European markets mixed as Germany's economy contracts; Unilever CEO steps down

Investing.com -- European markets traded in mixed fashion on Tuesday, reflecting cautious market sentiment. 

At 03:10 ET (08:10 GMT), the U.K.’s FTSE 100 rose by 0.3%, while Germany’s DAX fell by 0.1% and France’s CAC 40 was up 0.3%.

European markets showed a mixed reaction at the start of the week as investors assessed the results of Germany’s federal election. 

The conservative Christian Democratic Union (CDU) and its ally, the Christian Social Union (CSU), secured the largest share of votes. 

Their candidate, Friedrich Merz, is set to replace Olaf Scholz as Germany’s chancellor, marking a shift in leadership for Europe’s largest economy.

Germany’s economy contracts amid export and manufacturing slump

Germany’s economy shrank by 0.2% in the final quarter of 2024, confirming earlier estimates from the Federal Statistical Office. 

This downturn follows a modest 0.1% growth in the previous quarter. The contraction was attributed to a significant decline in exports and ongoing struggles in the manufacturing sector.

Unilever (LON:ULVR) CEO Hein Schumacher to step down

Unilever announced that CEO Hein Schumacher will step down after less than two years in the role. Fernando Fernandez, currently the company’s CFO, will take over as CEO starting March 1. 

Schumacher, who took charge in July 2023 to oversee the company’s strategic overhaul, will remain with Unilever until May 31.

Crude oil prices rise amid fresh U.S. sanctions on Iran

Crude oil prices climbed for a second consecutive day on Tuesday following new U.S. sanctions on Iran, raising concerns about potential supply disruptions. 

As of 03:10 ET, Brent crude futures edged up 0.2% to $74.44 per barrel, while U.S. West Texas Intermediate crude rose 0.3% to $70.91 per barrel.