vote decides the UK will leave.

Europe accounts for 40 percent of the company's market sale.

"If taxes go too high, people might not buy so much Scotch whisky, but I think deep down, Europeans have got a great palate for Scotch whisky and I can't really imagine that they're going to stop drinking it," says Shand.

This year is the 300th anniversary of Italian's famous Chianti Classico appellation. As the world's largest wine producer in 2015, Italy has harvested 49.5 million hectolitres of wine last year, according to the International Organisation of Vine and Wine.

The Italian wine company Marchesi Antinori Srl which started making wine in 1385 has its wine farms in the Chianti region, making its signature Chianti Classico wines.

The company is now expanding into in Asia, concentrating on China.

The Vice President of Marchesi Antinori SPA, Albiera Antinori says: "Our major market is still Italy, with 35 percent (sales) followed by North America, then the rest of Europe. For us, at the moment, Asia (market) is still very small, it's about 6 percent of our production. I think China will need a little bit of time to get to know Italian wines, so we just need to come here more and have the wines tasted."

The Hong Kong Vinexpo runs 24-26 May 2016

LEAD IN:

Red, pink, white, sparkling wines and a variety of other alcoholic beverages are quenching the thirsts of visitors to the Hong Kong Vinexpo.

Scotch whisky makers are still buoyant about business opportunities despite worries of Brexit (British exit from the European Union) causing a possible tax hike.

STORY-LINE:

It's a wine lover's paradise.

More than 1,300 exhibitors from all over the world are showcasing a wide range of wines and spirits to people looking for something of higher class in their glass.

The Chairman of Vinexpo, Xavier de Eizaguirre, says there is a slowdown in wine consumption in Europe and China. However he says while people are drinking less volume, they are buying more expensive bottles.

"It's really a trend, in Europe the main producing countries such as France, Italy and Spain have been consuming wines for generations. Today we see a change in terms of consumption habits. People drink less than in the past, but they drink better. So obviously that has an impact on the overall amount of wines consumed, but it's a very positive impact in terms of quality and also in terms of economics, because they drink more expensive wines than before," he says.

Scotch whisky sales remain strong and have a loyal following from consumers worldwide. But there are some concerns about sales if Britain leaves the European Union.

Scottish distillery Duncan Taylor Scotch Whisky Limited, who have almost 8 decades of experience, wants the United Kingdom to stay in Europe.

The company's chairman Euan Shand is concerned about possible tax increases and export regulations if the June 23rd vote decides the UK will leave.

Europe accounts for 40 percent of the company's market sale.

"If taxes go too high, people might not buy so much Scotch whisky, but I think deep down, Europeans have got a great palate for Scotch whisky and I can't really imagine that they're going to stop drinking it," says Shand.

This year is the 300th anniversary of Italian's famous Chianti Classico appellation. As the world's largest wine producer in 2015, Italy has harvested 49.5 million hectolitres of wine last year, according to the International Organisation of Vine and Wine.

The Italian wine company Marchesi Antinori Srl which started making wine in 1385 has its wine farms in the Chianti region, making its signature Chianti Classico wines.

The company is now expanding into in Asia, concentrating on China.

The Vice President of Marchesi Antinori SPA, Albiera Antinori says: "Our major market is still Italy, with 35 percent (sales) followed by North America, then the rest of Europe. For us, at the moment, Asia (market) is still very small, it's about 6 percent of our production. I think China will need a little bit of time to get to know Italian wines, so we just need to come here more and have the wines tasted."

The Hong Kong Vinexpo runs 24-26 May 2016

Hong Kong, 24 May 2016

1. Close of glass of different wines

2. Tilt up of rose wines (Price: US $13.4 per bottle)

3. Mid of rose wine with gold (Price: US $200 per bottle)

4. Close of bottles of wines with gold

5. Pan to right of various Italian wines

6. Mid of woman next to wine bottles in different sizes

7. Mid of visitors and wines on shelf

8. Wide of Xavier de Eizaguirre, Chairman of Vinexpo shaking and smelling wine

9. Close of Xavier de Eizaguirre, Chairman of Vinexpo tasting wine

10. SOUNDBITE (English) Xavier de Eizaguirre, Chairman of Vinexpo:

"It's really a trend, in Europe the main producing countries such as France, Italy and Spain have been consuming wines for generations. Today we see a change in terms of consumption habits. People drink less than in the past, but they drink better. So obviously that has an impact on the overall amount of wines consumed, but it's a very positive impact in terms of quality and also in terms of economics, because they drink more expensive wines than before."

11. Mid of man smelling a glass of white wine

12. Mid of Echezeaux Grand Cru wine (Left) in limited production of 2,400 bottles only (Price: US $558 per bottle) and Corton Grand Cru wine (Right) in limited production of 2,000 bottles only (Price: US$558 per bottle)

13. Wide of Meursault-Genevrieres Premier Cru wine in limited production of 900 bottles only (Price: US$1339)

14. Pan to left from Slovakian wine booth to Scotch whisky booth

15. Mid of visitors in a Scotch whisky booth

16. Tilt up of Euan Shand holding a glass of Scotch whisky

17. Close of a glass of Scotch whisky

18. SOUNDBITE (English) Euan Shand, Chairman of Duncan Taylor Scotch Whisky Limited:

"I could imagine that, Scotch whisky is sold in over 200 countries worldwide. I don't think if there's split up between Britain and Europe that people would stop drinking Scotch whisky. I think there's relationships formed over hundreds and hundreds of years, so I cannot imagine it is going to make a huge dent to Scotch whisky, but it depends on taxation. It's a fickle world out there and if taxes go too high, people might not buy so much Scotch whisky, but I think deep down, Europeans have got a great palate for Scotch whisky and I can't really imagine that they're going to stop drinking it."

19. Close of two bottles of Scotch whisky (US$78 per bottle)

20. Close of a bottle of Scotch whisky made in 1975 (US$1751)

21. Pan to right of Italian wine booths

22. Close of Italian wines

23. Wide of an Italian wine booth

24. Mid of Albiera Antinori, Vice President of Marchesi Antinori SPA pouring wine into glass

25. Close of Albiera Antinori, Vice President of Marchesi Antinori SPA tasting wine

26. SOUNDBITE (English) Albiera Antinori, Vice President of Marchesi Antinori SPA:

"Our major market is still Italy, with 35 percent (sales) followed by North America, then the rest of Europe. For us, at the moment, Asia (market) is still very small, it's about 6 percent of our production. I think China will need a little bit of time to get to know Italian wines, so we just need to come here more and have the wines tasted."

27. Wine of various Italian wines

28. Close of Castel Del Monte Aglianico wine (Left) and Primitivo Salento wine (Right)

29. Mid of visitors

30. Tilt down from chandelier to wines on shelf

31. Mid of two men tasting wine

32. Mid of a wine tasting event

33. Close of man tasting wine

34. Shift focus of wine glasses

35. Wide of visitors

LEAD IN:

Celebration is the mot du jour in France’s Beaujolais region, with winemakers and sellers uncorking the season’s Beaujolais Nouveau with feasting and fanfare.

But uncertainty is clouding this year’s festivities as the French wine industry finds itself increasingly squeezed by unfavorable geopolitics and turbulent markets.

STORY-LINE:

The wait is over as one of the year's most anticipated wine events is underway.

Parisians are enjoying a taste of the newly released Beaujolais Nouveau, the famous French young red wine whose unveiling is keenly anticipated every year by wine lovers around the world.

The grapes making up the wine in these bottles were harvested by hand only a few weeks ago.

At the Vinescence wine production company, wine was bottled and labelled ready for the market place.

Beaujolais, a region spanning 55 kilometers (34 miles) north of Lyon, has spent decades marketing its wines globally.

It now exports to more than 110 countries, according to statistics from Vinescence, which works with 310 winemakers in the area.

"The market for Beaujolais Nouveau like the one you see here is a global market – the first market in the world being Japan. The French market is also very important but you'll find some around the world, from the United States to Northern Europe. Eastern Europe countries also drink a lot (of Beaujolais Nouveau)," says the General Director of Vinescence, Jean-Paul Civeyrac.

An idiosyncratic wine known for its youth, rather than its age, Beaujolais Nouveau has seen particular success.

But considerable uncertainty is clouding this year's celebration, as the French wine industry finds itself increasingly squeezed by unfavourable geopolitics and turbulent markets.

New American tariffs are denting profits. Brexit still looms. Unrest in Hong Kong has shaken that market. And China is turning to Chilean and Argentine wines instead.

The Trump administration imposed the 25 percent import tax on most French still wines last month as part of a trade spat with the European Union over illegal subsidies for the aircraft giant Airbus.

Orders had already been placed, and places on planes or boats reserved, for this year's Beaujolais Nouveau by the time the tariffs took effect.

Producers said they struck up arrangements to shoulder part of the cost themselves — and distribute most of the rest along the supply chain — in order to retain their American clientele.

Franck Duboeuf, president of the largest Beaujolais Nouveau producer in the world, says the recent market developments are worrying.

"It's clear that if we didn't have a presence with this year's Beaujolais Nouveau, it could disappear from the (US) market altogether with such important competition and also because it's like a rendez-vous. If you miss the rendez-vous, it could, in following years, jeopardise what you've worked hard to build in 40 years. It was crucial that we save this campaign… in the future, it's the entire 2019 production, an entire region, an entire sector (that are threatened) and it's extremely complicated and worrying," he says.

On top of the tariffs, uncertainty lingers around future trade with the United Kingdom, which is heading toward an early election December 12 that will determine the future of Brexit.

When and how Brexit takes shape could impact the wine trade down the line.

Changing tastes complicate the picture further.

The Japanese, who were buying a "tsunami" of Beaujolais a decade ago, seem to be losing their appetite for the wine, says the President of Beaujolais winemakers' association Dominique Piron.

Twelve years ago, French winemakers sold one bottle of Beaujolais Nouveau for every 12 inhabitants in Japan — a total of 12 million bottles per year, according to Piron. Now, Japan imports about half that number.

"Japan has lowered its taxes on imports but that doesn't mean they're buying more wine. China imports a lot of wine from Chile and Australia with no-tax deals between governments – that's unfair competition. Global wine trade is complicated nowadays especially at a time when competition is fierce. Globally, wine production is in overproduction and there's a tighter funnel when it comes to sales."

Other Beaujolais producers, like organic winemaker Claire Chasselay, are orienting their businesses toward local consumers instead.

The size of winemaking operations in the region has grown with global demand.

Fifteen years ago, 4,000 producers made wine here; now, that number stands at 2,000, according to Piron, as big producers have acquired smaller operations and expanded their reach.

The Chasselay family, which has run vineyards north of Chatillon since the 15th century, has sought to buck that trend.

Chasselay says her philosophy centres around returning to winemaking's roots: small-scale, without pesticides, and focused on producing wine for mainly domestic consumers to pair with good food and lively company.

But she insists that Beaujolais Nouveau producers should not be selling their wine cheaply.

"Today, if you really want to make a living we have to stop selling our wines at a low price. We have to sell it at the right price and a price that generates a living wage for the winegrower but also the wine merchant and the restaurant owner. The right price," she says.

The Chasselays decided two decades ago to stop spraying with chemicals their vines, pre-empting the preference for organic products that has gripped younger consumers in recent years and placed pressure on winemakers to adapt their growing techniques.

Though they exported 6,000 of the 22,500 bottles of Beaujolais Nouveau they sold this year, Chasselay prefers to see her wine on nearby shelves and tables.

This year's Beaujolais Nouveau in now in Paris ( 21 November) being enjoyed by customers in the 'Au Petit Chavignol' brasserie.

Wine lover Thierry Bobot says he is happy with this year's vintage: " For me it's very good. Maybe there is a better one, that's possible, but it's very very good, very pleasant, very light with a very fruity aftertaste. For me, it's perfect but will everybody like it?."

Paris, France - 21 November 2019

1. Various shots of Bernard Roques-Bouges, owner of 'Au Petit Chavignol' brasserie pouring Beaujolais Nouveau wine from cask into glass and testing it

2. Close up Beaujolais Nouveau in glasses

Saint-Jean-d'Ardieres, France - 12 November 2019

3. Close of 2019 Beaujolais Nouveau bottles on conveyor belt inside wine producer warehouse

4. Wide of bottling production line

5. Tracking shot of bottle along conveyor belt and General Director of Vinescence wine production company, Jean-Paul Civeyrac, walking towards labelling machine

6. Various of machine sticking labels on bottles

7. Mid of Civeyrac holding up bottle, UPSOUND (French) "So it's 2019 Beaujolais Nouveau, then you have the batch name and this indication that the wine comes from an environment-friendly farm."

8. Wide of line of bottles down conveyor belt and employees packing them in cardboard boxes

9. Mid of bottles down conveyor belt with fresh label reading 'Nouveau'

10. SOUNDBITE (French) Jean-Paul Civeyrac, General Director of Vinescence wine production company:

"The market for Beaujolais Nouveau like the one you see here is a global market – the first market in the world being Japan. The French market is also very important but you'll find some around the world, from the United States to Northern Europe. Eastern Europe countries also drink a lot (of Beaujolais Nouveau)."

11. Pan of bottle with fresh label reading 'Beaujolais'

12. Mid of box packed with 2019 Beaujolais Nouveau bottles down conveyor belt to stationing area

Romaneche-Thorins, France - 12 November 2019

13. Mid of Georges Duboeuf logo on side of warehouse of largest Beaujolais Nouveau producer

14. Tracking shot of Duboeuf President Franck Duboeuf walking across warehouse to last stacks of Beaujolais Nouveau yet to be shipped to clients

15. SOUNDBITE (French) Franck Duboeuf, President of Georges Duboeuf wine production company:

"This is the Beaujolais Nouveau that's being shipped to Boulogne and Calais (harbours on the Channel) to our client and then over here, we have another destination with our client (food industry wholesaler) Metro and it will be delivered to Paris."

16. Mid of Duboeuf looking at label on side of Beaujolais Nouveau shipment

17. Wide of Duboeuf standing outside wine shop with logo on façade

18. Pan of Duboeuf arranging bottles on table in front of him

19. Mid of 2019 Beaujolais Nouveau bottles on table with Duboeuf in foreground

20. Wide of showing bottle of rose

21. SOUNDBITE (French) Franck Duboeuf, President of Duboeuf wine production company:

"It's clear that if we didn't have a presence with this year's Beaujolais Nouveau, it could disappear from the (US) market altogether with such important competition and also because it's like a rendez-vous. If you miss the rendez-vous, it could, in following years, jeopardise what you've worked hard to build in 40 years. It was crucial that we save this campaign… in the future, it's the entire 2019 production, an entire region, an entire sector (that are threatened) and it's extremely complicated and worrying."

22. Close of 2019 Beaujolais Nouveau bottles produced for French and export markets by Georges Duboeuf wines

Villie-Morgon, France -12 November 2019

23. Close of Dominique Piron's 2019 Beaujolais Nouveau bottles

24. Wide of bottles sitting on top barrel with Piron in background leaning against stack of casks

25. Close of logo for Piron's winemaking company

26. SOUNDBITE (French) Dominique Piron, Winemaker and President of Beaujolais winemakers' association:

"Japan has lowered its taxes on imports but that doesn't mean they're buying more wine. China imports a lot of wine from Chile and Australia with no-tax deals between governments – that's unfair competition. Global wine trade is complicated nowadays especially at a time when competition is fierce. Globally, wine production is in overproduction and there's a tighter funnel when it comes to sales."

27. Mid of Piron during interview

28. SOUNDBITE (French) Dominique Piron, Winemaker and President of Beaujolais winemakers' association:

"We're lucky enough to see, in the past two or three years and with this new chapter that we're writing, Beaujolais sales on the increase, at a time when red wine consumption is going down globally in favour of Rose and white wines and with strong competition. Just an example: since the beginning of 2019 and up to the end of last August, the first 8 months of the year, French wine exports have fell by 2 percent. Three regions in France have seen theirs increase. The Loire valley with 4.5 percent, Burgundy at 5.5 percent and Beaujolais at 11 percent."

Chatillon, France - 13 November 2015

29. Wide of village of Chatillon, home to the Chasselay vineyard

30. Wide of Chasselay vineyard with view of Beaujolais hills

31. Wide of organic vines in row on Chasselay vineyard

32. Pull focus of vine branches

33. Wide of country road with sign showing direction to Chasselay 'Domaine'

34. Wide of Claire Chasselay wheeling boxes of Beaujolais Nouveau to back of van

35. Mid of Chasselay loading boxes into van

36. SOUNDBITE (French) Claire Chasselay, organic wine grower:

"Today, if you really want to make a living we have to stop selling our wines at a low price. We have to sell it at the right price and a price that generates a living wage for the winegrower but also the wine merchant and the restaurant owner. The right price. It's the same for all agricultural sectors. We're not asking to sell our bottles for 150 euros (166 US dollars) but an appropriate price. Consumers need to be – and I think they are – in a position to realise that they're ready to spend a little more for their wine or their meat or their cheese because they want to drink good quality products."

37. Wide of country road outside Chasselay family estate

Paris, France - 21 November 2019

38. Various shots of customers inside brasserie during lunchtime cheering and drinking Beaujolais

39. SOUNDBITE (French) Thierry Bobot, Parisian

"For me it's very good. Maybe there is a better one, that's possible, but it's very very good, very pleasant, very light with a very fruity aftertaste. For me, it's perfect but will everybody like it?."

40. Various shots of people drinking Beaujolais