European markets mixed, Stellantis CEO resigns

Investing.com -- European markets traded in mixed fashion on Monday as investors closely monitored the release of European manufacturing PMI data and Italy’s GDP figures.

At 3:13 ET (8:13GMT) Germany’s DAX index was down 0.2%, France’s CAC 40 dropped to 0.6%, and the UK’s FTSE 100 remained unchanged. Stellantis faces leadership turmoil

Stellantis (EPA:STLAM ), the automaker behind brands like Fiat (BIT:STLAM ), and Peugeot (OTC:PUGOY ), entered the spotlight following the unexpected resignation of CEO Carlos Tavares. 

Tavares stepped down due to “differences of opinion” with the board, departing ahead of his planned 2026 retirement, the company said on Sunday.

In the interim, Chairman John Elkann will lead a temporary executive committee until a new CEO is appointed, expected in the first half of 2024. 

Stellantis faces headwinds, including sluggish sales, high inventory levels in North America, fierce competition from Chinese automakers, and the industry-wide pivot toward electric vehicles. U.K. housing market surprises

In the U.K. housing market, Nationwide reported a 1.2% month-on-month increase in house prices for November, exceeding the 0.2% rise predicted by a Reuters economist poll. 

On an annual basis, house prices grew by 3.7%, up from 2.4% in October, marking the fastest year-over-year growth in two years. Crude oil prices rise on positive Chinese data and Middle East tensions

Crude oil prices rose on Monday, boosted by encouraging factory output figures from China and the ongoing conflict in the Middle East.

By 3:13 ET, Brent crude rose 0.8% to $72.39 per barrel, while U.S. crude (WTI) was also up at 0.8% at $68.54 per barrel.

Source: Investing.com