Shares of Stellantis, the maker of Jeep and Dodge, fell 3.8%.
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Stellantis stock price since the beginning of the year.
Shares of auto giant Stellantis tumbled Friday after the company announced a series of top-level management changes, with CEO Carlos Tavares announcing he would step down in 2026. The stock fell 3.8%, widening its losses.
The management shakeup comes on the heels of well-known manufacturers including Jeep, Dodge, Fiat and Chrysler cutting their 2024 profit forecasts last week, citing worsening global industry trends.
The company’s Milan-listed stock has fallen more than 44% since the beginning of the year.
— Sam Meredith
Volkswagen’s global deliveries fell 7% in the third quarter
Volkswagen said on Friday that global deliveries fell 7% in the third quarter as the European car market remained challenging.
The company’s deliveries to China decreased by 15% to 711,500 units in the July-September period.
As of 11:10 a.m. London time, the stock was down 0.8%.
“The competitive situation in China is particularly fierce and this is the main reason why our deliveries are declining globally,” said Marco Schubert, a member of the company’s Extended Sales Executive Committee.
He added: “A better cost base, especially in Germany, is essential if we are to continue to succeed in this environment in the future.”
— April Roach
It would be a ‘good sign’ for China to focus more on growing consumer demand: strategist
Sophie Huynh, senior cross-asset strategist at BNP Paribas Asset Management, said China now faces a “period of anything goes” as it prepares to roll out a new stimulus package over the weekend. It is said that there is
With the U.S. election just around the corner and consumer confidence in China at a “very low” level, China knows it needs to do something, Huynh told CNBC on Friday. Speaking on “Squawk Box Europe.”
Fiscal policy focus will be key, Huynh added. “Are they going to focus more on the investment side of things, or are they going to focus more on the demand side? … Consumer confidence is so low that more money is going to drive consumer demand. “If it’s directed towards, I think, ‘that would be a good sign,'” she said.
Sainsbury’s shares fall more than 4%
Shares in British grocery chain Sainsbury’s fell more than 4% on Friday morning, dropping it to the bottom of the pan-European Stoxx 600.
The deal comes shortly after Sainsbury’s largest shareholder, the Qatar Investment Authority, is said to have sold 306 million pounds ($400 million) worth of shares in the company, Reuters reported, according to a regulatory investigation. It was reported by citing.
CNBC could not independently verify this report.
— Sam Meredith
France’s 2025 budget shows government wants to avoid hit to economic growth, economists say
Evelyn Harman, European economist at Bank of America Global Research, said France’s spending plans are structured in a way that the government is trying to avoid any negative impact on economic growth.
Her comments came after France unveiled its 2025 budget on Thursday, a set of policies that includes a number of spending cuts and tax increases.
“I think what I’m trying to say here is this is really a sprinkle. This is a lot of countermeasures, (and) every countermeasure is a little It will have a positive effect,” he said.
“So by doing that and perhaps going further into high-income groups and particularly profitable companies, and by promising to do it temporarily, we’re probably building some sort of typical stronghold against the growth of these measures.” There is hope that the effects can be avoided,” she continued.
“In this way, I think the government is trying to correct and to some extent correct the huge budget deficit that has been building up very gradually, without necessarily compromising the growth component.”
— Sam Meredith
Sanofi in talks with CD&R to sell 50% stake in consumer health business Opera
French pharmaceutical company Sanofi announced on Friday that it has entered into discussions with US private equity firm Clayton, Dubilier & Rice (CD&R) about the potential sale of a 50% controlling stake in consumer health business Opera.
Sanofi did not disclose future financial details and said further updates would be provided once a decision is made.
Sanofi stock fell 0.4% on Friday morning.
— Sam Meredith
European markets open slightly lower
European stock markets opened slightly lower on Friday, with most sectors in negative territory.
The pan-European Stoxx fell 0.1% shortly after the opening bell, with auto stocks leading the decline.
— Sam Meredith
UK Finance Minister Rachel Reeves welcomes return to economic growth
UK Chancellor of the Exchequer Rachel Reeves has promised to make “necessary”, “urgent” and “very tough” choices to restore stability to the country’s economy.
Pool | Getty Images News | Getty Images
UK Finance Secretary Rachel Reeves said it was welcome news that the UK economy had returned to growth, shortly after official data showed gross domestic product (GDP) expanded by an estimated 0.2% in August. .
The figure was in line with expectations from economists polled by Reuters, following a two-month period of zero growth.
“The return of growth to our economy is welcome news,” Reeves said in a statement.
“Economic growth is this Government’s top priority so we can fix the NHS, rebuild Britain and improve the lives of working people,” she added.
— Sam Meredith
UK GDP increased by 0.2% in August
Office for National Statistics data on Friday showed Britain’s economy expanded by 0.2% in August, in line with analysts’ forecasts polled by Reuters.
The data was released shortly after UK GDP statistics showed no growth in both July and June.
— Sam Meredith
European Market: Click here for opening call
European markets are expected to open slightly higher on Friday.
According to IG data, the UK’s FTSE 100 index rose 19 points to 8,254, Germany’s DAX rose 23 points to 19,228, France’s CAC rose 15 points to 7,559 and Italy’s FTSE MIB rose 11 points to open at 33,943. It’s a prospect.
On the data front, the UK’s gross domestic product (GDP) statistics for August are scheduled to be released around 7am London time.
— Sam Meredith
