Speaker 1: Bloomberg Audio Studios, podcasts, radio news, The.
Speaker 2: Stock Movers podcast, your roundup of companies making moves in
Speaker 2: the stock market, harnessing the power of Bloomberg Data.
Speaker 3: Let's have a look at the stocks on the move
Speaker 3: today here in Europe. I'm Caroline Hepgar with Tom McKenzie
Speaker 3: and we're joined by Bloomberg's Equities with Ported Joe Eastern
Speaker 3: Morning Joe. Let's start with the hospitality group Whitbread Everything Premiere.
Speaker 3: But the share price it's seen.
Speaker 1: Yes, full credit to Lenny Henry for that on I
Speaker 1: think so he gets a shout out to Whipbreade So
Speaker 1: Whipbread shares they're down two point seven percent this morning,
Speaker 1: this after an update from the Premier in owner.
Speaker 3: Now.
Speaker 1: Interestingly, it is the UK that's seeing the weak markets.
Speaker 1: The UK sales down around two percent in the latest
Speaker 1: court to some of their other regions actually doing pretty well.
Speaker 1: Germany had a big jump in their market revenue, so
Speaker 1: German up around thirteen percent, but kind of the UK
Speaker 1: woes continuing. It has been weak before, we sort of
Speaker 1: drop down in some of their summer volumes last year
Speaker 1: and it looks like that continues. But I think, you know,
Speaker 1: given the weather at the moment, surely those UK staycations
Speaker 1: are going to be popular over the next month or so,
Speaker 1: so maybe they'll get a.
Speaker 3: Boost coming out in London today.
Speaker 4: Who needs Malaga?
Speaker 1: No exactly, it's just me me. You can swapt Malaga
Speaker 1: for Margate, you know, perfect, that works.
Speaker 4: Joe Joe's heading to the beach this weekend. Clearly that
Speaker 4: the pubs will be will be busy as well, won't
Speaker 4: they a bit of a bit of a bit of
Speaker 4: a boost there to uh to the to the whining
Speaker 4: and dining sector. But there is a bit of a
Speaker 4: theme because in terms of in terms of the UK
Speaker 4: and some challenges, recruiters has always a kind of really
Speaker 4: good gauge in terms of what's happening in the labor market.
Speaker 4: We know that on a macro level the jobs market
Speaker 4: here unfortunately, is starting to soften a bit. Is this
Speaker 4: is the is the is the slump in the stock
Speaker 4: price for for Hayes today and linked to that? Or
Speaker 4: is there something else going on?
Speaker 1: Yes, I really enjoy actually getting these statements because they are,
Speaker 1: as you say, they're kind of a front runner of
Speaker 1: what's happening in the economy. Because these companies like Hayes
Speaker 1: Page they all see what's going on in the recruitment market,
Speaker 1: possibly before you even get the O Andes state. So
Speaker 1: Hayes today saying that they have seen another decline in
Speaker 1: their conditions, so tough conditions is what they're saying in
Speaker 1: the recruitment market, and List saying they expect to cut
Speaker 1: their earnings estments by more than twenty percent for this
Speaker 1: year and next given the declines in fees and also
Speaker 1: just not as many positions being advertised. So Hayes stopped
Speaker 1: absolutely slammed. To date it was down around fifteen percent,
Speaker 1: it's now down thirteen percent. Seeing Page Group dropping as well,
Speaker 1: that was down around eight percent. And also this spreading
Speaker 1: into Europe, so a Deco was a big one, down
Speaker 1: four percent. And also Ranstad so all the big names
Speaker 1: that went over in Amsterdam, all the big names taking
Speaker 1: notice of this, and really a rough day for recruitments
Speaker 1: this morning.
Speaker 3: Okay, So that from Hayes and last, the European watchmakers
Speaker 3: are having a tough time. They seem to be suffering
Speaker 3: the same fate as other kind of luxury names too.
Speaker 3: I mean, watches were so hot for such a long time,
Speaker 3: aren't they.
Speaker 1: Yeah, so it's a continued theme as you say this,
Speaker 1: So it's Swiss watch exports falling by almost ten percent
Speaker 1: in May. Now that is led by a large dropping
Speaker 1: shipments to the US. That's potentially some indication of the
Speaker 1: trade war. But as you said there, Caroline, this has
Speaker 1: been a theme in terms of people kind of getting
Speaker 1: luxury fatigue and the aspirational buyers kind of moving away
Speaker 1: from purchases that they maybe would have done a year
Speaker 1: or two ago. So we're seeing Swatch declining that's done
Speaker 1: around two percent to Dave Richemont also lower and watched
Speaker 1: the Switzerland all of those stocks dropping this morning given
Speaker 1: this week data. So it's continued weakness and kind of,
Speaker 1: as I say, the aspirational luxury fatigue trade continuing hitting
Speaker 1: watches this morning.
Speaker 4: As you reach for your Rolex joke and I just
Speaker 4: have this as well because the clock is ticking on
Speaker 4: our segment here. But the SNB, the Swiss Natural Bank
Speaker 4: cutting is stress rates to zero percent, and Caroline was
Speaker 4: pointing out that the Swiss frank is up about eight
Speaker 4: percent versus the US dollar, so that may be also
Speaker 4: a factor they're cutting rates. Maybe puts a little bit
Speaker 4: more softness on occurrency. There's a really rallied as a
Speaker 4: safe havevorite and put pressure on those exported. It just
Speaker 4: makes those Swiss luxury watch is more expensive.
Speaker 3: I'm just delighted that you're trying to make me look
Speaker 3: smart with the comment.
Speaker 1: Delighted about the clock ticking on the watch segment as well.
Speaker 3: I got that, Joe.
Speaker 1: I'm just sorrt to give that, give that little credit.
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