European Markets React to New French Finance Minister
European shares were subdued with French stocks lagging after Prime Minister Sebastien Lecornu appointed a new finance minister. The STOXX 600 slightly dipped despite gains in technology and energy stocks. French banks saw declines, while SEB and Aston Martin issued profit warnings, impacting market sentiment.
European shares experienced a lull on Monday, as French stocks underperformed following the appointment of a new finance minister by Prime Minister Sebastien Lecornu.
The pan-European STOXX 600 index saw a slight decrease of 0.1% to 570.1 points in early trading, despite having achieved an intraday record high. French stocks fell 0.7% after the announcement of Roland Lescure, a close ally of President Emmanuel Macron, as the new finance minister.
Eurozone banks declined by 0.6%, led by French lenders such as Societe Generale, Credit Agricole, and BNP Paribas. However, overall losses were tempered by a 0.8% rise in oil and gas sectors as OPEC+'s production increase was less than anticipated, and technology stocks like ASML also posted gains.
(With inputs from agencies.)
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