Triggering Article 50 with Markets Roundup.

A gloomy week starts with European markets taking a downbeat in the wake of a Group of 20 meetings that put tension about global trade. Over the weekend, finance ministers and central bankers from the largest economies met in Germany dropping a pledge against protectionism in a policy statement, a move pushed by U.S. Treasury Secretary. The German DAX fell 0.35%, with Deutsche bank performing the worst after reports that the German Lender cut bonuses by 77%. The French CAC 40 was down 0.34%, with Total declining after the energy company extended its partnership with the Badminton World Federation for another three years. On a positive note, the English FTSE 100 edged up 0.07%, with Dixon Carphone rising around 2.62%.

On Wall Street, U.S markets showed mixed action as the Nasdaq briefly reached fresh record highs, with Apple contributing to the surge on the back of a stronger than expected demand for the iPhone 7 and upcoming iPhone 8. Other leaders in other indices include Caterpillar moving up over 2%, Nike emerged from long-term underperformance and Disney soared with its “Beauty and the Beast” topping the weekend box offices.

Oily corner

Oil prices were down today as the United States added 14 rigs last week and the market has grown more doubtful that production caps introduced by the Organization of the Petroleum Exporting Countries and the bloc of non-members led by Russia will tackle the long-standing oversupply.

West Texas Intermediate (WTI) crude for delivery next month shed 1.33% to $48.13 a barrel, while the price of Brent for May shipment decreased 0.69% to $51.4 per one barrel at one point during the trading session.

Brexit

United Kingdom Prime Minister Theresa May is to trigger (notify the European Union) Article 50 that the U.K will be leaving the European Union. Hoping that once it is in place, negotiations on the terms of exit and future relations could then begin as quickly as possible. The goals included getting “a good free-trade deal” with the European Union and an agreement to collaborate on security after Brexit. “We are going to be out there, negotiating hard, delivering on what the British people voted for”. On the other hand, a representative from the European Commission stated that the EU is “ready to being negotiations”. If all goes according to the two-year negotiations allowed in the official timetable, Brexit should happen in March 2019.

Corporate Merger

The Communications giant Vodafone Group plc agreed to join forces with a local partner in India; Idea Cellular Ltd, to confront raging price war in the world’s second-largest mobile phone market. This tie-up helps redeem Vodafone’s costly bet on India, including write-downs and a two billion US dollars tax dispute by moving this unprofitable business off its balance sheet. This merger will help Idea Cellular Ltd challenge the other rival Infocomm Ltd., which is offering free calls and data since last year.