12:14 PM EST, 12/02/2024 (MT Newswires) -- The European stock markets closed mostly higher in Monday trading as the Stoxx Europe rose 0.54%, Germany's DAX surged 1.44%, the FTSE in London gained 0.31%, the Swiss Market Index was up 0.55%, while France's CAC 40 was off 0.03%.

The HCOB Eurozone Manufacturing PMI, a gauge of the overall health of eurozone factories compiled by S&P Global, declined in November to 45.2 from 46.0 in October. The highest readings were in Spain, and Greece, while Germany, France, and Italy registered the lowest scores.

"These numbers look terrible," Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, said in a statement. "It's like the eurozone's manufacturing recession is never going to end."

Meanwhile, the euro area seasonally adjusted unemployment rate was 6.3% in October, unchanged from the previous month and down from 6.6% a year earlier, according to Eurostat, the statistical office of the European Union. The EU unemployment rate was 5.9% in October, which was also flat compared with September, and down from 6.1% in October 2023.

In the UK, house prices rose 1.2% in November from the previous month, and 3.7% compared with a year earlier, according to the most recent reading of the Nationwide House Price Index. House prices in Britain are now just 1% shy of their highest recorded prices more than two years ago.

And in corporate news, Stellantis said Sunday its board has accepted Chief Executive Carlos Tavares' resignation, effective immediately. The board has started the search for a permanent CEO, and that it expects the search to be completed in H1 2025. Meanwhile, an interim executive committee chaired by Board Chairman John Elkann will take over. Shares of the European automaker closed more than 6% lower in Paris.

Volkswagen workers at nine of its plants in Germany began two-hour strikes on Monday to protest at the German automaker's demands amid heated labor and management discussions, according to media reports. The company's demands include a 10% cut in wages. Volkswagen shares were little changed in Germany.

HSBC will launch a search process to find a successor for Chairman Mark Tucker, who is expected to step down around the time of the British financial services company's 2026 annual meeting, Sky News reported Saturday. HSBC shares were up nearly 1% in London.

http://www.mtnewswires.com
Copyright © 2024 MT Newswires. All rights reserved. MT Newswires does not provide investment advice. Unauthorized reproduction is strictly prohibited.