Stellantis shares slide 8% after CEO departure as broader European markets decline
European markets opened lower Monday, with automaker Stellantis
falling 7% in early trade after the sudden resignation of its chief executive over the weekend.
The regional Stoxx 600 was 0.16% lower at 8:15 a.m. in London, after the index closed out November with its strongest monthly performance since August. France’s CAC 40 index led losses Monday, down 0.9%, as investors monitored ongoing political volatility in the country. The eurotumbled 0.7% against the U.S. dollar.
Jeep-maker Stellantis
was plunged into uncertainty after CEO Carlos Tavares announced his immediate resignation, citing “different views” between the executive and the board of directors. The European-American company has been struggling with declining sales and high inventories in the U.S.
Asia-Pacific markets traded slightly higher overnight as the region kickstarted a data-heavy week. Over the weekend, China released its official purchasing managers’ index reading for November, which came in at the highest level since April.
U.S. stock futures were little changed Sunday night after a winning week and month for stocks in November which centered on a postelection rally after President-elect Donald Trump’s win.
U.S. investors will be keeping an eye on labor data due later in the week. On Monday, speeches are due from Federal Reserve Governor Christopher Waller and New York Fed President John Williams.(Cay)
Source: CNBC
