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

Opposition Labour Party leader Jeremy Corbyn said Prime Minister Theresa May's speech appeared to suggest that if a deal with the European Union didn't work Britain would move to become a low tax, "bargain basement economy on the offshores of Europe."

Corbyn said May needed to be clearer on her objectives.

In her speech May said Britain will leave the EU's single market - but will "seek greatest possible access to it" - as it exits the trade bloc.

May says her plans for Brexit cannot allow the U.K. to remain in the single market of the bloc because that would mean "not leaving the EU at all."

May said she wanted Britain to be part of a customs union agreement with the other EU states, and remove as many trade barriers as possible. She did not provide details, but said she had an "open mind" on how to do it.

Corbyn said "she seems to be wanting to have her cake and eat it."

The Labour leader said he would soon be setting out the party's idea of future relationships with Europe "but also our ideas about future trading relationships with the rest of the world."

UK POOL

London - 17 January 2017

1. SOUNDBITE: (English) Jeremy Corbyn, Opposition Labour Party leader:

"Throughout the speech there seemed to be an implied threat that somewhere along the line if all her optimism of a deal with the European Union didn't work, we would move into a low tax, corporate taxation, bargain basement economy on the offshores of Europe, and I think she needs to be a bit clearer about what the long-term objectives are."

++BLACK++

Question off camera: (English) Will you vote for Britain to leave the single market?

2. SOUNDBITE: (English) Jeremy Corbyn, Opposition Labour Party leader:

"We have said all along that we will not block Article 50 coming in and that's going to be very soon within Parliament. We will be putting a case for market access to Europe, we'll be putting a case for regulation of labour market and all the issues that go with that, we'll be putting a very strong case to the British people and to Parliament. This is two years away and it's quite nice that at last we've got confirmation that 27 member state parliaments will get a vote, including ours, and of course the European parliament also gets a vote on this."

Question off camera: Specifically on leaving the single market, that is something that you will now accept will happen?

3. SOUNDBITE: (English) Jeremy Corbyn, Opposition Labour Party leader:

"She has said that leave the single market and at the same time says she wants to have access to the single market. I'm not quite sure how that's going to go down in Europe. I think we have to have a deal that ensures that we have access to the market, we have British jobs dependant on that market, that's what we'll be pushing for. Whether it's specifically this form of single market I don't know. She seems to be wanting to have her cake and eat it."

++BLACK++

4. SOUNDBITE: (English) Jeremy Corbyn, Opposition Labour Party leader:

"Well she concedes that herself, she concedes that we depend a great deal on the people who have come to work in this country and also she makes the correct point which indeed Parliament has already voted on, that EU nationals living in Britain should be allowed to remain here just as much as British nationals of which there are probably 1.5 million living across Europe are able to continue living there. So there's going to have to be a close relationship with Europe in the future. We're going to hold them to account on all of this because I think there are enormous dangers in this and when she talks about future trade arrangements, all she said was that Donald Trump said we'd be first in the queue. First in the queue? For an investor protection type trade treaty? I don't know exactly what she has in mind in that."

++BLACK++

5. SOUNDBITE: (English) Jeremy Corbyn, Opposition Labour Party leader:

"Well be obviously responding to the statement in Parliament today, Keir Starmer (shadow Brexit Secretary) will be doing that, Emily (Thornberry, shadow Foreign Secretary) and Keir have been making the point all along that there has to be proper parliamentary scrutiny of that. We will be doing all of that and of course when the major debate comes up, which I hope will be very soon, we'll be setting out our idea of future relationships with Europe but also our ideas about future trading relationships with the rest of the world. We want to ensure that jobs and markets are protected in this country, we want to ensure that British manufacturing industry has a chance to export. She makes all these optimistic statements, every economic indicator in Britain is going in the wrong direction at the present time."

++ENDS ON SOUNDBITE++

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SHOTLIST:

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UK POOL - AP CLIENTS ONLY

London - 20 April 2017

1. SOUNDBITE: (English) Jeremy Corbyn, Labour leader:

"We are 47 hours into the election campaign. The dividing lines in this election could not be clearer from the outset. It's the Conservatives, the party of privilege and the richest, versus the Labour Party. The Labour Party that's standing up for working people, to improve the lives of all. It's the establishment versus the people. It's our historic duty to make sure the people prevail."

++BLACK FRAMES++

2. SOUNDBITE: (English) Jeremy Corbyn, Labour leader:

"Much of the media and the establishment are saying this election is a foregone conclusion. They think there are rules in politics which, if you don't follow by doffing your cap to the powerful people, accepting that things can't really change, then you can't win. But of course, they do not want us to win, because when we win it is the people, not the powerful, who win."

++BLACK FRAMES++

3. SOUNDBITE: (English) Jeremy Corbyn, Labour leader:

"That is why we, yes we, will prove the establishment experts wrong and change the direction of this election. Because the British people know that they are the true wealth creators, held back by a system rigged for the wealth extractors. Theresa May will insist that this is an election about Brexit. She will try to downplay the issues that affect people's lives every day and instead turn the election into an ego-trip about her own failing leadership and the machinations of the coming negotiations in Brussels. It is only Labour that will focus on what kind of country we want to have after Brexit. In the coming weeks, Labour will lay out our policies to unlock opportunities for every single person in this country."

++BLACK FRAMES++

4. SOUNDBITE: (English) Jeremy Corbyn, Labour leader:

"The European Union negotiations are going on and we've set out our lines on negotiations. Primarily, it is about gaining and retaining tariff-free access to the European Market. We haven't threatened to turn Britain into an off-shore tax haven on the shores of Europe to undermine every European economy. We've said instead we want to work with them to have an agreed process by which we continue to trade with Europe. Because walking away and trading under World Trade Organisation conditions will mean that manufacturing industry in this country will be severely damaged. Every manufacturing enterprise in this country relies on imported materials from Europe or sales to Europe, and in some cases in complicated productions, the parts cross the channel several times as they're being fabricated, in the aircraft industry and others. It is an integrated and complicated production process. The idea that you can simply approach these negotiations by threatening to set up a tax haven and 'hell take the hindmost' to the rest of the people is simply not a sensible way of negotiating."

5. Corbyn leaving, supporters standing up to clap

STORYLINE:

Facing steep odds and low popularity ratings, Britain's main opposition leader launched his election campaign on Thursday, painting himself as a populist outsider who will overturn a "rigged" political and economic system.

Labour Party chief Jeremy Corbyn said the June 8 election pitted "the establishment vs. the people" and insisted the result is not a foregone conclusion.

Labour trails a long way behind Prime Minister Theresa May's Conservatives in opinion polls, and many within the party believe 67-year-old socialist Corbyn is too left-wing to connect with voters.

In his first major speech of the campaign, Corbyn told supporters and journalists in London that May will make the election about Brexit and her "failing leadership", whereas the Labour Party will use the opportunity to "unlock opportunities for every single person in this country".

Addressing Brexit negotiations, Corbyn emphasised that the Labour Party's objective is not to create an "off-shore tax haven" out of Britain, but instead to work with European countries in order to arrive at a mutually beneficial trade agreement.

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UK POOL - AP CLIENTS ONLY

Bradford - 16 May 2017

1.Various of Labour party leader Jeremy Corbyn on stage, holding up manifesto to crowd

2. SOUNDBITE (English) Jeremy Corbyn, Leader of Britain's opposition Labour party:

"This manifesto is a draft for a better future for our country. It's a blueprint of what Britain could be and a pledge of the difference a Labour government can and will make."

3. People applauding

4. SOUNDBITE (English) Jeremy Corbyn, Leader of Britain's opposition Labour party:

"We're ruling out rises in VAT (Value-Added Tax) and National Insurance, and on income tax for all but five percent of the highest earners. Labour will boost the wages of 5.7 (m) million people earning less than the living wage to 10 (UK) pounds (13 US dollars) an hour by 2020."

5. People applauding

6. SOUNDBITE (English) Jeremy Corbyn, Leader of Britain's opposition Labour party:

"The Tories (the Conservative party) now want to scare us into accepting more of the same. Only Labour has a plan ambitious enough to unleash this country's potential. And only Labour has the plan to make Brexit work for ordinary people. We're clear there is now a choice - a Labour Brexit that puts jobs first, or a Tory Brexit that will be geared towards the interests of the City of London and risk making Britain a low-wage tax haven."

7. People applauding

8. SOUNDBITE (English) Jeremy Corbyn, Leader of Britain's opposition Labour party:

"As we leave the EU, because that is what the people have voted for, only Labour will negotiate a deal that preserves jobs, access to the single market and preserves rights and access, not plunge our country into a race to the bottom."

9. Wide of people applauding

10. SOUNDBITE (English) Jeremy Corbyn, Leader of Britain's opposition Labour party:

"A government that invests for all. A government with a vision to ensure that the brilliance and imagination of every child can be fulfilled during their lifetime. Our proposal is a government for the many, not the few. Our proposals are of hope for the many all over this country, and I am very proud to present this manifesto for the many, not the few. Thank you very much!"

11. Various of Corbyn showing manifesto to crowd, people applauding

12. SOUNDBITE (English) Jeremy Corbyn, Leader of Britain's opposition Labour party:

"The free movement that currently exists within the European Union, obviously by the time we leave the European Union, that free movement doesn't continue. We will negotiate a trade agreement with the European Union that will ensure tariff-free access to the European Union, and future migration will be based on a fair migration policy, fairness towards our economy and our needs of people, and an end to the undercutting and exploitation that goes with it."

13. People applauding

STORYLINE:

Britain's main opposition leader launched his party's manifesto on Tuesday, saying he would reinvigorate the economy and protect the country's access to the European Union's single market after it leaves the bloc.

Labour party leader Jeremy Corbyn was speaking in Bradford, promising to make Brexit "work for ordinary people".

"We're clear there is now a choice - a Labour Brexit that puts jobs first, or a Tory Brexit that will be geared towards the interests of the City of London and risks making Britain a low-wage tax haven," he said.

Answering questions after his speech, Corbyn stated that freedom of movement in the UK for EU citizens would end after Brexit, saying his party would establish a "fair migration policy".

British voters go to the polls on June 8, in a snap general election called by Prime Minister Theresa May.

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