Stellantis CEO unexpectedly resigns
The CEO of European and American automaker Stellantis resigned unexpectedly on Sunday, citing “differences” between senior executives and the board of directors.
Carlos Tavares was scheduled to retire in 2026.
The company said it expects to find his successor in the first half of next year and will appoint a new interim executive committee led by Chairman John Elkann.
Stellantis, which makes brands like Jeep, Dodge, Fiat and Peugeot, has been struggling sales drop, High inventory in North America and Competition in China is fierce in the wider industry Shift to electric vehicles.
Stratis stock price.
Tavares led the company through its merger with Fiat Chrysler Automobiles NV and PSA Group in 2021 and prioritized major cost reduction plan.
His early and immediate departure leaves the group with less time to manage its brands, reverse market share losses and industrial capacity in Europe and North America, Jefferies analyst Philippe Houchois said in a note on Sunday. “Loss of leadership in making critical decisions” due to excess and other aspects.
Houchois added that Stellantis still has “well-functioning governance and board independence” and recently confirmed its 2024 guidance, but noted that its troubles “continue to cast doubt on the global brands group’s business model.” ”.
—Jenny Reed, Michael Whelan
Caixin PMI: China’s factory activity expanded again in November, better than expected
Manufacturing activity among China’s small manufacturers continued to expand in November, a private survey showed on Monday, suggesting the country’s recent stimulus measures have helped boost some sectors of its struggling economy.
The Caixin/S&P Global Manufacturing Purchasing Managers’ Index was 51.5, exceeding the median forecast of 50.5 in a Reuters poll. It also marked the second month in a row that official data remained above the key 50 level that separates growth from contraction.
This private instrument follows Official PMI dataData released on Saturday also showed that the country’s manufacturing activity expanded to 50.3 in November from 50.1 the previous month. The reading beat Reuters’ forecast of 50.2.
Read the full story here.
——Li Yingshan
CNBC Pro: An Indian automaker launches 2 electric cars priced at $25,000. Analysts call it a buy
One of India’s largest automakers recently launched two new electric vehicles with competitive prices of about $25,000, challenging domestic and foreign rivals in the growing Indian market.
Now, investment banks say the stock faces upside risks if the company’s new vehicles take off.
CNBC Pro subscribers can read more here.
— Ganesh Rao
The market has not yet adjusted in 2024
The stock market did not experience a correction, nor did it experience a retracement of 10% or more. S&P 500 Index This year, according to Bespoke Investment Group.
The research firm said that since 1928, the S&P 500 has adjusted on average every 346 days, almost every year. However, the market has strengthened in recent years and has not seen such a retracement for half the time since 2000.
The S&P 500 is up more than 26% in 2024 and is expected to have its best year since 2021.
— Yun Li
Jefferies strategists say U.S. stocks could be near peak before Trump takes office
U.S. stocks have soared this month as Trump’s second administration pledged to further loosen market regulations. But Jefferies strategist Christopher Wood speculated in an email on Friday whether the market would peak before Trump takes office on January 20.
“Financial markets can become very extreme at inflection points, and one has to wonder whether such an inflection point is approaching,” he wrote. “Amid all the talk of ‘American exceptionalism,’ it is worth noting that the S&P 500 The price-to-sales ratio is almost back to an all-time high. The United States now accounts for 66.7% of the MSCI All Country World Index, a record high.
Against this backdrop, both institutional and retail investors have shown “zero interest” in investing in stocks outside the United States, Wood added.
—Lisa Kelley Han
European Markets: Here are the opening calls
European markets are expected to open lower on Monday.
British FTSE 100 German index expected to open 2 points lower at 8,285 German DAX Index France fell 19 points to 19,606 CAC Down 41 points to 7,188 points, Italy FTSE MIB It fell 167 points to 33,275, according to IG data.
Data released include European manufacturing PMI data and Italian gross domestic product.
— Holly Elliot
