Doha: European stocks fell on Monday, weighed down by declines in French shares after Prime Minister Sebastien Lecornu abruptly resigned from his post. The Stoxx 600 European index fell by 0.4 percent to 568.4 points, having briefly hit an all-time high earlier in the trading session, following a 2.8 percent jump last week.
According to Qatar News Agency, French stocks plunged 2 percent, heading for their largest one-day drop since August, after Lecornu resigned just hours after appointing his new government. The eurozone bank index fell 2.3 percent, driven by declines in French banks – Societe Generale, Credit Agricole, and BNP Paribas – by between 5.7 percent and 7.3 percent.
On the upside, oil and gas shares rose 0.6 percent, tracking gains in oil prices after OPEC+’s planned November supply increase came in lower than expected. SEB shares dropped 21 percent after the French kitchenwares maker cut its full-year sales and profit forecasts.
Mondi fell 16.9 percent after the British packaging and paper company said its core profit growth slowed in the third quarter due to weak demand and lower prices. Aston Martin shares dropped 7.4 percent after the luxury carmaker warned its full-year loss would be larger than market expectations.