UK can cancel Brexit without asking for permission | Calamatta Cuschieri

Markets roundup, the U.K. and Brexit and Audi to invest 14 billion euros in e-mobility

A group of Scottish lawmakers have sought a legal ruling on if and how the U.K.'s request under Article 50 to leave the European Union could be unilaterally revoked before the Brexit deadline of March 29, 2019
A group of Scottish lawmakers have sought a legal ruling on if and how the U.K.'s request under Article 50 to leave the European Union could be unilaterally revoked before the Brexit deadline of March 29, 2019

European stock markets tracked a global relief rally on Monday, after the U.S. and China agreed ease trade tensions at the G-20 this weekend in Argentina.

Resource, oil and auto stocks led the surge, with German equities experiencing their strongest one-day gain since April.

The Stoxx Europe 600 jumped 1.3% to 362.13. Germany’s DAX was the biggest gainer rising 2.2% to 11,506.67, marking its biggest one-day rise since earlier this year. France’s CAC 40 rose by 1% to 5,054.11 and the U.K.’s FTSE 100 climbed by 1.8% to 7,104.51.

U.S. stocks closed higher Monday, after the U.S. and China over the weekend called a temporary truce to their trade war, triggering relief buying of perceived riskier assets such as equities. The Dow Jones Industrial Average rose 1.1%, to 25,826.43. The S&P 500 climbed also 1.1%, to 2,790.37. The Nasdaq Composite Index gained 1.5%, to 7,441.51.

The legal advisor for the European Union's top court said Tuesday that the U.K. can cancel Brexit without asking for permission from other EU member states.

A group of Scottish lawmakers have sought a legal ruling on if and how the U.K.'s request under Article 50 to leave the European Union could be unilaterally revoked before the Brexit deadline of March 29, 2019.

Article 50 allows a country to trigger the process that takes them out of Europe's political and economic union. U.K. Prime Minister Theresa May invoked the exit clause in March 2017.

Backed by a crowdfunding appeal, the case has been put together by a cross-party group of Scottish politicians, along with the high-profile barrister Jolyon Maugham QC. The final ruling on whether Article 50 could be canceled without input from the EU's other 27 countries will be granted by the Court of Justice of the European Union (CJEU).

Audi to invest 14 billion euros in e-mobility, self-driving cars

Volkswagen’s premium auto brand Audi said on Tuesday it would invest 14 billion euros through 2023 in electric mobility, digitalization and autonomous driving.

Overall, the company’s total projected expenditure for the next five years amounts to 40 billion euros, the company said in a statement. It also plans restructuring measures that will generate 1 billion in earnings uplift already in 2018.

“This planning round bears a clear signature: We are taking a very systematic approach to electric mobility and will be much more focused in future,” said Audi’s interim management board chairman Bram Schot.

“We are consistently prioritizing our resources for future-oriented products and services that are highly attractive and relevant to the market.”

 

Disclaimer: This article was issued by Nadiia Grech, junior trader at Calamatta Cuschieri. For more information visit, www.cc.com.mt. The information, view and opinions provided in this article are being provided solely for educational and informational purposes and should not be construed as investment advice, advice concerning particular investments or investment decisions, or tax or legal advice. Calamatta Cuschieri Investment Services Ltd has not verified and consequently neither warrants the accuracy nor the veracity of any information, views or opinions appearing on this website.

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