Europe open: Auto sector hit after Stellantis CEO quits
By Frank Prenesti
Date: Monday 02 Dec 2024
(Sharecast News) - European stocks were lower at the open, with Stellantis shares down sharply after the shock resignation of the car maker's chief executive over the weekend.
The pan-regional Stoxx 600 index was down 0.11% in early deals with all major bourses in the red. Investors will also be eyeing eurozone survey data later this morning.
Auto sector stocks were all lower after news that Carlos Tavares announced his resignation, blaming "different views" between himself and the Stellantis board.
The company has been struggling with declining sales and high inventories in the US. Shares in the automaker were down 8%. Volvo, Valeo, Renault and Forvia also fell on the news.
French shares were down 0.91% and the euro weakened against the dollar as the chances that Prime Minister Michel Barnier's government could be ousted by a no-confidence vote threatened by far-right parties increased as negotiations over his austerity budget reportedly reached an impasse over the weekend.
Elsewhere, shares in UK housebuilders Persimmon and Vistry fell on a broker downgrade.
Reporting by Frank Prenesti for Sharecast.com
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