Europe stocks close lower; Broadcaster Canal+ falls in London debut; Stellantis down 4.6%

European markets closed lower Monday, as traders braced for the final week of central bank action this year and three French media businesses listed in Europe.

The regional Stoxx 600 index ended the session down 0.14%, with most sectors finishing in the red. Autos stocks led losses, down 3%, with Jeep and Dodge-maker Stellantis down 4.6% as investors continue to assess the company’s new strategy following the sudden departure of CEO Carlos Tavares.

France’s CAC 40 index dropped 0.75% after credit rating agency Moody’s on Saturday downgraded the country’s score to Aa3, from Aa2 previously. On Friday, Francois Bayrou was named as France’s fourth prime minister this year.

Flash Purchasing Managers’ Index figures meanwhile showed slight improvements in business output but significant employment downturns in both the euro zone and the U.K.

Shares of France’s Vivendi leapt 41.7% as three major businesses formerly within the media conglomerate — Canal+, Louis Hachette Group and Havas — listed in Europe on Monday. The spinoff was approved by Vivendi shareholders earlier this month in a bid to give each entity a higher valuation.

Broadcaster and film studio Canal+ shares saw a rocky start on the London Stock Exchange, extending losses to trade 22% the close of the session. Canal+ CEO Maxime Saada told CNBC on Monday that the company had chosen London because it is targeting growth in English-speaking markets and has many important British properties in its portfolio.

Russ Mould, investment director at AJ Bell, noted that volatility in the price in its early days was expected as some investment funds which hold Vivendi stock may be restricted to French-listed stocks and so forced to sell, while other investors decide who inherit the stock decide whether to stick with it.

Publisher Louis Hachette Group climbed 23% in Paris on its own debut, while advertising and PR firm Havas pared earlier gains to trade 1.7% higher in Amsterdam.

The U.S. Federal Reserve’s monetary policy meeting on Dec. 18 stateside is front and center for global markets this week, with the CME Fedwatch tool forecasting a 96% chance of a 25-basis-point cut by the central bank.

U.S. stocks moved higher in early trade Monday as investors awaited the Fed’s final interest rate decision of the year.

The Bank of England then meets on Dec. 19, with markets so far pricing in only a slim chance of a final rate cut of the year.