European markets opened with mixed performance on Monday, with investors focusing on key economic data. Germany’s DAX dipped 0.2%, France’s CAC 40 dropped 0.6%, while the U.K.’s FTSE 100 remained stable as of 3:13 ET.
Stellantis Leadership Shakeup:
Stellantis (EPA: STLAM), known for brands like Fiat and Peugeot, faced turbulence as CEO Carlos Tavares resigned unexpectedly. Tavares cited “differences of opinion” with the board, stepping down earlier than his planned 2026 retirement. Interim leadership will be handled by Chairman John Elkann, with a permanent CEO expected by mid-2024. The company is grappling with challenges like slowing sales in North America, growing competition from Chinese automakers, and the electric vehicle transition.
Surprising Growth in the U.K. Housing Market:
U.K.’s housing sector outperformed expectations. Nationwide reported a 1.2% increase in house prices for November, significantly above the 0.2% forecasted. Year-over-year growth hit 3.7%, the fastest pace in two years, driven by robust demand and limited supply.
Crude oil prices saw gains on positive Chinese factory output and heightened Middle East tensions. Brent crude rose 0.8% to $72.39 per barrel, while WTI increased to $68.54 per barrel. The market remains sensitive to geopolitical developments, especially in the oil-rich region.
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