In the latest trading session, the European stock markets faced a downturn, with The Stoxx Europe declining by 0.49%, Germany's DAX dipping 0.58%, and the FTSE in London posting a decrease of 0.44%. France's CAC specifically shed 1.51% in this bearish market environment. On a brighter note, the Swiss Market Index managed a slight gain of 0.20% amidst this overall decline. In Germany, the employment landscape showed a hint of improvement as the number of employed residents saw a modest increase of 24,000 in November, bringing the total to 46.1 million.
This change, as reported by the Federal Statistical Office, marks the second consecutive month of employment growth, following a streak of declines over the previous four months leading into October. Delving deeper into corporate developments, Stellantis experienced a notable decline in share prices, which closed 3.5% lower in Paris.
This drop came on the heels of recent regulatory changes that resulted in some of its electric and hybrid vehicles losing eligibility for US tax credits, a vital incentive for sales in that market. Furthermore, production figures from Stellantis in Italy exhibited a staggering 37% decline last year, reflecting a broader downturn in car manufacturing across the nation, as indicated by figures from the FIM-CISL union, and reported by Reuters.
Stellantis has not yet responded to requests for comments from MT Newswires regarding these issues. In pharmaceutical news, GSK announced that its drug Nucala (mepolizumab) has received approval from the China National Medical Products Administration as an add-on therapy with intranasal corticosteroids to assist adult patients suffering from inadequately controlled chronic rhinosinusitis with nasal polyps.
Despite this advancement, shares of the British pharmaceutical company still edged down by 1.6% in London. The alcohol industry also faced scrutiny as shares of major players Anheuser-Busch InBev and Diageo declined. This response came after the US Surgeon General, Vivek Murthy, issued an advisory that established a direct connection between alcohol consumption and an increased risk of cancer, further recommending cancer warnings on alcoholic products.
Consequently, Anheuser-Busch InBev's stock dipped 2.6% in Brussels, while Diageo suffered a more substantial drop of 3.7% in London. Luxury goods stocks were not spared from this negative momentum either; Kering and Louis Vuitton faced significant declines of 4.9% and 3.8% in Paris, respectively. Other luxury brands, including Hermes International and Pernod Ricard, followed suit with losses of 2.8% and 3.1%.
Burberry Group shares also fell, closing down 1.6% in London, reflecting the overall bearish sentiment in the luxury market sector..