The Vauxhall owner is threatening to shut down the plant unless the UK renegotiates its Brexit deal

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The maker of Vauxhall, Peugeot, Citroen and Fiat has urged the government to reopen its Brexit deal with the European Union after saying it would not be able to meet new car industry rules.

Stellantis warned of the impact of so-called domestic content rules which say that from next year 45% of the value of an electric vehicle must originate in the UK or EU to qualify for tariff-free trade, which will be capped at 10%.

Andy Palmer, former chief operating officer of Nissan, told the BBC that if carmakers couldn’t meet these local content rules in the UK, they would move to mainland Europe, risking 800,000 car jobs in Britain.

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What happened overnight

Asian stocks and the dollar hovered around a five-week peak as investors remained risk averse, as US debt ceiling talks weighed on sentiment.

However, Japan’s Nikkei rose 0.7 percent, crossing 30,000 for the first time since September 2021.

The index has been on a tear and is up 15 percent this year as foreign investors piled on amid reports that billionaire investor Warren Buffett was considering more investment in Japanese stocks.

Elsewhere, MSCI’s broadest index of Asia-Pacific stocks outside Japan fell 0.1% in choppy trade, with Australia’s S&P/ASX 200 down 0.5%.

The Shanghai Composite fell 0.2%, while Hong Kong’s Hang Seng fell 0.6%, weighed down by China’s data showing a choppy post-Covid recovery.

Meanwhile, President Joe Biden and Republican Congressman Kevin McCarthy are close to reaching a deal to avert a looming US debt default on Tuesday.

Wall Street shares fell in the last minutes of trading after concerns that lawmakers in Washington were struggling to find common ground in pivotal negotiations on raising the US debt ceiling to prevent a historic default.

The Dow Jones Industrial Average fell 1%, to 33,012.14. The broad-based S&P 500 fell 0.6 percent to 4,109.90, while the technology-rich Nasdaq Composite fell 0.2 points, to 12,343.05.

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