The European stock markets experienced a mixed closing in Monday trading. The Stoxx Europe index saw a modest increase of 0.1%, while Germany's DAX index fell by 0.2%. Conversely, the FTSE in London recorded a rise of 0.2%, France's CAC showed a slight decline of 0.03%, and the Swiss Market Index rose appreciably by 0.9%.
In the United Kingdom, the Office for National Statistics reported that real gross domestic product (GDP) remained flat in the third quarter of the year. Furthermore, real GDP per head witnessed a decline of 0.2%. The ONS also highlighted a cooling in labor demand, with vacancies continuing to decrease and a slowdown in employment growth, despite the presence of a tight labor market.
Turning to Spain, the gross domestic product volume experienced an increase of 0.8% in the third quarter compared to the previous quarter, according to the Spanish National Statistics Institute. In Germany, the Federal Statistical Office reported that import prices increased by 0.6% in November compared to the same month last year.
From the corporate front, Stellantis made headlines by retaining 1,100 employees who were initially set to be laid off at an Ohio Jeep factory. This decision follows a reversal of a previous announcement regarding layoffs, coinciding with the departure of Chief Executive Carlos Tavares. The European automaker hasn't provided immediate comments on the matter.
Norwegian petroleum refiner Equinor also made a significant move by increasing its stake in Danish renewable energy company Orsted by 0.2% to a total of 10%, after receiving necessary regulatory approvals. The average price for this stake was recorded at 398.5 Danish krone ($55.5) per share, amounting to approximately $2.3 billion.
In pharmaceutical updates, Bristol-Myers Squibb announced that the European Commission has approved Opdivo in combination with Yervoy as a first-line treatment for adult patients diagnosed with microsatellite instability-high or mismatch repair deficient unresectable or metastatic colorectal cancer.
However, European automotive stocks encountered a downward trend in Monday trading. Notably, shares of Volkswagen and Porsche dropped by 2.4% and 1.5%, respectively, on the DAX. Additionally, Mercedes Benz and Daimler Truck followed closely behind, declining by 1.4% and 1.1%. On the CAC, Renault shares fell by 1.2%, while Stellantis closed the day down by 0.4%..