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

Germany's finance minister said on Wednesday that he didn't expect a "race to the bottom" on business taxes after Britain announced plans to cut its corporation tax rate.

Speaking at a press conference in Berlin, Wolfgang Schaeuble said Britain's move would have little influence on German policy.

British Treasury chief George Osborne said on Monday that he plans to cut UK corporation tax to below 15 percent to encourage investment and ease business concerns after voters chose to leave the European Union.

Some London-based businesses are considering leaving for other European cities to benefit from the large EU common market.

The British pound hit a new 31-year low against the US dollar on Wednesday, as worries reawakened about the economic repercussions of Britain's decision to leave the EU.

Schaeuble also stressed that it's up to Britain to decide what future relationship it wants with the EU.

Departing British Prime Minister David Cameron has left the decision to formally trigger EU exit talks to his successor, who will be elected by members of the governing Conservative Party in September.

Germany's finance minister said on Wednesday that he didn't expect a "race to the bottom" on business taxes after Britain announced plans to cut its corporation tax rate.

Speaking at a press conference in Berlin, Wolfgang Schaeuble said Britain's move would have little influence on German policy.

British Treasury chief George Osborne said on Monday that he plans to cut UK corporation tax to below 15 percent to encourage investment and ease business concerns after voters chose to leave the European Union.

Some London-based businesses are considering leaving for other European cities to benefit from the large EU common market.

The British pound hit a new 31-year low against the US dollar on Wednesday, as worries reawakened about the economic repercussions of Britain's decision to leave the EU.

Schaeuble also stressed that it's up to Britain to decide what future relationship it wants with the EU.

Departing British Prime Minister David Cameron has left the decision to formally trigger EU exit talks to his successor, who will be elected by members of the governing Conservative Party in September.

Berlin - 6 July 2016

1. Wide of German Finance Minister Wolfgang Schaeuble at press conference

2. Photographer

3. Journalist looking at press release

4. SOUNDBITE (German) Wolfgang Schaeuble, German Finance Minister:

"So now he (George Osborne) has announced (a cut in corporation tax), and we will meet next week at the ECOFIN. There we will surely hear explanations from him about that (the tax cut), at least I hope. But we have no intention in Europe of starting a race to the bottom, this makes no sense."

5. Journalist taking notes

6. SOUNDBITE (German) Wolfgang Schaeuble, German Finance Minister:

"We are not against tax competition, but we favour public budgets in all member countries being fairly and appropriately financed. That's why the British announcement has no effect on our tax policy considerations."

7. Camera

8. SOUNDBITE (German) Wolfgang Schaeuble, German Finance Minister:

"Honestly, I have to say I don't fully understand what those who conducted this campaign (to leave the European Union at the UK's referendum) imagined, because now they are all running away from what they caused in droves. That wasn't a very diplomatic comment, but one that came from the depth of my soul."

9. Wide of presser

10. SOUNDBITE (German) Wolfgang Schaeuble, German Finance Minister:

"There are other countries which also have a relationship with the European Union, and with the single market - Norway, Switzerland. But one thing is clear. Membership of the single market means of course to accept the basic freedoms of Europe (European Union). That's what Switzerland had to painfully acknowledge with a referendum, but it carried it out. And furthermore you also have to participate in the funding. If now the supporters of Brexit, who lead this campaign, meant that they had wanted Great Britain to take the status of Switzerland in its relationship with the European Union, you need to put this to those who are still around, those who lead this campaign. I cannot answer this."

11. Wide of Schaeuble shaking hand of moderator

12. Schauble leaving press conference