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Global Financial News: Britain Begins Brexit Process

Britain's decades-long membership of the European Union will end Wednesday as the government delivers its formal exit request to officials in Brussels.

Your round-up of the global financial news:

1. Britain's decades-long membership of the European Union will end Wednesday as the government delivers its formal exit request to officials in Brussels triggering a clause in the Treaty of Lisbon that allows member states to negotiate a departure from the bloc.

2. Toshiba Corp.'s (TOSYY)  U.S nuclear division, Westinghouse, filed for Chapter 11 bankruptcy protection in New York Wednesday. The company is looking to undertake a strategic restructuring as a result of challenges to a project in the U.S.

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3. The U.S. dollar has been quietly gaining from the early November lows it touched on Monday amid the global market reaction to the failure of President Donald Trump's health care plans as investors switch focus to not only his plans for tax reform but also the specter of rising interest rates and an improving economy.

4. Crude oil prices closed at their highest level in a week after production hurdles in Libya eased pressure on high global output. A militia in Libya shut down pipelines on Monday in protest of wages.

5. Daimler (DDAIF)  led the European auto sector higher Wednesday as investors reacted to bullish guidance delivered by management at the company's annual shareholder meeting.