European stocks posted their biggest weekly gain since October, completing a third consecutive monthly increase, after reports on consumer confidence and the unemployment pointed to a strengthening economy in the region.
PSA Peugeot Citroen’s move to name former Renault SA operations chief Carlos Tavares as its future chief executive officer stands to help secure an alliance with Dongfeng Motor Corp., which may be the carmaker’s last chance to end its reliance on Europe’s slumping car market.
PSA Peugeot Citroen hired former Renault SA executive Carlos Tavares to lead the French manufacturer out of a six-year slump in European demand that has sapped the finances of the region’s second-biggest carmaker.
Oil fell and the yen weakened against the dollar while energy-company shares led the Standard & Poor’s 500 Index lower after Iran and world powers reached an initial deal on limits to the nation’s nuclear program.
PSA Peugeot Citroen led a drop in high-yield corporate bond risk in Europe to the lowest in six years after Iran agreed to limit its nuclear program in exchange for an easing of international trade sanctions.
Renault SA Chief Operating Officer Carlos Tavares proposed taking on a wider role at the French carmaker in meetings this week with Chief Executive Officer Carlos Ghosn, two people familiar with the matter said.
As the top lieutenant to Renault SA Chief Executive Officer Carlos Ghosn, Carlos Tavares admits he’s unlikely to succeed his boss, who’s just 59. So he wants to run General Motors Co. or Ford Motor Co. instead.