In the background, the Eiffel Tower and the dome of the Hotel des Invalides can be seen.
Photo By Alessandro Grussu | Moment | Getty Images
LONDON — European stocks dropped on Monday as markets reacted to the surprise resignation of France’s Prime Minister Sebastien Lecornu.
The pan-European Stoxx 600 was down 0.4% at about 9:05 a.m. London time (4:05 a.m. ET) having notched five consecutive days of positive returns last week, including hitting an all-time high during Thursday’s session.
France’s CAC 40 lost 2% shortly after Lecornu resigned just weeks after his appointment, sparking fresh political chaos. French banks were among those leading the losses, with Societe Generale, BNP Paribas and Credit Agricole all down more than 5%.
Shares of Aston Martin, meanwhile, fell around 10% after the luxury carmaker issued a profit warning citing continued tariff pressures. Renault fell more than 1% after reports that the French auto manufacturer is planning to cut 3,000 jobs across finance, marketing and HR.
Europe’s autos gained 0.4% overall in early trading, however, as Stellantis saw its share price advance 2.1% amid reports that the multinational automaker is set to invest about $10 billion in the U.S., with new manufacturing plants in Illinois and Michigan.
Avanza Bank Holding was among the biggest gainers overall early Monday, adding about 5% after the Swedish online bank said its customer base has grown by more than 132,000 this year.
U.S. stock futures were little changed Sunday night, after Wall Street also notched record highs despite the continuing government shutdown. Investors have appeared to shrug off worries about the shutdown, which has delayed the release of key economic data — including the September jobs report — originally due on Friday.
In Europe on Monday, data releases include Spanish industrial production figures and European and U.K. construction PMIs, reflecting business activity in the sector.
In Asia-Pacific markets overnight, Japan’s Nikkei 225 index jumped over 4% to hit a record high after the country’s ruling Liberal Democratic Party elected Sanae Takaichi as its new leader, positioning her to become the country’s first female prime minister.
https://image.cnbcfm.com/api/v1/image/108195404-1757324876473-gettyimages-976199210-paris_l1008621.jpeg?v=1759738618&w=1920&h=1080
2025-10-06 03:19:04
Leave a Reply