PARIS (Reuters) – The main European stock markets fell at the opening on Monday, the draft social security budget in France threatening to end in a vote of censure, while new indicators are expected during the session.
In Paris, the CAC 40 fell by 0.87% to 7,171.84 points around 08:47 GMT. The Dax in Frankfurt dropped 0.15%, while the FTSE in London declined by 0.01%.
The pan-European FTSEurofirst 300 index lost 0.16%, the EuroStoxx 50 0.6% and the Stoxx 600 0.12%.
Michel Barnier should hold his government accountable on Monday for the draft Social Security budget and have recourse to article 49.3 of the Constitution allowing the adoption of a law without a vote.
The use of this article, however, opens the way to the tabling of a motion of censure, which would be examined on Wednesday at the earliest, but has a good chance of being adopted: the left, which has around 200 elected officials, should unanimously vote for censure .
The National Rally (124 deputies) declared on Monday that it would vote for the motion of censure in the event of recourse to 49.3.
The final manufacturing PMI indicators for November are also expected from 08:50 GMT and should confirm the slowdown in activity in the bloc.
In terms of values, the automotive sector is falling after the announcement on Sunday of the resignation of Carlos Tavares, general director of Stellantis since its creation.
Stellantis lost 6.8% and the European automotive sector 1.6%, the biggest sectoral decline in the Stoxx 600.
(Written by Corentin Chappron, edited by Kate Entringer)
Copyright © 2024 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
