France's CAC 40 drops 1% due to political turmoil, Stellantis slides after CEO resignation

From Investing.com: 2024-12-02 05:16:00

Europe’s main stocks index opened lower on Monday, with France’s benchmark dropping over 1% due to political turmoil, while Stellantis slid on the CEO’s sudden resignation. The pan-European index was down 0.3% with Paris and Milan-listed shares in Stellantis falling around 7% each after CEO Carlos Tavares stepped down.

France’s far-right National Rally may support a no-confidence motion against the government unless budget demands are met by Monday. Lenders like Credit Agricole, Societe Generale, and BNP Paribas were down around 2%, dragging the main stocks index. French borrowing costs surpassed Greece’s for the first time ever, while the euro weakened against the dollar.

Tech index was affected by chip stocks, as the U.S. prepares for its third crackdown on China’s semiconductor industry in three years. Delivery Hero’s stock dropped by 7% as the German delivery company’s freelance riders in Spain will now be hired as employees.



Read more at Investing.com: France’s CAC 40 drops 1% on political woes, Stellantis slides after CEO exit By Reuters